How to Market Your Business in a Competitive Market
Marketing School - Digital Marketing and Online Marketing Tips
Eric Siu and Neil Patel
4.6 • 1.4K Ratings
🗓️ 25 October 2023
⏱️ 7 minutes
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| 0:00.0 | So here's how you market in a competitive market with little to no money. |
| 0:05.2 | So my philosophy on marketing, especially in competitive markets is you can't outspend people. |
| 0:11.3 | There's already enough people with more money than you and |
| 0:13.6 | I don't mean that bad way there's a lot more people there's a lot of people in this |
| 0:17.4 | world that have a lot more money than me as well but you can't do the same |
| 0:20.5 | strategies that they do see if everyone's doing SEO and paid and social and all this kind of stuff |
| 0:25.3 | they're spending tons of money, yeah you may be able to get more followers because |
| 0:28.8 | your content's a little bit better, but it is hard to outmarket them. And I look up marketing as a race to the bottom, |
| 0:36.0 | and here's why I say it's a race to the bottom. |
| 0:38.0 | If you look at each year, I get this year, |
| 0:41.0 | it could be a funky year, |
| 0:42.0 | but if you average it out, marketing keeps getting more expensive year over year. |
| 0:45.7 | And I get there's some bad economies and when there's a bad economy, it may dip. |
| 0:49.3 | But overall marketing just gets more expensive year over year. It costs more money for the |
| 0:53.6 | traffic, it's harder, these channels get more competitive, and it doesn't mean that you shouldn't |
| 0:58.2 | do them, you should do them as long as you can generate a ROI. What we found is marketing's gotten so expensive in these competitive industries, like |
| 1:06.5 | auto insurance or, you know, health care or credit cards, where it's at a point where some of these industries you're spending 50, |
| 1:14.0 | 60, 70, 80, 100 a click just for a visitor to your site. |
| 1:18.4 | And what we feel is it's cheaper to give away stuff for free than it is to buy the traffic. |
| 1:25.0 | Doesn't mean you shouldn't buy the traffic because if you can make it profitable, |
| 1:27.5 | but I mean do that. |
| 1:29.0 | But if you're bootstrapped, you don't have a ton of money, you're in a competitive industry, |
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