So the other night when I was finishing MJ’s book for a 2nd time, something just ‘clicked’. I got super excited, I felt like I finally had my idea, my 1 thing (@Andy Black)!
Fast forward a few days and now I’m not so sure which direction to take...
The idea is to create a lead generation site in the UK, based on an industry I have some experience and access to (not exactly rocket science for a lot of you!)
I quickly discovered there are already lead gen websites it in this particular industry. Did I really think there wouldn't be?? Well, actually, I did. How naïve!
Not to be disheartened, I kept going, with MJ’s book resonating in my mind about how it’s ok to have competition, but you just need to do something better. The more I researched, the more I found and now I’m not sure if I’d just be another ‘me too’ site.
I’d appreciate some input as to how I can validate this idea if you have a moment, as I have no experience. I am happy to put in some hard work, but I need to be confident it's for the right reasons.
What I’ve done/discovered so far:
Initial competitor analysis:
When I spoke to my family in the business they hadn’t had a good experience with said lead generation sites. Unfortunately it was many years ago and they couldn’t remember why (which wasn’t very helpful). They're very much behind the times when it comes to technology and the internet.
While I started out pumped, I’ve quickly got deflated. However, there is a difference this time. I’m not going to quit, I just need to figure out if it’s worth pursuing. Previously I would’ve quit after seeing the first competitor website.
Not this time. I’m sick and tired of being sick and tired. I need to make a change. Although I’m comfortable, it’s starting to hurt bad enough.
If this idea is a non-starter, I’ll keep looking.
Anyway, here are some of my thoughts on it:
Is it limited scale because there are only approx. 250 businesses? (There are over 12,000 Limo companies in the US for example).
It could potentially scale by covering Europe, or using the experience gained as a ‘cooker cutter’ for other industries.
Is it a waste of time because there seem to be a few big players, and I can’t see their weaknesses, and do they even have any?
It is good that there is obviously a market. But bad that the bigger guys seem to have it all tied up?
I have no clue about web design, so it’s not like I can just through up a page overnight and see how much interest I get.
The few 1 star reviews the established sites have are mainly because the consumers thought the lead gen site was responsible for poor customer service by the actual businesses who bought the lead.
MJ originally got out because he reckoned lead generation (in that space) would be tougher as technology improved. Technology is flying now! Is starting out in lead generation fighting a losing battle for someone with no experience?
I realise that NO-ONE can make the decision for me. I am not done researching yet either. I’m just looking for a few pointers from anyone with more experience.
Thanks for reading! I appreciate any constructive feedback!
Fast forward a few days and now I’m not so sure which direction to take...
The idea is to create a lead generation site in the UK, based on an industry I have some experience and access to (not exactly rocket science for a lot of you!)
I quickly discovered there are already lead gen websites it in this particular industry. Did I really think there wouldn't be?? Well, actually, I did. How naïve!
Not to be disheartened, I kept going, with MJ’s book resonating in my mind about how it’s ok to have competition, but you just need to do something better. The more I researched, the more I found and now I’m not sure if I’d just be another ‘me too’ site.
I’d appreciate some input as to how I can validate this idea if you have a moment, as I have no experience. I am happy to put in some hard work, but I need to be confident it's for the right reasons.
What I’ve done/discovered so far:
- - Read all 44 posts on the forum with ‘Lead Generation’ in the title
- - Read the transcript of MJ’s Mixergy interview
- - Found out there are approx. 20million‘potential’ customers in the UK
- - I’m estimating through research there are approx. 250-300 businesses serving this industry
- - The businesses are predominantly SME’s, with a handful of larger industry players
- - I consider the industry to be somewhat ‘fragmented’
- - Found competitor websites
- - Researched the competitors
- - Spoke to my family who are in the business
- - Prices for the items sold range from £5-1000, probably averaging around the £200 mark.
Initial competitor analysis:
- - Seems to be around 10 sites already up and running
- - Most appear ‘just ok’ when you first go on their site, a little bit all over the place
- - There appears to be 2-3 biggies, one established since 1999, another since 2002
- - One shows a 4.8 out of 5 star review based on 1060 reviews
- - Another shows a highlight reel of ‘actual’ live requests coming in at a rate of around 1 per minute
- - One site boasts to have thousands a day
- - There is clearly a market / need
When I spoke to my family in the business they hadn’t had a good experience with said lead generation sites. Unfortunately it was many years ago and they couldn’t remember why (which wasn’t very helpful). They're very much behind the times when it comes to technology and the internet.
While I started out pumped, I’ve quickly got deflated. However, there is a difference this time. I’m not going to quit, I just need to figure out if it’s worth pursuing. Previously I would’ve quit after seeing the first competitor website.
Not this time. I’m sick and tired of being sick and tired. I need to make a change. Although I’m comfortable, it’s starting to hurt bad enough.
If this idea is a non-starter, I’ll keep looking.
Anyway, here are some of my thoughts on it:
Is it limited scale because there are only approx. 250 businesses? (There are over 12,000 Limo companies in the US for example).
It could potentially scale by covering Europe, or using the experience gained as a ‘cooker cutter’ for other industries.
Is it a waste of time because there seem to be a few big players, and I can’t see their weaknesses, and do they even have any?
It is good that there is obviously a market. But bad that the bigger guys seem to have it all tied up?
I have no clue about web design, so it’s not like I can just through up a page overnight and see how much interest I get.
The few 1 star reviews the established sites have are mainly because the consumers thought the lead gen site was responsible for poor customer service by the actual businesses who bought the lead.
MJ originally got out because he reckoned lead generation (in that space) would be tougher as technology improved. Technology is flying now! Is starting out in lead generation fighting a losing battle for someone with no experience?
I realise that NO-ONE can make the decision for me. I am not done researching yet either. I’m just looking for a few pointers from anyone with more experience.
Thanks for reading! I appreciate any constructive feedback!
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