Step 1: Search Google
The idea here is to enter your main keywords into Google, and then take note of the first two pages of competitors. You’re not looking at these competitors necessarily in terms of search engine optimization. Rather, you’re looking at their business model overall. Ask yourself these questions about your prospective competitors:
How have they positioned themselves and their products in the market?
What segments of the market are they serving – and are there any gaps?
Step 2: Check Out Competing Products
You’re not going to uncover every popular product or business on the first page or two of Google. That’s why you should take a trip back to Amazon and search their marketplace for competing products.
Again, ask yourselves how these products are positioned and if there are any gaps in the market.
Step 3: Browse CrunchBase.com
CrunchBase.com gives you statistics and history on some of the bigger businesses in your market. You can:
See what all products or services a company is selling.
Discover the company’s financial history.
Get an idea of how much traffic the site gets.
And much more. This information will help you determine who the biggest competitors are in your market. It gives you an idea of how profitable a particular market is. And it also gives you an insight into a particular company. If you want to replicate success, then study your competitors using this tool and the steps mentioned above.
Over the last few sections, you’ve been gathering a lot of information with regards to your competitors and the niche markets they’re serving. Now in the next section, we’re going to pull all your research and data together to find out if you truly have a seven-figure business idea.