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22 Immutable Laws of marketing

22 Immutable Laws of Marketing:  Violate Them at Your Own Risk by Al Ries and Jack Trout

Library Journal describes this book as…

“Ries and Trout, authors of some of the most popular titles in marketing published during the last decade continue the same breezy style, with lots of anecdotes and insider views of contemporary marketing strategy. The premise behind this book is that in order for marketing strategies to work, they must be in tune with some quintessential force in the marketplace. Just as the laws of physics define the workings of the universe, so do successful marketing programs conform to the “22 Laws.” Each law is presented with illustrations of how it works based on actual companies and their marketing strategies… The book is fun to read, contains solid information, and should be acquired by all public and business school libraries. ”

My notes on what I found to be of particular interest…

The 22 “immutable” laws of marketing:

1. The law of leadership: you want to be first in a category rather than “best” in a category.
2. The law of the category: if you can’t be first in a category, set up a new category you can be first in.
3. The law of the mind: even more important than being first in the marketplace is being first in the mind.
4. The law of perception: perceptions count for more than products.
5. The law of focus: owning a word in the prospect’s mind is the most powerful thing there is in marketing. For instance, “kleenex” with paper tissues, “google” with search on the internet, or “xerox” with copiers.
6. The law of exclusivity: two companies cannot both own the same word in the prospect’s mind.
7. The law of the ladder: your strategy depends on where you are on the ladder. On top? One rung down? Your product’s location on the ladder determines what strategic options are available to you.
8. The law of duality: with time, all markets become two-horse races.
9. The law of the opposite: if you are aiming for second place, your strategy is determined by the market leader.
10. The law of division: with time, a given category will split, and become two, or more categories.
11. The law of perspective: the effects of marketing are not immediate and need time to be effective.
12. The law of line extension: the pressure to extend a brand is irresistible, causing what was once a tightly focused product to be a thinly spread line of many products.
13. The law of sacrifice: in order to get something, you must be willing to give up something else.
14. The law of attributes: for every attribute, there is an opposite effective attribute
15. The law of candor: when you admit a negative, the prospect will give you a positive. The example given is of Avis admitting that they are number 2 in rental cars.
16. The law of singularity: for every situation, only one move will produce substantial results.
17. The law of unpredictability: “unless you write your competitor’s plans, you can’t predict the future.”
18. The law of success: “success often leads to arrogance, and arrogance to failure.” Never stray too far from your customers.
19. The law of failure: failure is to be expected and accepted, so don’t be afraid to take risks. You must also be ready to cut your losses when confronted with failure, however.
20. the law of hype: your situation is often the opposite of the way it appears in the press: “When things are going well, a company doesn’t need the hype. When you need the hype, it usually means you’re in trouble.”
21. The law of acceleration: “successful programs are not built on fads, they’re built on trends.”
22. The law of resources: “without adequate funding, an idea won’t get off the ground.”

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Amazon desribes this book as…

“Jobs. Housing. Customers. Stuff. Events. Advice. Even romance! It’s all waiting for you on craigslist… and this book will help you find it faster, smarter, and more safely. You name it, it’s covered here—with great insider tips and proven techniques! Get started today: Buy and sell merchandise, services, cars, and homes; generate leads; recruit staff or volunteers; promote your group, cause, candidate, or band; find great contractors or childcare; get or give a pet; arrange cheap rideshares and vacation swaps. Stay safe, no matter what you’re doing. This is the first book to take you deep inside craigslist and show you exactly how to get what you want there… whatever it might be!”

