The 22 Immutable Laws of Marketing
I was never very into marketing subject during college. I always though marketing to be too subjective and missing numbers. The preference for a more quantitative field was therefore more or less a natural path for me then. Now, almost 10 years passed and I am in a new discovery phase of topics that interest me. In specific, it is time to rediscover entrepreneurship and business generally, an area I lost connection to in detriment of finance and banking.
One of the findings in this rediscovery journey till now was this little book with the essentials of marketing in a concise and pragmatic way. I wish I had had some such a straightforward description of the fundamentals of this discipline in the past.
Here is a very short summary of the laws:
1. Leadership – it’s better to be first than it is to be better.
2. The leader in the category – if you can’t be first in the category, then set up a new category.
3. The mind – it’s better to be first in the mind than the marketplace.
4. Perception – people don’t care about your product, they care what it does for them.
5. Focus – own a word in a prospect’s mind.
6. Exclusivity – companies cannot own the same word in a prospect’s mind.
7. The ladder – your strategy depends on which run you sit on the ladder.
8. Duality – every market eventually becomes a two-horse race.
9. The opposite – if shooting for second place, your strategy is determined by the leader – don’t try to be better, be different.
10. Divisions – over time a category will divide and become two or more categories.
11. Perspective – marketing effects take place over an extended period of time.
12. Line extensions – when you try to be all things to all people, you inevitably wind up in trouble.
13. Sacrifice – you have to give up something in order to get something.
14. Attributes – for every attribute there is an opposite, effective attribute.
15. Candor – when you admit a negative, the prospect will give you a positive.
16. Singularity – in each situation, only one move will give you the result.
17. Unpredictability – you can’t predict the future.
18. Success – can lead to arrogance which leads to failure.
19. Failure – to be expected and accepted.
20. Hype – situation is often the opposite of the way it appears in the press.
21. Acceleration – successful programs aren’t built on fads. They’re built on trends.
22. Resources – without adequate funding, an idea won’t get off the ground.
Source:
https://www.actionablebooks.com/en-ca/summaries/the-22-immutable-laws-of-marketing/