The $100 MBA Show: Episode MBA2242 – Using Your Competition in Marketing + Free Ride Friday
Release Date: February 10, 2023
Introduction
In episode MBA2242 of The $100 MBA Show, host Omar Zenhom delves into the strategic utilization of competition within marketing efforts. Alongside this insightful lesson, listeners are treated to the ongoing segment, Free Ride Friday, where lifetime memberships to exclusive programs are given away.
Free Ride Friday Announcement
Free Ride Friday is a recurring segment where Omar offers listeners a chance to win a lifetime membership to the Automated Webinar Challenge, a comprehensive 30-day course valued at $499. To participate, listeners are encouraged to leave an Apple Podcast rating and review, entering them into a weekly random draw. Omar emphasizes:
"If you want to win a free ride, just go ahead and leave us a review and listen in on Friday to see if you won."
[09:00] — Omar Zenhom
Main Lesson: Using Your Competition in Marketing
Omar addresses a common debate in business strategy: whether and how to incorporate competitors into marketing narratives. He asserts that acknowledging and leveraging competition can be highly effective when executed thoughtfully.
a. Importance of Addressing Competition
Omar begins by highlighting that virtually every business faces competition. Ignoring competitors is a misstep, as customers are inherently aware of their options when making purchasing decisions. He states:
"99.9% of all businesses have competition. If you have a business that has no competition, that's a hard business to have because you're selling something that your customers have no clue about."
[02:30] — Omar Zenhom
Recognizing competition not only validates the demand for a product or service but also provides an avenue to differentiate and establish a unique market position.
b. Examples of Effective Competition-Based Marketing
Omar illustrates his points with two prominent examples:
i. Mint Mobile
Ryan Reynolds' Mint Mobile effectively references competitors without naming them explicitly. By labeling them as "the big wireless companies," Mint Mobile communicates its differentiation clearly. Omar explains:
"He doesn't name them by name... but he calls them the big wireless companies. Everybody kind of knows who the big wireless companies are... so he'll say things like, we're not like the big wireless companies that are trying to nickel and dime you."
[04:50] — Omar Zenhom
This strategy acknowledges competition while simultaneously highlighting Mint Mobile's unique value propositions, such as cost savings and the elimination of retail store overheads.
ii. Apple vs. PC
In the early 2000s, Apple's "Get a Mac" campaign epitomized competitive marketing. Through humorous and relatable commercials, Apple contrasted Mac users with PC users without directly naming competitors. Omar notes:
"Apple is not naming names, right? They're not naming actual brand names of PCs. They're just saying everybody who's not a Mac... They would have these funny commercials kind of comparing the two."
[06:10] — Omar Zenhom
This approach not only entertained but also reinforced brand affinity by playfully positioning Macs as the superior choice for certain user demographics.
c. Developing Your Positioning
Effective competitive marketing hinges on clear market positioning. Omar emphasizes understanding and articulating what sets your business apart. Using his own company as an example:
"Our positioning in the market is that you can run and sell and deliver all your live courses with one tool... So our Positioning is an in one tool."
[07:20] — Omar Zenhom
By defining a distinct position, businesses can confidently compare themselves to competitors, highlighting their unique strengths.
d. Implementing the Strategy in Your Business
Omar outlines practical steps to incorporate competition into marketing strategies:
- Identify Your Position: Clearly understand where your business stands in the market relative to competitors.
- Highlight Differences: Use marketing channels—such as social media, ads, and email campaigns—to showcase how your offerings differ and excel.
- Educate Customers: Provide factual comparisons that help potential buyers make informed decisions.
- Maintain Respect: Avoid bashing competitors; instead, focus on positive differentiation, often employing humor to keep the tone light and engaging.
He concludes:
"When you're comparing yourself to the competition, you don't need to be nasty, you don't need to be rude... The best way I've seen this done is through humor."
[11:45] — Omar Zenhom
Free Ride Friday Winner Announcement
In the concluding segment of the episode, Omar announces the week's Free Ride Friday winner:
"And the winner is. Ritz202. Ritz202 says Amazing Lessons 5 stars. Quick, easy to follow, insightful advice. Highly Recommend."
[10:15] — Omar Zenhom
Ritz202 is instructed to contact Omar via email to receive the lifetime membership to the Automated Webinar Challenge.
Conclusion
Omar Zenhom wraps up the episode by reiterating the efficacy of using competition in marketing when done respectfully and creatively. He encourages listeners to validate their market positioning and leverage competitive comparisons to enhance their marketing strategies. Additionally, he reminds the audience to participate in Free Ride Friday for more opportunities to gain valuable business resources.
"Thanks so much for listening, and I'll check you in Monday's episode. I'll see you then. Take care."
[11:55] — Omar Zenhom
Key Takeaways:
- Acknowledging Competition: Essential for validating market demand and guiding customer choices.
- Strategic Positioning: Clearly define what sets your business apart to effectively compare with competitors.
- Respectful Comparison: Use humor and factual differences to highlight strengths without disparaging others.
- Practical Implementation: Integrate competitive comparisons across various marketing channels to educate and attract customers.
- Engagement Opportunities: Participate in segments like Free Ride Friday to access exclusive business growth tools.
This episode provides actionable insights for entrepreneurs looking to refine their marketing strategies by intelligently leveraging competition, all while fostering a positive and engaging brand image.