How do I compete with businesses that can offer similar products/services at a lower cost?

Think about drinks. How many options do we have?

How do companies compete in such a competitive market?

Example:

According to business insider, approximately 94% of the world population is aware of the red & white logo of Coca-Cola.

How has Cola-Cola stayed ahead of the crowd?

Coca-Cola has focused on selling an abstract positive concept such as happiness, family, and sharing, rather than attempting to sell a drink.

Most of their marketing efforts are focused on the experience and the lifestyle associated with its brand, rather than the soda.

Coca-Cola sells “happiness” in a bottle.

Image result for give huge get a free coca cola

We find a similar strategy used by Red Bull.

Red Bull's is NOT focused on promoting an energy drink, but on creating a brand that represents the energy-packed lifestyle that their audience loves.

Image result for marketing wings red bull

So, to answer your question, how do I compete with businesses that can offer similar products/services at a lower cost?

You need a differentiation strategy.

Stop focusing your sales effort on the “commodity” you’re trying to sell. Focus on what your product delivers to your customers, and make this the focus of your marketing efforts.

Comments

Why do millennial have more student loan debt than any other generation?

The lost generation: Today’s children get prizes and awards merely for participating — this sends a DANGEROUS message to kids: “We’re all winners.” This mindset is repeated continuously at the end of each project, event, or season. As a result, kids grow up expecting awards and praise just for showing up — (by the way, this sounds like socialism.) This mindset leaves kids terribly unprepared for the harsh realities of capitalism. Capitalism is ruthless. It rewards only winners, not just anyone that shows up to ‘work.’ Today, these kids are being offered an irresistible deal: “Go to college, and don’t worry; you can pay the massive college tuition with credit, and whenever you find a job with your ‘valuable’ degree, you can pay it back later.” “I MUST participate!” So, here they go to “participate,” at a mediocre college, to study a mediocre (and outdated) degree, to finally, AGAIN, get a “participation reward,” called a degree... Now, here comes real life: There’...

Who will be the most successful entrepreneur of the 2020 and why?

Elon Musk 1- SpaceX: When Elon Musk started SpaceX, the venture was seen as a fantasy and something that most didn’t take seriously. Elon and the SpaceX Team have proven them wrong. Elon has a mission to make Mars habitable in case the earth is no longer a viable option. I wouldn’t be surprised if SpaceX successfully sends men to Mars in this decade. 2- Tesla : Electric vehicles have been around for a few decades now, but none have really caught on … until Elon got involved. Tesla has solved problems like slow charging, short range, slow speed, and slow acceleration, plus has made EVs affordable. Now all the car industry is trying to catch up with Elon and the Tesla Team. Personally, I don’t think they have the corporate culture and innovative thinking to do so. Tesla will continue to revolutionize the car industry. 3- Tesla Batteries Founded in 2006, Elon is seeking to make renewable energy something that every home can afford plus revolutionize the b...

What are your success habits?

Five Power Habits: 1- Never follow the crowd: Know yourself. Understand the future. Set YOUR goals and pursue them. Don't take your dreams to the graveyard! 2- Embrace change: Change is a part of life, and in our technology-driven world, change is accelerating. Disrupt yourself BEFORE change disrupts you. 3- Live outside your comfort zone: Your comfort zone is your DEATH zone; everything you want is outside your comfort zone. Never stop pushing yourself! 4- Seek knowledge: The moment you stop LEARNING, you stop growing. When we stop growing, we start dying. 5- Pick your relationships wisely: We become like the people we spend the most time with. Remember, eagles don't fly with pigeons.

Motivated Q&A

Search This Blog