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
- [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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