My notes on what I found to be of particular interest…

craigslist is known for posting classified ads, but it also provides many community services including event postings, community notices, personals, items for sale, items for free, job postings, classes, online groups and discussion forums, lost and found, artists and musicians, childcare, local news, “green” riding carpools, volunteers, pets, housing, services, gigs and resumes.
There’s an award winning documentary about craigslist called “24 Hours on craigslist”.
http://www.savetheinternet.com
Listing Tips:
Community, Housing, For Sale and Personals sections allow each posting to include up to 4 images under 160 kb each.
Listing Rules:
One listing per item in the correct category.
No cross posting between communities.
Post a maximum of once every 48 hours.
The Services section is for businesses.
Want ads go only in the forsale/wanted category.
Jobs is for paying jobs only, no compensation goes in Gigs.
No excessive HTML.
Success Strategies:
Successful ads usually have a well defined goal and an understanding of the market.
A well planned ad will have the following in mind: specifics, preferences, requirements and deal-breakers.
Suggested listing headlines: Title, objective, specifics/details, location, price, terms, preferences, requirements and deal-breakers.
Copywriting forumula: AIDA
A – Attention – Grab their attention. Make sure the ad title is arresting!
I – Interest – Keep their interest.
D – Desire – Build their desire. Use benefits. “Fast” and “easy” are hot buttons.
People buy based on emotion and justify their purchase with logic.
A – Action – Include a call to action.
Deal-breakers should be framed in the positive. No checks or money-orders? “Cash Only”
Community sections are good for finding people with a common interest and for publicising local events and news.
Groups, events and classes.
For offering classes, holding events or leading a group.
10 Questions for Activities:
1. What’s the initial goal?
2. What’s the ideal outcome?
3. How often is the gathering?
4. What does your schedule require?
5. What location?
6. Outcome from the activity?
7. Target audience?
8. Preferences?
9. Requirements?
10. Deal breakers?
Based on your product or service, what marketing activity is best for you? Seminar? Class? Local outings? Networking group? Speaking? Support group? Fundraiser?
1. Initial goal?
2. Ideal outcome?
3. Seminar, class or other?
4. Mission or purpose?
5. Describe the offering.
6. Describe target market.
7. Gathering specifics, date, time, etc.
8. Location.
9. Max number of attendees.
10. Requirements for attending.
11. Prerequisites for attending.
12. Supplies required and/or provided.
13. Fees and costs for supplies.
14. Preferences.
15. Requirements.
16. Deal breakers.
Volunteers
1. Initial goal?
2. Ideal outcome?
3. Describe business or cause.
4. ID what volunteer work is needed.
5. Specific requirements.
6. Days and times needed.
7. Locations.
8. Training offered?
9. Gains and/or benefits of volunteering.
10. Preferences.
11. Requirements.
12. Deal breakers.
Selling – For Sale is for personal items only!
1. Listing Title
2. Price
3. Location
4. Objective
5. Specific details
6. Terms
7. Requirements
8. Preferences
9. Deal breakers.
10. Photos
craigslist ads are posted chronologically, so post them when your target audience is online. Not sure when that is? Try surfing for “internet demographics” or “internet usage”.
USP – Unique Selling Position – Your brand and why people should choose you over other providers.
Sell the benefits – not the product.
What’s your marketing strategy?
What’s the existing market and what are your skills and abilities?
Nine secrets for successful online relationships:
1. Be honest.
2. Be positive and happy.
3. Express your personal uniqueness.
4. Use humor wisely.
5. Look for shared values.
6. Let people see who you are.
7. Value yourself and others.
8. Be present to whoever you’re engaging.
9. Enjoy the journey.

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Purple Cow by Seth Godin

“Purple Cow:  Transform Your Business by Being Remarkable” by Seth Godin

Publishers Weekly describes the book as “The world is changing ever more rapidly, and the rules of marketing are no different, writes Godin, the field’s reigning guru. The old ways-run-of-the-mill TV commercials, ads in the Wall Street Journal and so on-don’t work like they used to, because such messages are so plentiful that consumers have tuned them out. This means you have to toss out everything you know and do something “remarkable” (the way a purple cow in a field of Guernseys would be remarkable) to have any effect at all, writes Godin (Permission Marketing; Unleashing the Ideavirus). He cites companies like HBO, Starbucks and JetBlue, all of which created new ways of doing old businesses and saw their brands sizzle as a result. ..  His wide-ranging advice-be outrageous, tell the truth, test the limits and never settle for just “very good”-is solid and timely. ”

My notes on what I found to be of particular interest…

The traditional P’s of Marketing:  Product, Pricing, Promotion,  Positioning,  Publicity,  Packaging,  Permission,  Pass-along
According to the popular theory if these elements aren’t all in place, the marketing message is unclear and ineffective.
At a certain point in the evolution of marketing, it became clear that following the Ps just isn’t enough. This book tells about a new P — Purple Cow — that is extremely important to marketers in today’s fast-paced, highly competitive business environment. Purple Cow refers to a product or service that is different from the rest and somehow remarkable. Purple Cow tells about the why, the what, and the how of remarkable.

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How To Sell a Lobster by Bill Bishop

Amazon describes the book as…

 ”Are you looking for new ways to have fun and make more money? Are you searching for innovative ideas to get new ventures started, overcome buyer’s resistance, close prospects, or create a bigger and better business? If so, How To Sell A Lobster is the perfect book for you. ”

