Summary: The 22 Immutable Laws of Marketing

Review and Analysis of Ries and Trout's Book

BusinessNews Publishing

• Publisher: Must Read Summaries
• Year: 2016
• eBook ISBN: 9782806233561
• Topic: Business
• Subtopic: Marketing
• Index: Business

The must-read summary of Al Ries and Jack Trout's book: `The 22 Immutable Laws of Marketing`.

This complete summary of the ideas from Al Ries and Jack Trout's book `The 22 Immuable Laws of Marketing` shows that there is a widely-held assumption that marketing is a field in which anyone can succeed, with enough enthusiasm. This summary shows that marketing has rules of success, just like any other profession. It highlights the 22 laws of marketing and explains why failure will ensue, should you break them.
 
Added-value of this summary: 
• Save time
• Understand the key concepts 
• Expand your knowledge of marketing

To learn more, read `The 22 Immuable Laws of Marketing` and discover the truth about marketing!

Summary of The 22 Immutable Laws Of Marketing (Al Ries & Jack Trout)

Law # 1 -- Leadership
It’s always better to be first to market rather than waiting to get to market with a better product.

There is always a significant first mover advantage in business, but this is particularly true in marketing. Getting into the mind first is always easier to achieve than convincing a prospect you have a better product than the one that did get there first.

The reasons for this are:

1. There is a natural human tendency for people to stick with what they’ve got.
2. The first brand to market generally has an opportunity to become a generic term for that product category -- and making it even harder for competitors to gain a foothold.

Despite that, most companies tend to pursue a “better product” style business strategy -- watching for evidence a market is there and then trying to develop something better than their competitors are presently offering.

A far more productive approach would be to spend more time trying to develop an entirely new category altogether.

“The latest and hottest subject in the business management field is benchmarking. Touted as the “ultimate competitive strategy”, benchmarking is the process of comparing and evaluating your company’s products against the best in the industry. It’s an essential element in a process of ten called “total quality management”. Unfortunately, benchmarking doesn’t work. Regardless of reality, people perceive the first product into the mind as superior. Marketing is a battle of perceptions.”

– Al Ries and Jack Trout

“The basic issue in marketing is creating a category you can be first in -- not in convincing people you have a better product.”

– Al Ries and Jack Trout

Law # 2 -- The Category
If it’s impossible to be first in a category, invent a new category in which you can be first to the market in.

It’s not as difficult to find a new category -- in which you can be first to market -- as it might appear at first glance. There are a number of different ways to be first, because prospects have an open mind when it comes to new categories.

In fact, the attraction of “new” far outweighs the comparative attraction of “better”. It’s more important to think categories than to worry about brands. Consumers are often defensive about their preferred brands, but open to thinking about a new product in an entirely different category.

Therefore, the best marketing strategy of all is to be first into the market in a new category -- and then promote that category intensely. In essence, you’ll have no competition whatsoever, and your marketing can focus on promoting the reasons why consumers should buy a product in that category -- which by happy coincidence will mean they have to buy from you since you happen to be the only company currently supplying products in that category.

“When you launch a new product, the first question to ask yourself is not, “How is this new product better than the competition?” but “First what?” In other words, what category is this new product first in?”

– Al Ries and Jack Trout

“Are the laws of marketing difficult? No, they are quite simple. Working things out in practice is another matter, however.”

– Al Ries and Jack Trout

“Billions of dollars have been wasted on marketing programs that couldn’t possibly work, no matter how clever or brilliant. Or how big the budgets. Many managers assume that a well-designed, well-executed, well-financed marketing program will work. It’s not necessarily so.”

– Al Ries & Jack Trout

Law # 3 -- The Consumer’s Mind
It’s better to be first in the mind of the consumer than to be first in the marketplace.

Being first in the mind of t...

Table of contents

• Title page
• Book Presentation
• Summary of The 22 Immutable Laws Of Marketing (Al Ries & Jack Trout)
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