Let say you didn’t know the name of the first college founded in America. You can always find out who the leading company of a market is by substituting leading for first. Even when you are second with a better product, you will not be better in the people’s mind. It is better to be first than to have a better product or service. This is my summary of the 22 immutable laws of Marketing: #1: Law of Leadership I decided to grab it used off for $5 and have a go at it. And you need money to stay in the mind once you get there.Tim Ferriss recommended a great marketing book on his video blog this month called 22 Immutable Laws of Marketing by Jack Trout and Al Ries. 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. The law of acceleration - successful programs are not built on fads, they're built on trends. When you need the hype, it usually means you're in trouble." 21. The law of hype - the situation is often the opposite of the way it appears in the press: "When things are going well, a company doesn't need the hype. The law of failure - failure is to be expected and accepted. The law of success - success often leads to arrogance, and arrogance to failure.ġ9. The law of unpredictability - unless you write your competitor's plans, you can't predict the future. The law of singularity - in each situation, only one move will produce substantial results. The law of candor - when you admit a negative, the prospect will give you a positive: ".it may come as a surprise to you that 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." 16. Without one, you had better have a low price. So if you are to succeed, you must have an idea or attribute of your own to focus your efforts around. The law of attributes - for every attribute, there is an opposite effective attribute: "Marketing is a battle of ideas. There are three things to sacrifice: product line, target market, and constant change." 14. If you want to be successful today, you should give something up. the law of sacrifice - you have to give up something in order to get something: "The law of sacrifice is the opposite of the law of line extension. The next day the same company is spread thin over many products and is losing money." 13. The law of line extension - there's an irresistible pressure to extend the equity of the brand: "One day a company is tightly focused f ocused on a single produce that is highly profitable. The law of perspective - marketing effects take place over an extended period of time. The law of division - over time, a category will divide and become two or more categories. The law of the opposite - if you're shooting for second place, your strategy is determined by the market leader. The law of duality - in the long run, every market becomes a two-horse race. The law of the ladder - the strategy to use depends on which rung you occupy on the ladder - each category has its own ladder or hierarchy, hierarchy, and where your product or service is in this hierarchy will determine your strategic options. The law of exclusivity - two companies cannot own the same word in the prospect's mind. the way that Coke 'owns' the word 'cola', or Xerox owns 'copier'). The law of focus - the most powerful concept in marketing is owning a word in the prospect's mind (i.e. The law of perception - marketing is not a battle of products, it's a battle of perceptions. Being first into the marketplace is important only to the extent that it allows you to get into the mind first." 4. It is better to be first f irst in the prospect's mind than first into the marketplace.Being marketplace.Being first in the mind is everything in marketing. The law of the mind - it's better to be first f irst in the mind than to be first in the marketplace: "Is something wrong with the law of leadership (previously presented)? No, but the law of the mind modifies it. The law of the category - if you can't be first in a category, set up a new category you can be first in. ItÕs much easier to get into the mind first than it is to try to convince someone someone you have a better product than the one that did get there first." 2. It's better to be first f irst than it is to be better. a given type of product or service) you can be first in. The law of leadership - it is better to be first f irst than it is to be better: "The basic issue in marketing in creating a category (i.e.
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