Don’t be scared of saturated markets.
Markets with no competition might be your blue ocean but might also turn out that you’re too early.
There are many business examples. In my 9-5 job - we have a Bank, the one bank that introduced mobile payments 25 years ago. It was the first to introduce this technology in Europe (if not in the world). And this died. Because the market wasn’t ready. It was too early. NOW? Mobile payments are a necessity. But this bank? No one knows about it.
Markets with competition are actually a good sign. Where there’s a supply, there’s also a demand. You want to have competition. It keeps you and your business alive.
It’s good, especially if the competition is fragmented.
If there’s no big fish, you can become the big fish. Fragmented markets are the best. You can more easily stand out.
Consolidated markets are tough. That’s a red flag. The problem comes when you’re alone against corporations with huge advertisement or investment budgets - this is what happened to the image banks and the stock photography business. Now it’s impossible to compete against huge studios that produce hundreds of thousands of images per month. Not if you’re solo.
In this video I break down my approach to competition and the templates I use for analysis (they’re super simple).
PLUS: I have some homework in the workbook for you ;)
VIPs: Share this with me, please!
