Avoid this at all costs by remaining humble and consulting multiple parties before making key decisions. Once you lose objectivity, you lose sight of your strategy.
The Law of Success: “Success often leads to arrogance and arrogance to failure.” People who are successful tend to get cocky, which compromises their ability to be objective. The Law of the Opposite: “If you are shooting for second place, your strategy is determined by the leader.” In order to overcome a competitor in the first place position, you need to look to their weak points and target your marketing best practices accordingly. Your marketing best practices should prepare you to deal with a significant competitor. The Law of Duality: “In the long run, every market becomes a two-horse race.” If you think about it, most product types come down to two big names: Coke and Pepsi, Apple and Samsung, McDonald’s, and Burger King. Two brands cannot come to mind at the exact same time. For example, when you think of the word “soda,” there will always be one brand that comes to your mind first. The Law of Exclusivity: “Two companies cannot own the same word in the prospect’s mind.” On the same note, only one company will call this word to mind. The Law of Focus: “The most powerful concept in marketing is owning a word in the prospect’s mind.” To put it simply, you know you’ve reached success when the name of your company immediately conjures an image of your product or service in your customers’ minds, and vice versa. Is Kleenex really better than other facial tissues on the market? Or is it just perceived as such due to brand recognition? The Law of Perception: “Marketing is not a battle of products, it’s a battle of perceptions.” When it comes down to marketing best practices, it’s not about being the best. While it wasn’t the first smartphone ever created, Apple has managed to cement its position at the forefront of consumer perception. The Law of the Mind: “It’s better to be first in the mind than to be first in the marketplace.” Think about it: when you think of smartphones, the iPhone immediately comes to mind. Here are 8 of the marketing best practices that the authors discuss. While there’s value in all 22 of the marketing laws they mentioned, I have a few favorites that are particularly useful to the clients I work with. In this book, they cover 22 laws that can help business owners change their perspective about their marketing practices. Trout and Ries are marketing strategists whose work is simple and straightforward to understand and implement. Goal check: I learned that the marketing laws are about perception and are ready to enhance it.Some of my favorite marketing authors are Jack Trout and Al Ries, the writing team behind The 22 Immutable Laws of Marketing. This comes when the brand is highly focused on the available space left in the market or the space they created. Throughout the book, it is easily noticed that the rules of marketing are about perception. Admitting obvious flaws is something a few companies do. Why honesty works so well in marketing, especially in this era? Because the explosive growth of communications in our society made people defensive and cautious about what others are trying to sell them. If your name is bad, you have 2 choices: change the name or make fun of it. Reduce it to ONE! All your power, your focus on ONE product that makes customers happy the most. Namely, product line, target market, constant change. In the long run and in the presence of serious competition, line extensions almost never work.īut why are all companies doing it? Why is it so tempting? One reason is that it can be a winner in the short term. Department stores are the prime example of a price war battlefield.
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