Porter's Five Forces
Lesson 8 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Porter's Five Forces
Lesson 8 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Lesson Info
8. Porter's Five Forces
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
Porter's Five Forces
So we've already completed your analysis and your four marketing piece. Now we're going to dive into Michael Porter's five forces model, which is another competitive advantage that you can add to your brands marketing strategy to help you to find more clarity in regard to how you can win and how you can make sure that you do not lose against competitors. As we all know, having the tiniest edge or competitive advantage can be hugely influential in business. It's super important. Now, Michael Porter's model suggests that there are five forces at play when we are trying to develop a business or grow business or even just compete within any potential market. And basically what his model does is it allows us to assess the competitive landscape that we're about to compete within. And according to Porter, the five forces that are always play no matter what type of business you're trying to start are threat of new entrants. Basically new start ups entering the industry, bargaining power of buy...
ers, essentially the influence of customers on pricing in terms the of substitute products or services. Basically, meaning the availability of alternatives and intensity of competitive rivalry. Basically, the degree of competition among existing firms. Let's start with buyers or customers who are of course, always happy to pay less and get more in the airline industry. For example, price competition is fierce because so many travelers just want the cheapest flight. Then there are suppliers who ideally would like to get paid more and deliver less powerful suppliers can ultimately charge more and also negotiate more favorable terms. A third source of competition comes from the substitute products and services that meet the same basic needs that your product or service does. Now, these aren't always obvious rivals and the toughest competitors could actually come from different industries. Then there new entrants that can create tension. For instance, South West Airlines ended up disrupting the airline industry by charging people less because they were only flying one type of airline. Therefore, they are cheaper overheads and they didn't have to spend as much on maintenance. And finally, you have to fight your existing rivals in competition because intense competition reduces everyone's profitability. The major airlines have been in this position for years forcing them to defend increasingly narrow profit margins with fees for exit row upgrades, checked bags and even snacks. So how can porters model help you personally compete more effectively with your competition and grow more effectively? Well, we made it super simple by in a specific slide for porters five forces within your marketing guidelines. So just go and fill in that particular slide for the Porters Five Forces model. We've actually arranged an example for an online company that is offering health programs for people who are super motivated and ambitious. Just to give you an idea as to how to answer the questions. But just to give you a little bit more of an insight in regard to how you can fill in each section. I want to go through it with you right now. So the threat of new entrants, how easy is it for a new brand to essentially enter your market and start competing with you? If it's super easy for someone to enter your market at any time, then the bubble should be red. But if you actually have a good mort around your business and it's actually quite difficult to create your product or service or even do it properly, then the bubble should be green. Then we've got the bargaining power for suppliers. You have to think do your suppliers need you more than you need them or is the other way around? Basically, if you can't survive without your supplier, then bubble has to be read and it's actually really high risk. However, if you've got plenty of suppliers to choose from and you can actually negotiate between them, the NUB can be green and you have plenty of options to choose from, then we've got the bargaining power of buyers now for the threat of substitute products or services. This essentially means how many options do your customers have is the thing that you are offering super unique or desirable in any way, shape or form. If it is very unique, then this bubble can be green because you've got lot of ability to ultimately stand out. But if you're just offering pretty much the exact same thing as everyone else in the market, then it has to be amber or red because you don't really have much competitive advantage in that particular area. Now, the last box is intensity of competitive rivalry. Now this is basically how many different companies are offering the exact same thing as you, you know, how many people are in your marketplace. How saturated is your market? You know, if your market is diluted and there's tons of competition, then you need to lot of this bubble is red and you need to think of ways to stand out and really make your offer valuable. However, if it's a fairly new market, you've actually created a brand new category and no one else is offering the exact same thing as you. Then ultimately, you can color this bubble as green and you've got plenty of competitive advantage to play with. Now, overall, this exercise should highlight out of the five boxes which are your biggest opportunities and which your biggest threats. Anyway, your strategy should be coming together pretty nicely by now. So I will see you in the next lesson.
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