It’s a common question – is more online competition better for your online business and the answer is absolutely yes! If you open a store in your city, the last thing you want is another similar store opening up on the same block or in a nearby vicinity. In fact, it’s generally agreed that less competition is better. So why is it when it comes to online business the more competition the better? Glad you asked.
When a person decides to start a business online many will feed the same advice as you would for a brick and mortar store, be careful that there isn’t too much competition, or try to find your own niche. The more experienced online entrepreneur knows that it’s exactly the opposite. The more competition you have the better and here’s why.
If there are many websites that sell the same thing you are planning to sell it tells you it must be a profitable business to be in. It also means that down the road as you grow your business you’ll be able to leverage off the competitions websites to help grow your business. But there is one catch if you are going to be dabbling in a highly competitive market – you must be able to retain your website visitor.
Every website needs traffic, but not just any traffic. The traffic that comes to your website needs to be targeted and once that website visitor arrives you need to be able to keep them there. To do this you need to build a solid mailing list. The best way to accomplish this is by giving your visitor a great incentive to subscribe to. For example, coupons, a free report, a monthly newsletter, a gift, or anything else that will make your visitor want to give you their email address. This is the quickest way to grow any online business and yet it’s the most underused tool out there.
Make sure you also participate in blogs, forums, and article marketing all tools that can help you grow your business. If you use all of these tools it won’t matter how much competition you have you’ll get your share of the market and be highly successful.
By using these tools you will be leveraging your competition rather than competing against them. Once you have your mailing list those are your subscribers and your customers if you market your product(s) and service(s) right. So don’t be afraid of a lot of competition. Online it really can work to your advantage.
