In recent years, there has been a surplus of people flooding niches like mommy blogs, MLM programs and coaching niches from everything from lifestyle to business. Literally FLOODING. You can’t throw a digital rock in this space without hitting one of the aforementioned three. You can’t. And it’s become so overly saturated that I can only use Gary Vaynerchuck’s explanation for it: The C & D players have entered the market.
This is how this works
In the beginning of any “trend” the A and B players are first. The A players are those who figure it out, spend hours of time learning and applying what they have learned and then create a system to teach others (Groups B, C and D). The A players make a disproportionate amount of the income and get a disproportionate amount of clients because they took the risk and jumped in the pool first.
Then? Comes the B players
They wanted to wait and see what happened, and while the A players benefitted the most from learning and developing training and systems they can use over and over again, the B players learn quickly and can implement and execute on what the A players did, so the B players capture a fair amount of business and do okay in that umbrellaed niche.
While all of this is going on, the A players have already moved on to their next big thing.
Then? The C and D players enter the market.
Mind you, I am not disparaging the C and D players. They might be smart, intelligent and wonderful people with the best of intentions on the planet, but, because they were late to the party, they are fighting over scraps left behind by the A and B players, because the market has been saturated with people in that niche.
They follow all of the steps, do all of the work, but can’t get to that next level. And it’s frustrating for them! Thing is, their marketing isn’t necessarily broken, but their value proposition is.
Granted, if I have learned anything in my time in this overly saturated space, it’s that if the value proposition or product isn’t different and niched out in overly saturated spaces, it doesn’t matter how good your marketing is, because your product is broken.
See the “top dogs” in mommy blogs, MLM’s, life coaching and coaching niches are doing well and continue to do well, because they pioneered the system. Now? They are concentrating on scaling their own businesses, to either grow that niche or grow training in that niche.
Not that there is anything wrong with either of those things, other than the fact that too many people are trying to do nothing more than replicate those systems, all the while forgetting to add value that is unique to them.
Want an example?
If someone new to the market wants to throw their hat into the mommy blog arena, they can, but they have to understand they are competing with MILLIONS of other sites, blogs, and programs that have already done the legwork they are just now starting, so if their value proposition isn’t completely unique, if it isn’t humor based, if it isn’t education based, if they don’t focus on a few things that speak uniquely to a few people they can never grow nor scale.
For instance, while there are a plethora of “mommy blogs” out there, few focus on specific niches anymore, like crafts only or home school only or whatever they know better than anyone else. And while some people will scrunch their noses up at that idea, you have to think of it like any other product launch. You start with 1.0; laser targeted and focused and then expand on that launch based on the market’s reaction – especially when you are in an overly saturated niche.
What I am getting at here is that being late to the party makes you antiquated and out of date, unless you re-evaluate your value proposition.
Let me give you another example.
Nine months ago, my company was invited to a worldwide conference, to present our product, as Alpha members. Alpha members being a pioneer in that industry. And when I spoke to investors and Venture Capitalists, they had no fear in saying, “We are sick and tired of seeing people repackage products and services that have been done, show us something new.”
So? I did. I came to the table with new concepts, with different value propositions and with a bigger “big” picture of what people before me had done, because I put my own blood, sweat, tears, self-education and heart and soul into it.
And sure, it hurt my feelings to hear that they thought I was just like “everyone else” going in, and sure, it made me want to prove them wrong. But I was able to, because I knew my numbers, and my niche, far better than anyone else in my group. I also realized that feelings mean NOTHING in business. If people won’t invest in you, you’re never going to get anywhere, so you’d better take a handkerchief to your delicate sensibilities, throw on your big girl panties and suck it up.
There are no participation trophies in business.
I left that conference with CEO’s and major players saying they knew we would do well moving forward, because we had a unique, not been seen or done quite the same way before, value proposition, despite being in a saturated market. And you know what? We are! We make over $3,000 a DAY on a single product, because we did it better than anyone else did. Can you say the same? And that is the springboard that allows us to spend $10 – $40K on developing products and re-investing in marketing that you’re missing, because you’re too busy trying to play leapfrog to the person who came before you, without adding something new.
Best advice? Go deeper.
Instead of focusing on being “just like the last person who was successful” go deeper and see what areas in your industry have holes in those and really consider how you can fill those holes and how you can add value in a very specific way – that is, if you are hell bent on that niche.
Otherwise, as Mr. Wonderful says on Shark Tank, it might be time to take your business out behind the barn and shoot it, then? Start over. Because life is cyclical, it might be an overly saturated niche right now, which means you can either become ultra-competitive and really drill down and really come up with something unique, or you can explore your other talents that might not be as “in demand” but that are something you can speak to – which is more likely where you are to find success.
Find your niche to get rich.
Niches come and niches go. Innovation, however, never goes out of style. Instead of creating a better mousetrap, figure out where holes are left in your market niches and then fill that need, should that be your passion. Should it not be, there is no harm in failing at something to pursue something else.
It’s that simple, and it’s that hard.