My notes on what I found to be of particular interest…

People like specials – it sounds more fun
Customers prefer to visualize small, tidy packages, something quick and easy
If it is part of the menu, then guests have permission to order it
No one wants to be the first. To be the first means you might look stupid (most people are followers). So, create the impression that you already have members.
Replace the fear of being first with the fear of missing out.
Invite 1000s of people and 100s will come.
It is cheaper to give away something of value to get people in the door for the first time. Use excitement and word of mouth. You need to project yourself as vibrant, and successful. Create the impression people are lining up / waiting to buy – it creates an aura of popularity / exclusiveness. You do not want to make it too easy to get your product / service.
If you only have one choice, then it is yes or no. Nothing else to think about so you always focus on price. With two choices, you usually take the small because, (a) save money, (b) play it safe.
With three choices, you start at the large because it is dazzling, beautiful and huge, but perhaps too expensive. Then you consider the small, but it is not sooo great next to the large – it appears cheap and unappealing. So, the middle is juuuust right (and a safe bet).
When you offer 3 choices, it is not about charging too much, it is about giving the customer choice – and marketing is about choice. But, 4 or more choices is bad. It starts to get confusing (it is easily not to decide if there are too many choices to make) and there is no middle (and people like safe).
Look at each situation via the customers eyes. Approach each prospect with no expectations or preconceived notions. Think about the customer’s real problem and educate your prospects about the real issues.
Do not sell the captain of the Titanic more champagne, convince him that his ship will sink and offer him more lifeboats.
Give samples, let the prospect experience your produce / service. It reduces the amount of time and effort you need to explain the product. By giving free things that have value you break the sales-pitch-bunker (where people go out of there way to avoid advertising).
Give a 90 minute free consultation, a free tax-audit, or software with a trial license. Discounts / coupons do not count because they are associated with with a sale. Because you are giving away stuff for free, you get to decide who qualifies for the free value. This exclusivity means that even more prospects will want it. When you build a business around a specific product or service and not around customers, all of your thinking starts with the product – so when the product is no longer popular your business tanks.
Your main focus is to help your customers prosper.
If you don’t know how to service your customers then learn or partner with someone that does.
Choose a customer type, and focus on one at a time
Are you selling the right stuff? To promote you have to do something new
Are you willing to give away value for free?
Develop your marketing process. What steps will you take to attract prospects and turn them into customers. The first step is making the customer aware of you via (a) direct mail, (b) public ads, (c) incentives for regular customers.
The Big Idea is a concept that will get people attention. It can be a contest, a new product, a special program. Just do something, and make it BIG.
You need sizzle.
If you are embarking in a new campaign to promote your business, start by asking yourself : “What is our Big Idea ?”
Take a box and put a big price on it. Now brainstorm on what you could put in that box to justify the big price.
Most of us get caught up in incremental thinking because we can not see beyond the boundaries of our existing industry. But when you put a big price on the box, it gives you the permission to think big. You have to start filling the box with new ideas. Get your prospects to open their wallets before asking for the big sale. Turn prospects into customers by getting them to buy small, to be more open to spending large later. Prospects have no commitments, but once their wallets have been open they do not want to see their money go to waste.
At the free seminar, offer a $300 consult for free if they buy a $50 starter kit, valued at $200. Customers need to get into the habit of opening their wallet. Again, they do not want to waste their investment by walking away.  If they have made an investment of time and money, they are inclined to keep going. Once people have started to behave in a certain way, they want to keep behaving that way in order to reinforce their self-image as a consistent person. That’s why it is so important to get your prospects to open their wallet as soon as possible.
Most people think their problems are quick and easy to fix. To help deal with, give your client’s problem a name. In the financial sector, you might call the issue of buying financial tools on the cheap usually results in you getting the wrong tools, “Tools-Only-Trap”. Having a name means that it is easier to understand and remember.
Next, get prospects to do a self diagnose. We cannot convince them, they must convince themselves. Create a self-assessed score card with questions that ask the prospect to admit their problem and outline how they are going to deal with it.
You may deal with smart people, but most are only smart ni their own domain. Outside that domain they are usually at a Grade 2 level. So, they will have a hard time buying your university grade product / service.
You need people at Grade 12 to buy your stuff. To get them there: give their problem a name, have them complete a self-assessment and do some educational marketing. This marketing is about concepts related to your business. Include key concepts only (like why is it efficient to have a financial plan before making large financial decisions), and refrain so the nitty / gritty.
Even though most people are looking for the quick fix pill, they are willing to buy the bigger solution if you take them through a process of self-discovery.
You cannot just tell clients “what you have sucks”. You have to judiciously apply honesty. Before you criticize, acknowledge what has been done right. Show the prospect how they are half way up the mountain (this pertains to an allegory of climbing Mount Everest – most people can do the first half without must help, but its the second half that is the really difficult part). The prospect will see that you acknowledge their work and will see where to go next (know as the growth edge).
 The growth edge is the point where a person needs help. If you play See Spot Run with an 11 year old they’ll be bored, but if you teach them nuclear physics they will be lost. You must tailor your instructions to match the level of your audience.
 Everyone is half way up the mountain, you just need to look harder sometimes.
 First recognize/applaud what was done right before giving advice.
 Don’t propose marriage on the first date
 Develop trust, intimacy, communication over TIME. The date has to sound exciting. Repackage your first visit with the client as a special event (i.e. help retailers to sell more fireworks instead of simply “hey, we want to sell you fireworks”) and at the event bring in field experts to explain in detail how something (relevant) works.
 Are you coming out too strong on the first date with a new prospect?
 Trees actually grow exponentially. The problem is that it starts with the roots (a problem because you cannot see the growth, you have to believe it). And, in the beginning there is a need for a lot of care. If you go too quickly you will not have worked out all of your systems and processes and it can be a huge bomb.
 Tend to your seedlings, give it time to grow and do not cloud your vision with the disbelief of others.

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