You’ve got a DYNAMITE idea for a new product and you can’t wait to get started on it – or maybe you already have. Then it happens: You see that someone else has beaten you to the punch and released a very similar product just last week. What should you do??

At this point many people will simply fold. They’ll scrap their product idea and begin a search for a new idea.

Then there’s the successful marketers who wouldn’t bat an eyelash just because someone else released a product like theirs. They would go ahead and finish their product and release it as soon as possible.

Do you know why? Two reasons: First, a successfully selling product on a particular topic means there’s room for another product on the same topic. And the reason there’s room is because of reason number 2: People who are deeply interested in a topic don’t buy just one book or just one course – they buy everything they can get their hands on.

In fact, the person who released their product ahead of yours did you a favor, because you can now see how well their product is selling. You can look for the information holes they forgot to fill and you can be the one to create a better product. You can also see what their price point is and act accordingly. If they’re priced at $17, you might want to shoot for a higher price and provide a much higher value. On the other hand, if they are selling their product at several hundred dollars, you can choose to become the affordable alternative.

So the next time you’ve got a great product idea and someone else beats you to the punch, you might want to thank them, and get excited!

One more thing – don’t be afraid to approach the other product developer and suggest doing a deal together. They might also be open to becoming your affiliate and sharing your offer with their list and customers. Yesterday’s competitors can become tomorrow’s partners.

Remember – competition can be a GREAT thing when you’re marketing online.