Get your thinking caps on. Today I’m going to ask you a question that hopefully you’ve asked yourself from time-to-time.
How do you know if you should enter a market, or if there is too much competition already?
I’m asking specifically about starting websites and blogs. I’m sure you’ve wondered about this yourself already. How do you know if you should jump in, or look for other opportunities?
I can’t wait to hear your answers in the comments below.
The idea for this post came from Shane Ketterman who sent me an email last week with this:
When you originally left for Mexico that first time and came back with the idea of starting Think Traffic, were you intimidated at all by the sheer volume of sites out there talking about “how to get traffic”, etc. or did you just figure you would add your own angle and go for it?
Here’s what I responded with:
Nearly every site, and I mean 99.999% of sites out there, were spewing the same bullshit. I’m even talking about some of the “big guys.” I knew there was a market for a totally transparent, fundamentals-based approach.
Sometimes you just have to have confidence in your ability to out-execute and deliver more value than your competitors.
This answer isn’t right for everyone in every situation, but that’s exactly how I felt about starting this site.
In any case, you’ll need to think hard about the competition and your ability to not only out-execute, but also to differentiate your site in a compelling way.
This post isn’t about me though. It’s about hearing what you have to say.
Last Month’s “Ask The Readers”
Last month I asked you why most websites fail.
There were over 50 fantastic answers. Thanks for your participation. This was an awesome discussion, so go check out all the answers if you haven’t already. There is a lot of wisdom there.
The top reasons people listed were unrealistic expectations, lack of planning, poor visitor experience, lack of longevity, lack of differentiation, lack of passion and lack of focus.
These are all good answers, but not the #1 reason in my mind.
To me, the #1 reason websites fail is because the sites aren’t useful enough.
The sites don’t solve a problem or address a need or desire in a strong enough way. If you do that, all of the other stuff (expectations, planning, longevity, passion, focus, etc.) become much less important and much easier to fix where necessary.
If you want to discuss this one more, please head over to the original post and leave a comment there.
Back to this week’s question. Let’s hear it:
How do you know if you should enter a market with your website (or start a blog on a certain topic), or if there is too much competition already?
Leave a comment below and let us know how you deal with competition.
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