Competition and marketing plan -Learn Online

Competition and marketing plan

Lesson Details:
March 03, 2020

Video Transcription: In this video I want to make a few points one about the competition of this product and together with the marketing plan so for most companies in commerce and specifically in e-commerce because when we started this we only focused on the e part right the online part of this business for most ecommerce companies first time entrepreneurs tend to think it's going to be Facebook Instagram it's usually actually not most of the time products are sold through search and you might find similarity with how you shop online whenever you need something you go to and you search for it you go to Amazon you search for it or you go to some other online retailer so the online retailer that we chose is and we chose Google search and of course there are certain kinds of ads but usually we targeted search based ads and as part of the marketing strategy we focused on a little bit of YouTube tutorials and a lot of customer support and retention because customers needed to understand how to use the product ideally so they'd have a great experience with it so that was important quality overall was important in quality plays into the how we looked at the competition because we were very confident that the product is best-in-class in terms of most useful because there are other DIY solutions out there like acid and vinegar to clean grout there is 100% organic solutions there's like mildew and stain removers but none of those are effective against really really tough dirt really really tough grout lines.

The dirt that has built up for years and on Amazon there was one product on the market it was a called a black diamond grout cleaner but it also wasn't as effective and you can see that that in the reviews because the reviews were always saying like not that effective against tough stains and the overall review was a little bit below four stars so we knew that customers weren't happy and so with customer support customer happiness was one of the ways we were gonna be better so we were more effective and customers were gonna be happier and we knew what marketing channels were the most active you see there is not a big variety of marketing channels many first-time entrepreneurs they want to many strategies a lot of people ask for I want a lot of strategies but that's in fact wrong because if you pursue many strategies you have to divide your attention and focus among them and of course you give every one of them less focus and you'll do them with less quality and so they won't perform and you'll wonder why aren't they performing you'll think I need more strategies we're in fact that is actually not correct that is the path to making a mistake the path to doing it correctly is to identify the most effective strategies usually there are a few that are disproportionately most effective we identified those Google search and Amazon and we ended up pursuing those wholeheartedly with the most focus you'll see when I talk about the two-year in the future of this you'll see the effectiveness of it it actually was more effective than we even thought it will be and that's the marketing plan essentially you see it's actually simple we knew how we're different we knew how consumers shop and we only focused on bringing forth the way in which we were better and focusing on meeting the consumers where they're comfortable they're comfortable searching for products well that's what we focused on being discovered by consumers so it's really simple but that's really where the effectiveness comes in if it's too complicated it's probably wrong it's probably too cumbersome there's probably waste in the plan so that's the marketing plan together with the competition and how we saw competition and how we differentiate it.

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