The 22 Immutable Laws of Marketing (1994) gives you the essential knowledge to build powerful marketing strategies. With practical, real-world examples, these blinks show you how to avoid common mistakes while ensuring your marketing push will stand fast against the toughest competition.
So you want to be a market leader? First, you’ve got to place your product in the pole position.
To do so, you need to make an unforgettable impression in the minds of your customers to get your product the attention it needs to succeed.
But how do you go about making sure your product is first in line?
The Law of Leadership states that to win the race for market leadership, you need to ensure your product is the first of its kind on the market. It’s a fact: first out of the gate often wins!
Yet while being first can help you establish yourself as a market leader, it’s not the only way to the top. The Law of the Mind states that for your product to be truly successful, it needs to be first in the customer’s mind.
Every time a customer thinks of a certain product, a particular brand will automatically pop into her head before any other – and often, that’s the market leading product.
First impressions are key. Once a customer has made up her mind, it’s tough to change it!
But why is a set customer’s mind so hard to influence?
One reason is that brand names often become synonymous with their products. In the United States, people often say “Xerox” when they mean photocopier; and if you need a tissue, you might ask your friend for a “Kleenex.” Market leaders always have powerful brand names.
Once a strong brand is etched in a customer’s brain, it’s tough to erase it. A better strategy for a company is to make a splash with a product early on, when the market is fluid and there are multiple brands vying for attention.
Choose your product’s name wisely, sticking to words that are short and catchy. For instance, let’s say you’re choosing a computer. Which brand would you pick, Apple or MITS Altair 8800?
In sum, being first to market is a cornerstone of effective marketing strategy. Yet don’t despair – if you’ve missed that train, there are other ways to market your product and brand effectively.