Marketing Truisms
I was just skimming my favorite marketing book, which also could be the shortest business book I’ve ever read (132 pages), The 22 Immutable Laws of Marketing. In rereading the book I first read it in the mid 1990s, I’m glad to see it really holds up. While the authors called their laws, “immutable,” I’ve taken some artistic license and shortened and combined some laws.
Perception: Marketing is not a battle of products, it’s a battle of perceptions. Most marketing mistakes stem from the assumption that you’re fighting a product battle rooted in reality. Perception is reality.
Leadership: It’s better to be first than it is to be better. The basic issue in marketing
in creating a category you can be first in. It’s the law of leadership. It’s better to be first than it is to be better. It’s much easier to get into the mind first than it is to try to convince someone you have a better product than the one that did get there first. (Example: Who was the first person to fly the Atlantic Ocean solo? The second person?) If you can’t be first in a category, set up a new category you can be first in. (Example: So, you couldn’t name the second person to solo the Atlantic? You will know the third. Hint: She was the first woman to fly the Atlantic Ocean solo.) Key takeaway: Being a me-too brand isn’t memorable. Pick a new category to be first in.
Focus: The most powerful concept in marketing is owning a word in the prospect’s mind. Not words like Fahrvergnugen, but real, simple words or concepts. Two companies cannot own the same word in the prospect’s mind. Examples:
BMW = driving- Xerox = copier
- FedEx = overnight
- Volvo = safety
- Nordstrom = service
Of course this maniacal focus must remain consistent and will likely impact product. For example, when Subaru decided it wanted to own 4WD, it had to stop making 2WD cars.
Line extension: There’s an irresistible pressure to extend the equity of the brand.
Candor: When you admit a negative, the prospect will give you a positive. One of
the most effective ways to get into a prospect’s mind is to first admit a negative and then twist it into a positive. Candor is disarming and negative statements about yourself are taken as truth. By leading with a negative, you already have the prospect believing what you say. (example: “With a name like Smuckers, it has to be good.”)
Acceleration: Successful programs are not built on fads, they’re built on trends. When fads appear, try to dampen them. One way to maintain long-term demand for your product is to never quite satisfy demand.
