And while I’m glad they’ve done their research – I hate having to tell them that there’s a reason for that, and they should probably look elsewhere.

The fact is – despite what some marketing “experts” will tell you – there is NO SUCH THING as an untapped niche market.  There are markets where very little competition exists – but don’t think you’ve hit a “goldmine”. There are lots of niches where you’ve either got a select few people that might buy, or plenty of interest, but no money being spent!

A Real Life Example of a “Fool’s Gold” Product…

One good example of the latter is a client of mine who came to me looking for some advice on how to make his product sell better.  He and his wife created fun little crafts for young children to do, compiled them into an ebook, and went to sell them to what they thought was a hungry market of moms and dads wanting something to do with the kids that wouldn’t require a lot of time – or make a lot of mess.

The problem was, they were practically the only ones out there selling information – most sites had many more crafts, separated by age group, available for free.  Was there a need for this information?  Absolutely, but when there’s so much information available at no cost, it’s going to be a tough job to convince these hard working parents that your information is worth paying for.

Healthy Competition is a Good Thing!

Having a lot of similar – but not exact – products out there competing with yours is actually a good thing.  It shows that there’s a good amount of money to be spent in the niche and that it isn’t difficult to convince people that they really do want to buy. 

Plus, another little-known aspect of competition is that you can actually use them to your advantage to help propel your product even higher in terms of sales and possibly search engine rankings.

I’ll fill you in how to do just that with tomorrow’s post!

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