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Terry: So what if I’m the opposite to exactly what you said, where I don’t have a business that’s totally unique, I don’t feel that I’ve developed something that someone hasn’t already done, and I can’t use anything else that any other business has done? What if I’m a business that, online especially, is in an extremely crowded marketplace? For example, like online marketing, instead of having two or three stores offline that are selling furniture or electronics or whatever, if you Google something like “online marketing,” you get 50 million results. How would I become a leader in an industry where there are millions of other websites that are my competition are just as accessible as I am or maybe even more so. How am I going to actually get to my prospects?
Marc: That’s a great question. It’s funny that you started out by saying that traditional offline businesses are less competitive than online businesses. The fact of the matter is that it’s 2006 when we’re recording this. No matter if you’re an online or offline business, your customer or prospect go online to research whatever it is that you’re going to sell before you buy it. There are a ton of very competitive industries both online and offline. The Internet isn’t doing anything but make it easier for the competition to enter the market. It’s lowering the barrier of entry so that any business can wake up one morning and find out that a furniture store is competing with a manufacturer from China.
People are saying, “I just bought something from online and bought it from a manufacturer,” or, “I just bought something online from the local furniture store here that’s national and competing against small businesses.” The Internet has opened up so that it’s difficult for offline businesses. Online marketing and businesses that are specifically online are extremely ramped. My first suggestion is to go run and hide. The reality of it is, if you jump into something competitive like online marketing and you haven’t been around for a while, be prepared to get very good at what you do.
The days are gone where you can just take someone else’s information, polish it up a little bit, put my name on it, and go sell it as well to make a little bit of money. Maybe those were very early on in online marketing, but those days are gone. Unless you’re prepared to become a very good online marketing guru and student, then you will find that it’s going to be a very tough up hill battle requiring ability to make yourself different, more unique, or special compared to your competitors out there.
All that said and done, when you find an industry that’s really competitive, for a marketing person, that’s a great sign. That’s a sign that you have a market that will sustain a lot of players. If you have a market that will sustain a lot of players, that means there’s a lot of money going around in that market. If there’s a lot of money flowing around in that market, that means that you have to figure out what you need to do to put your net in that cash flow and extract the amount that you think is worth your time, energy, and effort to be in that competitive industry.
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