At what point would a competitor put you off entering a niche?
I've been working on a particular niche for a few months now with samples back and forth but now that the time has come to place an order for products i'm reluctant to pull the trigger.
There are a couple of reasons for this, firstly the product is somewhat 'seasonal', although it will sell all year there's definitely a period of the year when you'll sell a lot more.
Secondly there is one main competitor on Amazon, and another who only sells via their website at a price point that's expensive.
It's the competitor on Amazon that's concerning me, they have over 700 reviews, the brand has featured on Shark Tank but more importantly the design of my product is very similar to their's.
It's difficult to differentiate between what i'm offering compared to them. In fact we're both using the same factory.
There's always going to be competition in business which i understand but it's the lack of USP that's worrying me. Would this be enough to prevent you from entering this niche if it was you?
I've been working on a particular niche for a few months now with samples back and forth but now that the time has come to place an order for products i'm reluctant to pull the trigger.
There are a couple of reasons for this, firstly the product is somewhat 'seasonal', although it will sell all year there's definitely a period of the year when you'll sell a lot more.
Secondly there is one main competitor on Amazon, and another who only sells via their website at a price point that's expensive.
It's the competitor on Amazon that's concerning me, they have over 700 reviews, the brand has featured on Shark Tank but more importantly the design of my product is very similar to their's.
It's difficult to differentiate between what i'm offering compared to them. In fact we're both using the same factory.
There's always going to be competition in business which i understand but it's the lack of USP that's worrying me. Would this be enough to prevent you from entering this niche if it was you?
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