516 - Founders’ Marketing Competitor Research

October 16, 2018

Hey, what's going on? Welcome to Episode 516 of The 7 Minute Mentor with me, Mark Asquith. Now, today I'm going to talk about marketing again. As a founder why you need to be a decent marketer, and in particular I'm going to talk a little bit about competitor research, competitor research. I'm going to dig into that in just one moment, but just a quick heads up guy. Even though it is Tuesday, the 16th of October right now, I will be live on Friday this week with my free coaching. That's right, the 19th, is it the 19th? It is the 19th. I'm terrible with dates.

Do you know I've got a wedding on Saturday and I've only just remembered?

On the 19th, I will be live with my free coaching Friday. That's right, 4:00 p.m. U.K., 11:00 a.m. Eastern, 8:00 a.m. Pacific. I will be live giving away my time to help you to define, challenge and conquer the biggest issues that you're having in your business.

Now, all you need to turn up to the session. I don't even need your email address, but if you want to ask me a question to be picked up during the session, I want you to head to excellence-expected.com/freecoaching, and I promise to pick it up.

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Okay, I am a huge fan of staying in your lane and not worrying too much about what competitors are doing. Having said that, when it comes to marketing it can be a little different both at the strategic and at the tactical levels. Now, let me add a little bit of context to this. When it comes to product development and how other people's businesses are growing, it's very, very easy to look over the fence and get worried about what other people are doing, especially in a growing industry like we're in, in podcasting. There's so many bits of software coming out, so many programs coming out, so many things coming out to help podcasters. Honestly, I'm constantly worried. Oh shit, what are we doing to keep up? I know that we're in front with much of the stuff that we're releasing and much of the stuff that we're doing, but it still worries me.

But instead of worrying about it, instead of researching too much into what other people are doing, I stay in my lane, we stay in our lane, we develop our products, and we move forward. The only thing that I would say about that is that when it comes to marketing, we do tend to look a little bit over the fence, and that's not so that we can do what other people are doing. It's so that we can do what other people are not doing, okay?

What we have is a very specific type of brand, a very specific type of tone of voice, and that is helmed by personality. It started out as me, Kieran and John, and it's developed into a business that's gotten numerous members of staff all across the world. Our personality has to run through the centre of that. But what we have to do is make sure that as we're looking around, looking at the market and making sure that other people are doing their thing, we've got to make sure that we are marketing to our people, to people who will align with us.

And that relies on competitor research, both from a, okay, what is the messaging that these people are using, what is the angle, what are the offers that they've got on, how is their discount structure working, what is their pricing metrics, right through to actually, where are they in the Google rankings for my search terms. Where are they, what are they targeting?

Now we've noticed some competitors, for example, starting to target things like WordPress and podcasting on their Instagram feeds and so on and so forth, and that's actually really complimentary. I find that flattering because before we came into the market, people weren't really marketing like that. Podcast companies weren't really marketing like that. Now they are. We've affected change in the industry. That's a really good thing to have done. It shows that we're onto something and that we can make money doing it, but it means that we've got to upgrade. It means we've got to change our tack a little bit. It means we've got to be constantly ahead, and that is what I'm talking about.

You have to do your research. You have to understand what other people are doing in your space. Like I said, not necessarily with regards to product development, but certainly in regards to marketing. Product development is a slightly different kettle of fish. You know, I'm in the camp when it comes to product development that people don't know what they want until they've got it in their hands. A little bit like Steve Jobs did with the iPad. Tablet computers were dead. No one wanted a Newton. No one wanted the Microsoft tablets that were out there at the time. They didn't want these kind of computers, and then the iPad came along and we all know the story from there.

So, marketing is a little different. You've got look at what people are doing. You've got to look at the wording that they're using, and you've got to find out where you fit into the market, and especially when it comes to things like pricing. When it comes to things like marketing campaigns, when you're building a campaign out, when you're focusing on building one specific campaign, you've got to understand exactly what that means. What does it fit like into the market, and you've got to work with that, and you have to do your research on your competitors.

Who are your targeting? What's the kind of messaging? Is it high class? It is value led? What is it, okay? We're going to dig into that over the next few weeks and how to put that together, but today I want you to just start thinking, okay, maybe I will start and have a look at my competitors' Instagram feed. Maybe I'll start to look on Google at what they're doing. Maybe I'll just have a look on Twitter at what's going on, okay?

So I urge you to do that. Please go and try it out. Just get a feel for the angles that your competitors are taking, and where you can fit into that market and do something different. Remember, you can't do things better. Better is subjective. You can only do things differently. I'll see you tomorrow, team, and never forget the more you expect from yourself, the more you will excel.