A crowded market is not a bad thing. I see it as an opportunity.
Competing in a crowded market can be very tough, but it’s possible for you to compete and succeed.
A crowded market or niche shows there’s a high demand for products/services in that niche.
If you’ve been marketing in the digital world for some time now, you should know that almost every market is competitive. It never feels like you have no competition.
If no one is directly competing with you, then you have people who indirectly compete with you.
For example, Google and Facebook aren’t direct competitors because Google is a search engine and Facebook is a social site.
When you think of Google’s competitors, you probably think of Bing and other search engines. Similarly, when you think of Facebook’s competitors, you probably think of LinkedIn, Twitter or some other social platforms.
At the end of 2013, Google’s chairman and former CEO, Eric Schmidt admitted during an interview with Bloomberg News:
“The biggest mistake that I made was not anticipating the rise of the social networking phenomenon — not a mistake we’re going to make again.” – Eric Schmidt
Google and Facebook compete for advertising dollars. Google has the AdWords program, and Facebook has their ad platform too.
For years, AdWords has been the number one advertising platform because it’s easy to learn, has tons of data available for research and because your ads are placed on search results for keywords that are relevant to your business.
Facebook’s advertising platform equips marketers with more detailed information about their target audiences. It also comes with lower prices compared to AdWords.
Even though they do different things, Google and Facebook compete in search.
Facebook has its in-app search function:
Google and Facebook compete on providing web users with business recommendations.
Google lets you review local businesses.
You can also use Facebook to review local businesses:
Google and Facebook compete on communication and messaging.
Google offers Hangouts and G Suite (formerly Google Apps For Work).
And Facebook offers Messenger.
As you can see, although Google and Facebook don’t compete directly, they still compete indirectly in a lot of different ways. So, there’s nothing like a market with zero competition.
There will always be competition. But competition is not an excuse.
In this article, I’ll reveal smart ways to compete in crowded markets. [click to continue…]