14. June 2023
Entry Level Digital Marketing: Mission 1 - Marketing Intro
Exercise 1: AirBnB Analysis
What problems does the company solve?
- Price - Cheaper than hotel stays
- Connection - Hotels have to serve many customers simultaneously
- Availability - Not all places have hotels. E.g. rural towns
- Local experiences - Hosts are able to package up local activities and knowledge
What's the market like?
- Competition with temporary housing listings
- Find the niche: Total trips booked --> budget and online --> AirBnB
Customers buy things:
- To solve a problem
- Because they’re “in the market” for it
Sell the pen!
Jordan Belfort's famous exercise to sell a pen is aimed at redirecting our thinking to understand the customer.
The models of selling we have imprinted in our minds is a slick, quick talking salesperson who highlights the features of the product and only asks questions at the end of his pitch.
The video suggests to reverse this method.
Ask the customer:
- How long have they been looking for a pen?
- What kinds of pens are they used to?
- What problem have they encountered?
- Did they just lose a pen or are they looking for something different?
- What would they like to use the pen for?
- How many pens are they interested in?
- Have they used any of our pens before?
- What have they heard of our pens that can help?
I feel like marketing can be a helpful tool in qualifying some of these questions. It can also weed out unwanted customers.
The Task: Create a Company
Company Name: LeftOvers What does it do? An AI-based tool that does your meal planning based on the ingredients you have left.