Your core objectives are to swipe a few good ideas to help you get started, and to identify one or more areas where you can improve what is currently being done. This article will clarify the finer points of both goals.
Note: there is a difference between swiping and stealing; the term “swipe” is business slang for taking an inspiration and putting your own spin on it. There is nothing wrong, and everything right, with your borrowing ideas from existing businesses and taking a cue from operations that seem to be succeeding within your target market.
In fact this is a basic procedure all businesses leverage. Don’t waste time trying to totally reinvent a business model when you can use an existing foundation to build from. You’ll save time & money, plus insure a smooth launch, by following along in the footsteps of your competitors.
If nearly all of the competing sites you find have a social networking portal or member forum for their customers, this probably means it’s expected in the industry. And if you see a relative price point again and again, this too is likely a good benchmark as it represents what the market is accustomed to.
Having said this, you don’t want to outright clone another operation. And this is where your second objective comes in.
Because you have a fresh, somewhat objective point of view, you will be able to spot a number of things your competitors are doing that could be improved on. And your job, of course, is to make these (often minor) improvements and enter the marketplace with a whole new spin on the current model!
Take the software industry for example. Many incredibly successful developers will study a successful product and determine what one or two additions might make it even better.
They proceed to release their new software, which does everything competing products do PLUS one or two improvements. These minor advancements often mean millions of dollars in new profit for the innovative developer.
By taking a serious look at what is currently available in the marketplace, and deciding where to follow along and where to innovate, you can start an online business that surpasses your wildest dreams in terms of success and profitability.
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