How To Tell If A Niche Market Is Competitive?
I differ from a lot of people in that I tend to go with a more competitive niche rather than a less competitive one in a lot of respects. That doesn’t mean I aim to get to number one on Google for “Make Money.” However, in my earliest niche site ideas, I went too narrow with my niche sites. This means no customers and no earnings.
Some things I look out for are:
- Are there a lot of sites/businesses doing this? (If the answer is “millions” then it’s probably too competitive. If the answer is “none” then there’s probably not a market. There might be market potential, but you’ll have to create it. It’s not really a “niche site” if you’re going to do that.)
- Are any of the sites/businesses selling anything? (Some niches are “free-info only.” If you find a niche like this, I’d be very cautious. Free readers aren’t the same as customers.)
- Are there companies with massive marketing budgets? If you’re looking to build a niche service, then only worry specifically about your niche. Don’t worry about indirect competitors unless you’re looking to build a full time business. For instance, if you see there’s next-to-nobody in your area selling Ostrich burgers and you have a supplier, then don’t worry about McDonalds. Massive marketing budgets for direct competitors are a pain though.
- Are there any glaring weaknesses that you can see immediately?
Those are some of the things I briefly glance at. There are lots more, but it’s a bit of a holistic process; you can tell whether competition for websites/businesses is weak or not the more you get used to looking for gaps in the market. I don’t go through these things logically so much as look over the competition and make a general assessment.
What Are Glaring Weaknesses You Can See Immediately?
Thinking back to yesterday’s post, there are some key indicators I noticed that are easy markers for places you can beat out the competition in terms of a healthy website. Obviously, if you’re planning a whole side business as opposed to a niche website, then you have to take into consideration the quality of your product/service in comparison to your competitors’.
In terms of websites though, here are some things that immediately show you’re dealing with companies that aren’t so hot on their internet presence. (I saw most of these yesterday, so they’re real world examples.)
- Ancient websites. Outside of internet marketing circles, there are a lot of websites that look like 90’s Geocities pages still. Quite a few times yesterday I saw “Free website provided by X” at the bottom. I even saw carousel scrolling text once. These are “professional websites.”
- Blogs that are about people’s cats. It’s amazing how many businesses think that business blogs are personal blogs.
- Social media confusion: I went on a site for Business Service X yesterday, and then ended up on the business owner’s personal twitter account. This shouldn’t happen.
- Spelling errors, illegible grammar, etc. This doesn’t really need any explanation.
- Never updated sites. I couldn’t hire a company based on their website if it was last updated in 2013. I don’t even know if they’re still in business!
- If there are sites on the first page of Google which don’t offer what you’re searching for, but there are a large amount of search results.
- If the main keyword is well represented, such as “copywriting” but other terms have no results, such as “medical copywriting” or “financial copywriting.”
- If there are a lot of Amazon, Wikipedia and Facebook pages in the search results, this means the websites aren’t optimised.
- If you put in a search for a specific company name, does it have various properties come up? E.g. website, social media profiles, etc.
I’ve cut this short because I’m exhausted and low on time. The point is that once you start looking at various websites outside of the internet marketing sphere, you’ll see that there are a lot of basic errors. These don’t mean that your site will succeed, but they do show potential due to the sparseness of high quality websites in the field.