Recently, a few of my readers asked about the competitiveness of making money online. In this article, I will address why you should turn your competition into inspiration.
Before you choose a niche, you should also think about the total addressable market. What is the revenue opportunity for your niche? After all, the purpose of making money online is to make money.
However, if you’re entering a total addressable market, you’ll notice that it is extremely competitive. It’s no secret that everyone is trying to grab their piece of the pie.
Turn Your Competition Into Inspiration
In my opinion, you should never be afraid of competition. Instead, turn them into inspiration. Look at car manufacturers for example. There’s Toyota, Honda, Nissan, Mazda, and Subaru dominating the Japanese the brand. I’m pretty confident that they didn’t all start at the same time.
Let’s say Toyota started before Honda (this is just a guess). If Honda saw Toyota as competition and runs away. There wouldn’t be any Hondas today. Instead, Honda and other car manufacturers use each other as inspiration.
Then again, it is totally reasonable to view one another as competition as well. After all, if someone buys a Honda, that means Toyota lost a car deal. But they definitely inspire each other.
It’s not a surprise that most cars share similar characteristics with their competitors. If you take a look at the current Nissan line-up (2019), they are starting to use the floating dash design like Mazda.
Also, without competitors, companies will not try to improve their products and services. This is extremely important for the typical bricks and mortar business. Let’s say you own a car dealership, you can only cater to most people in your geographic location. When there are only so many customers to sell to, your goal is to get as many people to buy from you as you can.
But the internet is a completely different animal. And we will get to that right now.
There Are More Food On The Table
Unlike a typical brick and mortar business, there is more food on the table. That’s because you are not limited to your geographic location. Sure some countries have more spending power, but all-in-all, you can cater to anyone who has access to the internet.
Do you remember that one phrase, keep your friends close, but your enemies closer? Well, I don’t see other fellow internet marketers and bloggers as enemies. Instead, I try to connect with most of them.
If you think about it, how many blogs do you read and follow? I’m sure besides Smart Affiliate Hub, you have other far more popular blogs that you frequently visit.
There is plenty of food on the table, so it’s a good idea to learn, share, and collaborate with each other. Currently, I turned off guest blogging, but if you look at some of the popular blogs out there. Often times, they would guest blog for each other to offer more value and increase their overall reach.
Making Money Online Is All About Learning And Taking Action
Let’s face it, we’re not born with infinite knowledge (okay, maybe I did. Just kidding!) Chances are, before you started making money online. You learned from somebody. Whether it’s a platform like Wealthy Affiliate or individual bloggers. You viewed those people as inspiration and that’s what pushed you to take action.
That’s why you should have an open mind and turn your competition into inspiration. Just because you’re making money online doesn’t mean your learning stops.
In fact, I am still learning every single day. Who do I learn from? My competition in which I view as inspiration. That’s why Social Media is a great source for internet marketers and bloggers.
I am a member of many internet marketing and blogging communities within Facebook, Google Plus, etc. We share content with each other to help each other learn. Social Media is also a great way to grow your brand.
Most importantly, don’t over analyze things and take action as you learn. The next time you meet a competitor, treat them more as inspiration with competitiveness to motivate yourself to be better. That concludes my short article for today. If you have any questions, comments, or concerns. Please leave a message down below and I will try my best to help you out!