In Episode #285, Eric and Neil discuss how to differentiate your product or service in a highly competitive market. Tune in to find out the 2 main strategies that will set you apart from the rest and the importance of having a product that is user-friendly.
Time Stamped Show Notes:
- 00:27 – Today’s topic: How to Differentiate Your Product or Service in a Highly Competitive Market
- 00:40 – Eric’s agency charges more than their competitors but there’s a reason for that
- 00:50 – Other agencies charge less and will hand your account to juniors who don’t know what they’re doing and are still figuring things out
- 01:11 – You end up losing money
- 01:22 – All of Eric’s people who work with an account have a couple of years’ experience
- 01:29 – Eric gives access to 3 channels: AdWords and Facebook are two of the channels
- 01:37 – Eric himself strategizes for the accounts
- 01:43 – Eric’s agency is different because they bring new ideas
- 02:04 – Two main strategies of Neil’s are creating a unique angle and adjusting your messaging
- 02:10 – For creating a unique angle, you choose between Neil’s agency and a big marketing agency who usually hires new graduates
- 02:46 – Do you want to trust your account with a new graduate or with a small boutique agency where you can work directly with the owner
- 03:35 – Figuring out a specific angle is the “easiest way to differentiate”
- 03:45 – You don’t always have to differentiate by changing your product, it’s just about how you pitch it to the consumers
- 04:06 – AirBnb gives you the opportunity to make money from your home versus HomeAway’s vacation rentals
- 04:54 – How would you differentiate a product?
- 05:35 – Marketing School is giving away a free 1 year annual subscription to Mixmax, a sales and marketing tool
- 05:52 – Subscribe, rate and review Marketing School
- 05:57 – Text MARKETINGSCHOOL to 33444
- 06:19 – That’s it for today’s episode!
3 Key Points:
- Offer your service in the way you’d use it yourself.
- Adjust your pitch to your consumers so that it is appealing and comprehensible.
- Try to create a better product than your competitors by making your product user-friendly.
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