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When you look at the customer for a category, there are only two types: those that will buy from the leader and those who don’t want to buy from the leader. Those that could not were fixed, closed, or sold.” #9: Law of Opposite Jack Welch’s quote “Only businesses that are #1 or #2 in their markets could win in the increasingly competitive global arena. This law predicts that an industry that reach maturity will have less competitors than when the industry first started. Third place in a mature market is very difficult to be in. The battle of marketing often winds up as a duel between the two major players. In other words, it is sometimes better to be #3 on a big ladder than #1 on a small ladder. It may be better to be a small fish in a big pond than to be a big fish in a small pond. Sometimes your category may be too small. For example, the market share percentage for a category should roughly look like this based on the positioning of your company: 50% > 25% > 12.5% > 6.25% > 3.125% > 1.56% > 0.78% The first position usually have twice the market share of the brand below you. There are usually 7 positions in a person’s mind for a category. The mind is selective, it will decide which information to accept and which information to reject. If you are not the leader, don’t mention you’re the leader. Use the proper marketing strategy based on the position of your company along with your competitors.
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When a competitors owns a word or position in the prospect’s mind, it is futile to attempt to own the same word.
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There is no one word driven into the minds of drug users that could begin to unsell the drug concept.
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#22 immutable laws of marketing with examples tv
The antidrug crusafe on tv and magazines suffer from a lack of focus. To focus your product and service, you need to own a word in the people’s mind about your product. In Japan, people view Honda as a motorcycle manufacturer more so than a car manufacturer. Toyota sells more than 4 times as many cars in Japan as Honda does. Honda is in third place behind Toyota and Nissan. However, in Japan, Honda is not the leader. The same quality, styling, horsepower and roughly the same prices should hold true for Japan and US. If marketing were a battle of products, you would think the same sales order would hold true for both countries. Japanese car manufacturers (Honda, Toyota and Nissan) sell the same cars in US as they do in Japan. In other words, truth is nothing more than an expert’s perception. How a person perceives your product and service will ultimately be the truth in their mind. Getting into the people’s mind with a loud bang is important for them to remember your product. People usually don’t change their mind once they see your product in one way. You have to get into the people’s mind that your product is the first in the category. It is more important to be first in the people’s mind than first in the marketplace. Lear’s is the first magazine for mature woman. When you are first in a new category, you have no competition.ĭell is the first to sell computers by phone. Being first in a niche market is considered being a leader in a category. #2: Law of Categoryīe first in a new category created by your product or service. What’s the leading college in America today? Most people would say Harvard, which is also the first college in America. 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. 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.