Leveraging product comparisons
Lesson 40 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Leveraging product comparisons
Lesson 40 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Lesson Info
40. Leveraging product comparisons
Lessons
The definition of strategy
03:39 2The 4 stages of marketing
03:16 3The difference between strategy & tactics
03:46 4The 6 laws of marketing
09:56 5Understanding Creative & Distribution
02:16 6The 4 marketing P’s and how to use them
05:08 7SWOT Matrix and how to use it
02:28 8Porter's Five Forces
04:4360/40 Law of marketing
04:04 10The marketing funnel
06:27 11Analyzing your competitors
07:14 12Deciding your target audience
06:59 13Creating your marketing objectives
11:42 14Pricing your products perfectly
08:16 15Watch this before arranging your marketing strategy
02:21 16Awareness, finalizing your awareness tactics
03:52 17Partnerships and affiliates (free tactic)
09:40 18Blog writing & SEO
07:26 19Podcasting
07:10 20Public Relations
05:58 21Giveaways
07:18 22Word of mouth
06:21 23Valuable courses
08:09 24Social media overview
05:28 25YouTube
09:36 26TikTok
03:58 27Twitter / X
04:48 30How to create better content in half the time
07:54 33Why start-ups should never use paid advertising for awareness
06:21 34Education & Consideration
01:33 35Workshops & Webinars
08:39 36Social Proof
06:55 37Effective Email Marketing
05:34 38Utilizing FAQ Sections
05:31 39Portfolio & case studies
07:39 40Leveraging product comparisons
03:26 41Tips to increase desirability
07:22 42Harnessing the power of Google reviews
05:20 43Sales & Conversion
02:28 44Psychological tricks to convert customers to buying
08:25 45Building a list of customers ready to buy
08:46 46Irresistible Offer
08:31 47Persuasive Sales Page
07:35 48Promotions & Free shipping
04:24 49Improving conversion rate (PIPE FRAMEWORK)
06:39 50Customer Retention
03:43 51Expanding your product range
07:18 52Asking for feedback & refining your product
03:37 53Loyalty programs and the subscription model
06:43 54Gifts & Surprises
05:02 55Finalizing your marketing strategy
07:40Lesson Info
Leveraging product comparisons
So how can comparing your offerings with the same offerings from your competition actually help customers feel more at ease buying from you? Well, product comparisons actually offer a lot of insight for a customer, not to mention showing a great deal of confidence in what you have to offer as a brand. But there are some steps that you do need to take to create an effective price comparison or product comparison table to showcase on your website and within your branded materials. And the first step is to identify key features, simply means you need to list out the features that are the most important for your target audience and why they are trying to buy your product or service. And the next step is to assess your competition. So for this step, you need to check out how your pricing in your offer compares to the competitors' offers and pricing to make sure that you have the best offer overall for your target audience. And lastly for the third step, you need to make sure you show each p...
iece of information clearly. So this basically means creating some sort of chart some sort of display or some sort of graphic that showcases how your product offering compares to your competition to make you the most desirable option. Now, what kind of positive impact can having a product comparison table have on your website as a brand or a business? Well, the first thing is transparency, it just shows that you have confidence in your product and you are more than happy to compare what you have to offer with your competitor's office. This leads on to the second pro of building trust. So if the customer can have all the information that they need to make an educated decision right in front of them, then it makes it easier for them to choose you. Now. Although there are some pros, there are also some cons to creating product comparison tables. The first is the fact that it takes a lot of time to maintain. For example, your competition may change their offering after they see your pricing comparison table and they may actually change their offering to be better or they may actually see your table and create something of their own. To actually show that yours is you not to mention the fact that if you are simply saying that you are better than your competition, you could open yourself up to legal trouble, but this is very uncommon and unlikely. Now, one last con is the fact that if your offering is super complex and there's lots of different moving parts, then it might not be simple enough to actually put into a table and it may need further context. Now, this type of approach often works for tech companies and other types of companies that offer a digital service or software. And ultimately, you can make your particular product look better than your competitions in a product comparison table if you really know what you're doing, but it can be a little bit unethical sometimes. Nevertheless, we've actually assessed product comparison tables as a tactic and ultimately, it's absolutely free to do, it just takes a little bit of time. So from a cost standpoint, we would score it at 10. However, in regard to energy to actually set up the product comparison table, we'd score it at two simply because it takes a lot of time to research and then pull together. However, in regard to energy to maintain this product comparison table will last the test of time. So we'll score in an eight because it's not going to take a huge lot of energy to maintain. In regard to Roi, we would score it in simply because it is going to help the customer to make far more educated decisions far easier. And ultimately, it's going to help you to increase your conversion rate, which is always a good thing. Anyway, as you can see, comparing your product or service with others in the market can be extremely useful. So please feel free to experiment. And obviously, if you have any further questions. Please let me know. But thank you so much for your time and I look forward to seeing you in the next lesson.
Class Materials
Bonus Materials