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:
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(00:00) Today’s topic: How to Market Your Business in a Competitive Market
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(00:41) Marketing is a race to the bottom.
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(01:36) Giving away something for free is cheaper than buying traffic
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(02:08) Example of giving away free payroll software to sell health insurance.
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(03:11) Free software will be the future of marketing.
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(04:33) Attention is harder to buy, and marketing channels get oversaturated.
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(05:16) Product-led growth and blue ocean strategy for competitive marketing.
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(06:04) Find a small TAM, give away something for free, and sell on something bigger.
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(07:05) Collaborate and partner up to market in a competitive market.
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(07:30) Go to https://www.marketingschool.io to learn more!
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