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How Many Competitors Needed?

cjac9chris

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I've got an idea for a business... lead generation for studio musicians and music producers.

There is one big competitor. They have a few negative reviews so there's room to do it better. Is it a red flag that there's only one competitor?

Is there any way to know if this competitor is thriving or dying?

Thanks!

Chris
 

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404profound

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I've got an idea for a business... lead generation for studio musicians and music producers.

There is one big competitor. They have a few negative reviews so there's room to do it better. Is it a red flag that there's only one competitor?

Is there any way to know if this competitor is thriving or dying?

Thanks!

Chris

How long have they been around? If they've been around for a while it means they are sustainable because of consistent demand.

If they are pretty new, it may not mean it's not sustainable, but there's just less certainty.

Anyway, given that you've found kinks in their armor it sounds to me like an improvement opportunity (especially if you get into a pricing war and do something way better than them that matters to customers).
 

404profound

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Yea, so they've got a solid 6 years of life. It wouldn't surprise me if there are other players you just haven't found. But that fact that you haven't found them means they are probably niche players. So could behoove you to niche down and serve a part of the market way better than the big boys are. But I'm not sure what your strategy is.
 

cjac9chris

New Contributor
Read Millionaire Fastlane
May 15, 2018
10
13
19
San Antonio, TX
Yea, so they've got a solid 6 years of life. It wouldn't surprise me if there are other players you just haven't found. But that fact that you haven't found them means they are probably niche players. So could behoove you to niche down and serve a part of the market way better than the big boys are. But I'm not sure what your strategy is.

There are niched players too but they are less of a lead generation model and more of a booking or even done for you model.

That approach seems like it would solve the problems that the big company has but...

...it seems like it becomes less scalable the closer to DFY it gets.

Will continue doing my research and crunching the numbers.

Thanks!

Chris


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I've got an idea for a business... lead generation for studio musicians and music producers.

There is one big competitor. They have a few negative reviews so there's room to do it better. Is it a red flag that there's only one competitor?

Is there any way to know if this competitor is thriving or dying?

Thanks!

Chris

Good find... The only thing better than one competitor is zero competitors.
 

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