6 tips to make your online business more competitive

The internet is a great place to do business, but you will only be successful if you outperform your online competitors and reach your target audience before they do.

If you run an online business, you’ve probably heard that you need to target a small, specific market or niche in order to be successful. But success is also possible in markets with a lot of competition. Competition in a market is a sign of a healthy market.

So how do you make your online business competitive in a big market? And on the flip side, how do you know when your market is too small and you won’t be profitable?

1. Create something that lasts

Don’t just focus on short-term gains. Get in touch with your potential customers and help them solve the problems in their lives. When you make a difference in people’s lives, you can create a successful online business, regardless of the competition you face.

2. Fish where the fish bite

Be sure to sell products and services in a niche where your prospects respond very well to your offers. This market will be successful whether you are competing with thousands of other websites or just a few.

3. Check sources offline

Your local bookstore can help you narrow down your market if it’s too broad. A simple trick is to go to your local bookstore and look at the chapter titles and other relevant information in the books about your market. The titles of these chapters can give you great suggestions for new market areas.

4. Ask your audience

If you have a list of clients, ask them what problems they want to solve. From the responses you receive, create a solution that drives traffic and sales.

5. Visit MeetUp.com

MeetUp.com is a virtual meeting place. It works by bringing together people with similar tastes and interests. Type your broad niche name into the MeetUp search engine and you’ll see all sorts of physical and virtual meeting places related to that keyword or phrase. In addition, smaller market micro-niches are revealed.

6. Use social media

Social networking sites are a gold mine for customer information and understanding of your competitors. You can see which groups and pages have the most members in a smaller, niche market. The Facebook advertising platform has a great demographic targeting feature. It helps you identify a popular sub-niche in a broader market and provides a ready pool of enthusiastic prospects.