"The 22 Immutable Laws of Marketing: Violate Them at Your Own Risk! " – Book Review.
During recession and global financial crisis it is even more interesting to discuss this book.
The global financial crisis of 2008–2009 began in July 2007 when a loss of confidence by investors in the value of securitized mortgages in the United States resulted in a liquidity crisis that prompted a substantial injection of capital into financial markets by the United States Federal Reserve, Bank of England and the European Central Bank. The TED spread, an indicator of perceived credit risk in the general economy, spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008, reaching a record 4.65% on October 10, 2008. In September 2008, the crisis deepened, as stock markets worldwide crashed and entered a period of high volatility, and a considerable number of banks, mortgage lenders and insurance companies failed in the following weeks.
Al Ries and Jack Trout refer to these principles as "laws". Their book, entitled "The 22 Immutable Laws of Marketing" is one of my favorites.
What do you think about "22 immutable Law of Marketing"?
Are there more marketing laws?
Why these marketing laws are immutable?
(sorry for pure quality of video)
| 1 | The Leadership | It’s better to be the first than it is to be better. Executive Summary Being first in any category is going to give you the edge -being the leader comes from being first. It’s much easier to get into the mind of consumers first that try to convince people you have a better product or service than the one that did get there first. Improvements are always made to product/service inventions and innovations but the first in has a head start. Once you are the leader, a position mostly gained by being first, it is pretty hard for competitors to dislodge you, as long as you keep your products up to date and of comparable quality. Further, the first in to the market has the opportunity to have its brand name adopted as the generic category name. Once you are first and get the consumers to buy your brand, often they won’t bother to switch. People tend to stick with what they’ve got. |
| 2 | The Category | If you can’t be first in a category, change the nature of the category or set up a new category you can be first in. |
| 3 | The Ladder | The strategy to use depends on which rung you occupy on the ladder. |
| 4 | Duality | In the long run, every market becomes a two-horse race. |
| 5 | The Mind and Perception | Marketing is not a battle of products, it’s a battle of perceptions; and sometimes it’s better to be first in the mind than to be first in the marketplace. |
| 6 | Focus | The :lost powerful concept in marketing is owning a word in the prospect’s mind. " |
| 7 | Extension | There’s an irresistible pressure to extend the equity of the brand. |
| 8 | Exclusivity and Superiority | Owning a superior position in the customer’s mind is vital; marketing is a continuous search for exclusivity. |
| 9 | Division | Over time, a category will divide and become two or more categories. |
| 10 | The Heart (Emotion) | Marketing strategies without emotion will not work. |
| 11 | Attributes | When you have to focus on attributes, for every one of them, there is an opposite and effective attribute. |
| 12 | Candor | When you admit a negative, the prospect will give you a positive. |
| 13 | Sacrifice | You have to give something up in order to get something. |
| 14 | Success | Success often leads to arrogance, and arrogance to failure. |
| 15 | Failure | Failure is to be expected and accepted. |
| 16 | Unpredictability | Unless you write your competitors’ plans, you can’t predict the future. |
| 17 | Hype | The situation is often the opposite of the way it appears in the press. |
| 18 | Acceleration | Successful programs are not built on fads, they’re built on trends. |
| 19 | Perspective | Marketing effects take place over an extended period of time. |
| 20 | The Opposite | If you are shooting for second place, your strategy is determined by the leader. |
| 21 | Origin | Where brands come from is often more important than how good they are. |
| 22 | Resources | Without adequate funding and expertise an idea won’t get off the ground, and a brand cannot be built. |
Expert’s Advise:
Donald Trump and Robert Kiyosaki
Follow theses principles and apply them to whatever you need. If you continue to confuse pride with confidence you will never learn to learn.
During recession and global financial crisis it is even more interesting to discuss this book.
What do you think about "22 immutable Law of Marketing"?
Are there more marketing laws?
Why these marketing laws are immutable?
Please leave your comments below.
