This post is the summary of a book named ” The 22 Immutable Laws Of Marketing
Immutable Laws of Marketing
These Immutable laws of marketing are researched by Al Ries and Jack Trout for over 25 years. These laws are the corner stone while doing marketing. Many companies both big and small, spend huge chunks of money on marketing. But they do not get good results. These 22 results are very important factors while marketing a product or service.
#1. Law of Leadership.
Being first in the market is better than having a better product. Many startups & even many big companies wait too long to make their product perfect. There is nothing like perfect. If someone enters a new market with a decent product before you, then that product will swiftly gain more customers and it will be difficult for your product to compete. People mostly remember who came first and don’t care about others. This is called First Mover advantage.
Example : We all know who was the first man on the moon ( Neil Armstrong), some even remember the second (Aldrin) but almost no-one knows who was the third.
#2. Law of Category.
What if you cannot be the first one in the market ? No worries!! You still can be the first one in a particular category. This is selecting a niche for your product. You don’t have to create a new category, you just have to find something new in existing category. This helps you to reduce your competition and take more market share. The image below shows some startups which categorized themselves in healthcare industries.
Example : You don’t know who the third man was, but you do remember Kalpana Chawla , the first woman of Indian origin to go to space. Also people remember Nike when it comes to buying shoes.
#3. Law of Failure
Failure is to be expected and accepted. Drop things that don’t work instead of trying to fix them. If you stick to your failed idea too much then it will be a great problem in future.
Example : When Nokia launched its first smartphone, it used Microsoft as its Operating System. But very less percent of people were using Microsoft as OS. A major shift of Android was taking place. Almost all mobile companies shifted towards Android, but Nokia held on to Microsoft as their primary OS this led to their downfall.
#4. Law of extension
Many startups think that they should extend their business once they get funded or because their competitors are doing so. They don’t concentrate on building their foundation of their business and in later stage they are forced to close down.
Example : Food-ordering firm TinyOwl shut down its operations in all 11 cities where it was operational, except Mumbai. Founded in 2014, the startup faced several financial problems and laid off more than 600 employees. This happened because after receiving funding they scaled to 11 cities.
#5. Law of Division
Over time, a category will be divided into two or more categories. Companies often do not understand that and instead think that categories combine, believe in synergy. Division can help the customer to find appropriate product and it saves a lot of time. The leader can maintain dominance by addressing emerging categories with new brands instead of using the successful brand in a new category. This is also called Sub-Branding
Example : The cars started as a single category, but were divided into luxury cars, sports cars, recreational vehicles, minivans, etc. When Maruti Suzuki wanted to enter the luxury market, it created a new brand, Nexa.
I hope that you liked this post. Please do share this with your friends and family and do subscribe to this blog for more interesting contents. Also for the remaining 5 laws Visit Immutable Laws of Marketing (Part 2)
If you are interested to buy the book then Click Here.
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