Archive for the ‘marketing’ Category
The market is so huge
I have heard that phrase many times. People think about the size of the market before they start a business. It is usually the winning argument for starting a business. The market is there, it is so big, and there is so much money to make. There are lots of huge markets out there such as food, finance, car manufacturing and many more. It makes sense to go to for the big market right? As you have probably guessed I am not going to agree with this statement. Well I do agree, but there are few catches with this argument.
Fast food market
The fast food market is definitely one of the big markets in Australia and it seems to be growing. Is it a good idea to open up a hamburger shop? One obvious problem is there are loads of hamburger shops not to mentioned McDonald’s and Hungry Jacks. The point is even when is market is huge, can you successfully reach it and market to it? Unless you have something very different for your customers there is no point opening up a take away shop next to McDonald’s and selling hamburgers for two dollars.
How does it relate to the online market?
It is a quite a similar situation. Let’s look at an example of personal loans. The market is huge and there are millions of loans made in Australia every year. How do people look for a loan? Online of course. 673,000 people searched for “personal loan” on Google last month, that is over 8 millions searches in a year. But how hard is it to get applications? Very hard, your website has to be on the first page of Google for personal loan related keywords. If you don’t beat the 10 websites listed of the first page of Google you don’t get many applications. And you can bet your bottom dollar that the big 4 banks are going to appear on that first page.
If you think the market is huge, think again and research if it is possible to get customers. You can always go for a niche market or offer a remarkable product or service.