What are the 22 Immutable Laws of Marketing by Ries and Trout ? Summary
Another well-known publication by Ries and Trout is the 22 Immutable Laws of Marketing
1. The Law of Leadership - It is better to be first than it is to be better.
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 - It is better to be first in the mind than to be first in the marketplace.
4. The Law of Perception - Marketing is not a battle of products, it's a battle of perceptions.
5. The Law of Focus - The most powerful concept in marketing is owning a word in the prospect's mind.
6. The Law of Exclusivity - Two companies cannot own the same word in the prospect's mind.
7. The Law of the Ladder - The strategy to use depends on which rung you occupy on the ladder.
8. The Law of Duality - In the long run, every market becomes a two horse race.
9. The Law of the Opposite - If you are shooting for second place, your strategy is determined by the leader.
10. The Law of Division - Over time, a category will divide and become two or more categories.
11. The Law of Perspective - Marketing effects take place over an extended period of time.
12. The Law of Line Extension - There is an irresistible pressure to extend the equity of the brand.
13. The Law of Sacrifice - You have to give up something to get something.
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.
16. The Law of Singularity - In each 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.
19. The Law of Failure - Failure is to be expected and accepted.
20. The Law of Hype - The situation is often the opposite of the way it appears in the press.
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
One should consider the 22 readable chapters (about 4-5 pages each) as best practices of common sense marketing, not as iron rules.
Excellent book to understand typical marketing issues and challenges, but the problem is that the authors in most cases do NOT explain how to achieve or implement a particular law.