I hear clients express worry about their product and market saturation, and I know one thing right away: they haven’t secured the right niche yet. When you choose your product and niche correctly, you know market saturation—and competition—won’t be a problem for you.
You might think you’re on the right path because you know what niche you want to focus on. But if you’re still concerned about market saturation, then you don’t really know your niche. (Next week on Roach Rants, I’ll be talking more about the connection between niche and market saturation, so check back here for that!)
For the sake of argument, let’s say you find out your product is the exact same as someone else’s. Should you throw everything away? No! Pursuing a niche with a pinch or two of competition doesn’t mean you need to go back to the drawing board and start all over.
Don’t worry about market saturation.
To demonstrate why I don’t worry about market saturation, I ran a test at one of my events. I gave 380 people the chance to set-up and run their own websites and 48 hours to make the most sales of a single product as was possible.
The catch to the assignment was that everyone had to pursue the same niche.
If you don’t understand the power of the niche, the results of the test might surprise you…
- Each of the 380 participants made money through multiple sales
- No one used the exact same method to drive traffic
- Competition didn’t prove to be an obstacle
But it didn’t surprise me. Every single person who participated made money in the artificially saturated niche. Why? Because no one sells the same way. Even if everyone at my event had chosen the exact same method to drive traffic, they would all do so with their own style that appeals to their ideal client.
Keep in mind I’m not encouraging you to enter a market where competition is stiff. Just don’t worry if there is a little competition in your niche. Given the global nature of business today, some competition with your product is likely. But it’s not a dealbreaker, and with the right approach, you can even use the competition to your advantage.
So don’t use market saturation as an excuse for failure. As my test illustrated, everyone drives traffic differently and finding your niche is what’s important. Figure out how your product is better for your ideal client, and let your unique sales style work for you.