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Wednesday, 7 December 2011

The 22 Immutable Laws of Marketing


ü The law of Leadership: Make your brand the first in the mind of the prospect.

ü The law of Category: If you can’t be first in a category, set up a new category you can be first in.

ü The law of the Mind: It’s better to be first in the mind than to be first in the marketplace. Being first in the mind is everything in marketing.

ü The law of Perception: Marketing is a battle of perceptions, not products. Marketing is the process of dealing with perceptions.

ü The law of Focus: The most powerful concept in marketing is owning a word in the prospect’s mind. Examples are overnight, cavities, driving, safety, computer, cola, e.t.c. The most effective words are simple and benefit-oriented. Focus on one word or benefit.

ü The law of Exclusivity: Two companies cannot own the same word in the prospect’s mind.

ü The law of the Ladder: The strategy to use depends on which rung you occupy on the ladder.

ü The law of Duality: In the long-run, every market becomes a two-horse race.

ü The law of the Opposite: If you are shooting for second place, your strategy is determined by the leader.

ü The law of Division: Over time, a category will divide and become two or more categories. Categories are dividing, not combining.

ü The law of Perspectives: Marketing effects take place over an extended period of time. In many areas of life (spending money, taking drugs, having sex), the long-time effects are often the opposite of the short-term effects. So are marketing effects!

ü The law of Line Extension: There’s an irresistible pressure to extend the equity of the brand. In a narrow sense, line extension means using the brand name of a successful product on another new product you plan to introduce. When a company becomes incredibly successful, it invariably plants the seeds for its future problems. In the long run and in the presence of serious competition, line extensions almost never work. Line extension may be a winner in the short-term, but it’s a loser in the long run. It leads to oblivion.

ü The law of Sacrifice: You have to give up something to get something. The law of sacrifice is the opposite of the law of line extension. The 3 sacrificial variables are product line, target market, and constant change. Good things come to those who sacrifice!

ü The law of Attributes: For every attribute, there’s an opposite, effective attribute. It’s much better to search for an opposite attribute that will allow you to play off against the leader. 

ü The law of Candor: When you admit a negative, the prospect will give you a positive. The purpose of candor isn’t to apologize but to set up a benefit that will convince your prospect. Ben Franklin was right: Honesty is still the best policy. 

ü The law of Singularity: In each situation, only one move will produce substantial results.

ü The law of Unpredictability: Unless you write your competitor’s plans, you can’t predict the future. Marketing plans based on what will happen in the future are usually wrong. Even sophisticated computers and meteorologists cannot predict the weather three days in advance. The good news is that you can capitalize on trends. Remember Peter’s Law: The unexpected always happens.

ü The law Of Success: Success often leads to arrogance and arrogance to failure.

ü The law of Failure: Failure is to be expected and accepted.

ü The law of Hype: The situation is often the opposite of the way it appears in the press. 

ü The law of Acceleration: Successful programs are not built on fads; they’re built on trends. A fad is a wave in the ocean, with lots of hype. A trend is the tide, with little hype but powerful over the long-term.

The law of Resources: Without adequate funding an idea won’t get off the ground. Marketing is a game fought in the mind of the prospect. You need money to get into a mind. And you need money to stay in the mind once you get there. Ideas without money are worthless.

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