The 22 Immutable Laws of Marketing – Al Ries, Jack Trout
The fundamentals of marketing and how to comply with these laws are the book’s main topics. An essential read for business owners.
The law of sacrifice
If you want to be successful, you must make the following sacrifices:
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Product line. You must reduce your product line if you want to be successful.
Target market. Should you appeal to everyone? Not really.
Constant change. Do you have to change your strategy every year? The best way to maintain a consistent position is to avoid following the market’s twists and turns.
The Law of Attributes
There is an opposite, effective attribute for every attribute.
Instead of being the same, look for an opposite trait that will allow you to play off against the leader.
You must have your own characteristic or idea on which to concentrate your efforts. Try to possess the most important characteristic. If your competitor successfully steals your attribute, find another and emphasize its importance.
The Law Of Candor
When you admit a flaw, the prospect will respond with a positive attitude.
The most effective way to get into the mind of a prospect is to admit a negative and then turn it into a positive.
In the marketing process, honesty works well:
People tend to open their minds when a company begins to admit a problem. The goal of candor, then, is to persuade rather than to apologize.
The Law of Singularity
In each case, only one action will yield significant results.
The only thing that works in marketing is a single, bold stroke, not the sum of a lot of small efforts.
In marketing, a competitor is only vulnerable in one place. And that location should be the sole focus. Marketing executives must be involved in order to find that one-of-a-kind idea.
The Law of Unpredictability
The future is impossible to predict.
Failure to forecast competitive reactions is one cause of marketing failure.
A short-term strategy is to develop an angle or word that distinguishes your product or business. Then, create a long-term marketing strategy that capitalizes on that concept.
Build a lot of flexibility into your organization, and be ready to change quickly.
The Law Of Success
Success frequently breeds arrogance, and arrogance breeds failure.
Objectivity is essential. When an organization becomes successful, it loses its objectivity and frequently substitutes its own judgment for what the market wants.
Ego is helpful as a driving force in building a business, but it becomes problematic when the ego is injected into the marketing process.
The Law Of Failure
Failure is something to be expected and accepted. Admitting a mistake and failing to address it is detrimental to your career. Instead, recognize failure and cut your losses early.
Too many businesses try to save the situation rather than abandon it.
The Law of Hype
The reality is frequently diametrically opposed to what is reported in the media.
Only when you’re in trouble do you need hype. The only revolutions that can be predicted are those that have already begun.
The front page will not reveal any future predictions. You’ll have to look for harmless stories in the back of the newspaper for that. Hype is just that: hype. True revolutions occur when they are least expected.
The Law of Acceleration
Successful programs are built on trends rather than fads.
- A fad is like a wave, but a trend is like a tide.
- A fad is highly visible and widely publicized, whereas a trend is almost invisible and powerful in the long run.
If your business has all of the characteristics of a fad, dampen the fad to make it more like a trend.
The Law of Resources
An idea will die if it is not adequately funded.
Marketing is a game played in the prospect’s mind. Money is required to enter a mind and to remain in a mind.
Without money, ideas are almost worthless. Use your creativity to find the funds. Marketing should come later.