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Marketing School - Digital Marketing and Online Marketing Tips

How to Market Your Business in a Competitive Market #2591

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Careers, Business, Marketing

4.61.3K Ratings

🗓️ 25 October 2023

⏱️ 7 minutes

🧾️ Download transcript

Summary

In episode #2591, we discuss how to market in a competitive market with little to no money. We emphasize that it is not possible to outspend competitors who have more money, so as marketers, we need to find alternative strategies. We suggest giving away something for free and charging for something else to penetrate a competitive market. We also discuss the future of marketing, which we believe will be focused on free software and finding blue ocean opportunities. We emphasize the importance of moving quickly and collaborating with others to succeed in a competitive market. TIME-STAMPED SHOW NOTES: [00:00] Today’s topic: How to Market Your Business in a Competitive Market [00:41] Marketing is a race to the bottom. [01:36] Giving away something for free is cheaper than buying traffic. [02:08] Example of giving away free payroll software to sell health insurance. [03:11] Free software will be the future of marketing. [04:33] Attention is harder to buy, and marketing channels get oversaturated. [05:16] Product-led growth and blue ocean strategy for competitive marketing. [06:04] Find a small TAM, give away something for free, and sell on something bigger. [07:05] Collaborate and partner up to market in a competitive market. [07:30] Go to https://www.marketingschool.io to learn more! Links Mentioned in Today’s Episode: Don’t forget to help us grow by subscribing and liking on YouTube! Ubersuggest AnswerThePublic The Law of Shitty Clickthroughs Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us: Single Grain << Eric’s ad agency NP Digital << Neil’s ad agency X @neilpatel X @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

So here's how you mark it in a competitive market with little to no money

0:05.7

So my philosophy on marketing especially in competitive markets is you can't outspend people

0:11.9

There's already enough people with more money than you and I don't mean that bad way. There's a lot more people

0:16.4

There's a lot a lot of people in this world that have a lot more money than me as well

0:21.7

But you can't do the same strategies that they do see if everyone's doing SEO and paid and social and all this kind of stuff

0:27.9

They're spending tons of money. Yeah, you may be able to get more followers because your content's a little bit better

0:32.6

But it is hard to outmarket them and I look up marketing as a race to the bottom. And here's why I say it's a race to the bottom

0:41.4

If you look at each year I get this year could be a funcier

0:44.8

But if you average it out marketing keeps getting more expensive year over here

0:48.2

And I get there's some bad economies and when there's a bad economy it may dip

0:51.7

But overall marketing just gets more expensive year over here

0:54.8

It costs more money for the traffic. It's harder. These channels get more competitive

0:59.4

And it doesn't mean that you shouldn't do them. You should do them as long as you can generate a ROI

1:03.8

What we found is marketing's gotten so expensive in these competitive industries like auto insurance or

1:11.0

You know health care or credit cards

1:13.7

Where it's at a point where some of these industries you're spending 50 60 70 80 100 dollars at click just for a visitor to your site

1:21.6

And what we feel is it's cheaper to give away stuff for free than it is to buy the traffic

1:28.0

It doesn't mean you should buy the traffic because if you can make it profitable bombings do that

1:32.1

But if you're bootstrapped you don't have a ton of money. You're in a competitive industry

1:36.2

How can you find something to just

1:38.3

Give away something for free and charge for something else that is a much bigger market and I'll use a health insurance example

1:45.5

Health insurance costs per click are through the roof

...

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