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Overview

Marketing is all about how people perceive a product. People don’t buy products because they’re the best, but because they think it’s the best. For example, in Japan Honda motorcycles are seen as high-quality bikes and that’s why Japanese consumers rarely buy Hondas cars. However, Americans see Honda cars as top-notch vehicles so Americans tend to purchase them more often than not.

Yet many executives fail to realize that perception is reality. In the face of sinking sales, a company will spend millions trying to upgrade its product when it really just needs to tweak people’s perceptions!

Marketing is a key tool for any business. To be successful, you need to make your competitor’s strength look like a weakness and build a strong brand that can help your company succeed. In this blog post, I’ll share with you how to do these things effectively by using the following points:

Big Idea #1: Your product’s marketing success is largely determined by how quickly you can get it to market.

So you want to be a market leader? To do so, you need to make an impression on your customers. You can’t just place your product in the pole position and expect it to succeed. You have to get them interested in what you’re selling. The best way of doing that is by making sure people remember who they are and what you sell, i.e., branding yourself or your business as something unforgettable.

The Law of Leadership states that it’s important to be the first on the market with a new product. However, being first isn’t always enough to win the race for leadership. Instead, you need to make your product stand out in customer’s mind as well. The Law of Mind states that if you can accomplish this feat, then your business will succeed.

Every time a customer thinks of a certain product, the brand that comes to mind first is usually the market leader.

First impressions are critical. It’s hard to change someone’s mind once they’ve made up their minds about something! But why is it so difficult to influence customers? One reason is that brand names often become synonymous with their products and services, like Xerox for photocopiers or Kleenex for tissues. Market leaders always have powerful brand names.

Once a strong brand is etched in customers’ minds, it’s tough to erase. A better strategy for companies is to make a splash with their products when the market is fluid and there are multiple brands vying for attention. Choose your product names wisely, picking short, catchy words. For instance, if you’re choosing a computer name it between Apple or MITS Altair 8800?

In conclusion, the first to market is critical for effective marketing strategy. However, there are other ways to do it effectively even if you’re not the first one out there.

Big Idea #2: If you can’t be market leader, turn the market upside down and create your own product category.

So, if your product isn’t the market leader in its category, it will be a struggle to change that fact.

However, that doesn’t mean you should stop selling your product. You just need to invent a new category for it.

The Law of Category states that when you create a new product category, it will be the first in its market. Therefore, being the first to release your product into a market gives you an advantage over other companies trying to do the same thing.

Starting your own category also means that you won’t have any competition.

For example, in the 1970s Charles Schwab opened a brokerage firm at a time when there were already many comparable companies. To combat this, Schwab created a new category: discount brokerage.