Tag: competitors

Learnings

Pricing depends on customer perception

Chris Labs

For example, in the customers minds, the difference between 20.95 or 21.95 or 22.95 on your website is not that big. But the difference between 20.95 or 19.95 is huge and should be taken into consideration. In a different scenario, where your product is sitting on a shelf in target. And your competitor sells for 24.95. In this case, whether you price your item at 21.95 or 22.95 will make little difference in the customers’ minds. – Mike Beckham (SimpleModern), (around 8mins) E018: How To Price Your Products. A Deep Dive Special. Continue reading Pricing depends on customer perception

Virality

Competitors can even be used as a trigger

Chris Labs

How can public health organizations compete against the marketing strength of better-funded rivals like cigarette companies? One way to combat this inequality is to transform a weakness into a strength: by making a rival’s message act as a trigger for your own. A famous antismoking campaign, for example, spoofed Marlboro’s iconic ads by captioning a picture of one Marlboro cowboy talking to another with the words: “Bob, I’ve got emphysema.” So whenever people see a Marlboro ad, it triggers them to think about the antismoking message. Researchers call this strategy the poison parasite because it slyly injects “poinson” (your message) … Continue reading Competitors can even be used as a trigger

Learnings

Case Study: Yeti Coolers Free Gift

Chris Labs

When you buy your product from Yeti (in this case, it was a Rambler bottle), there are no cards or indication that you should register your product. But when you go on the Yeti website, there is a tab called Product Registration. Here’s what it looked like as of Feb 28, 2022: By registering your product, they are offering you a free gift. I registered my bottle. Maybe 4 to 6 weeks later I received a basic brown envelop in the mail. Here’s what it looked like: Inside the envelop, there was this greeting card (shown below). And there was … Continue reading Case Study: Yeti Coolers Free Gift

Learnings

In business, you win by going all in on your customers.

Chris Labs

In business, you win by going all in on your customers. If you focus on trying to “beat the winner”, the best you can hope for is getting caught up in a price war, which is a race to the bottom. Play your game, let competitors play theirs, and trust the system will take care of itself. In fact, if you’re correctly executing this process, you won’t even be thinking about the competition. You’ll be too busy talking directly to your customers, making sure you have a damn good product, and making sure they have a damn good experience. -Ryan … Continue reading In business, you win by going all in on your customers.

Learnings

How to think of an hostile acquisition

Chris Labs

Back in the days, Felix Dennis was offered to sell his business to Ziff Publishing and to, together conquer, the European Market. Felix declined the offer, teamed up with VNU to fight Ziff back, it took them everything, 2 years of profit were burned in making sure Ziff’s venture was a failure. Ziff finally gave up after losing millions of dollars. Looking back, does Felix thinks it was worth it? No. Absolutely not. It was stupid. Glorious, but stupid. I would have listened more closely to Phil and Bill. I would have negotiated my balss off. I would have become … Continue reading How to think of an hostile acquisition

Learnings

The error of failing to emulate a winning idea pervades every industry at all levels.

Chris Labs

The results can be catastrophic. Even though there’s a psychological barrier to do so, stealing ideas from competitors is necessary. e.g In the late 80s-90s, Future publishing, a competitor to Dennis Publishing in the UK, started to put a playable electronic game with each magazine. Felix Dennis had no interest in paying huge fees to Sony or Sega to include their games with Dennis’s magazine. And so the team at Dennis did the Ostrich and kept their traditional way of doing things in the video games magazines. Future publishing started to get traction and sell more than Dennis in the … Continue reading The error of failing to emulate a winning idea pervades every industry at all levels.