How will your new product be different is the first question any marketer will ask. Will you be quicker, cheaper or better? The world of streaming video is a crowded field with Netflix, Amazon. Hulu and now the new pluses – Disney + and Apple +. So, what the hell is Quibi?
Quibi stands for quick bites.
It is a billion-dollar new business idea from Jeffrey Katzenberg and Meg Whitman that will launch in 2020.
Their differentiating strategy focuses on a high-quality, ten-minute streaming video you can only watch on your phone, created by master storytellers like Spielberg. One example of content coming from Spielberg is a horror series that only plays at night. They’ll have two subscription plans – no ads and light ads.
Not Quibbling with Quibi
I raise the concept of Quibi because it illustrates fundamental marketing that begins with a difference. In this case, their difference focuses on the length of the video.
Now, a ten-minute streaming video isn’t ownable; anyone can create 10-minute stories on YouTube or Disney + or Netflix. But the core idea is that if you can redefine the landscape (marketplace), you can represent something new and different.
Why ten-minutes? Katzenberg’s core belief is:
- We carry a TV in our pocket
- People often have time for short bites of information (quick bites, aka Quibi).
- You need top-tier talent in creating “must-see TV.”
- Attention spans are shrinking
- We watch episodic stories today that are often one-hour. Why couldn’t drama, comedy or documentaries series be 10-minutes long instead?
Difference is Required
Anyone introducing something new in any market segment must start with a core belief that makes your product or offering, unlike others.
As an example, a new venture I’m working on for a client offers a dog bed that gives back.
Buy a ResQ bed, and we provide one to a rescue shelter to encourage adoption. We placed a differentiating stake in the grounds that people who buy dog beds would be supportive of helping rescue shelter dogs get adopted.
The jury is out on the market test. However, we anchored our idea of a difference from all other beds. Without a difference, why will your audience choose you? And with a difference, you build a word-of-mouth marketing approach to acquiring new customers.
If your product isn’t different and laced with a powerful story, you may be barking up the wrong tree. I’m sure you wouldn’t quibble with that notion.
Does your business need a marketing coach, guide, or sherpa? Are you generating enough leads? Is your marketing underperforming? I can help.
You can set up a time to chat with me about your marketing challenges using my calendar. Our initial conversation is free. You talk, I listen. Email me jeffslater@themarketingsage.com or call me. 919 720 0995. Visit my website at www.themarketingsage.com Let’s explore working together today.
Photo by Jung Ho Park on Unsplash
