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Is
Competition a Bad Thing?
You
know, we humans are an awfully territorial bunch.
But it’s natural. Our businesses represent income;
income that we need to survive. The problem is our
territorial instincts often get in the way of the
reality of the situation.
I've had people tell me they are looking for a
product with no competition at all. A ‘secret
product’ that no other business knows about. A
little treasure trove of a product that I can sell
and everyone will have to come to me to buy it! Har
Har Har! It’s kind of cynical when you think about
it. Looking for a product with no competition gives
new sellers an unhealthy tunnel vision during their
research.
The reality is; a product will not survive in the
market if there are not multiple retailers selling
it. Instead of looking at competition from a our own
"retailer’s perspective", let’s look at it from a
"Supply Chain" perspective…
Manufacturers spend a lot of money to MAKE the
product and wholesalers spend a lot of money to buy
and warehouse the product. In order for a product to
survive in the marketplace Wholesalers and
Manufacturers need many retailers selling the
product. Without multiple retailers there wouldn’t
be enough sales to support production and
distribution costs. Without multiple retailers the
supply chain breaks. Actually the supply chain goes
bankrupt because it can’t afford its own operating
costs.
There's a lot you can actually learn from
competition research; from good ideas to help your
own store or auction to bad ideas that you can avoid
wasting time on. But always remember when it comes
to competition:
1. Just because other people are already selling
that product does NOT always mean that market is
flooded. The internet is a big place with lots of
buyers and can handle multiple sellers selling the
same product.
2. *Who* your competition is is often more important
than *how many* competitors there are. There are
tons of niche markets, that at first, look as though
there may be too many sellers/sites but as you begin
your competition research you find that they are not
competition to worry about at all.
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