A few days ago I wrote to you about 5 laws of marketing, they were:
- It is more important to be first in the customer’s mind than it is to be first in the marketplace.
- Marketing is all about perception.
- Narrow Your Focus
- Keep an eye on the long term results of your marketing campaigns
- The Blemishing Effect.
That email was so popular and I received so many questions about other laws of marketing I didn’t mention, that I wanted to share 4 more laws with you today.
- Never try to predict the future.
- Failure is a part of success.
- Successful marketing is built on data, not fads.
- You have to spend money to make money.
Let’s look at each of these laws a little more in-depth.
- Never try to predict the future. While you need to plan for the future and create marketing plans, it is unwise to assume you know what’s going to happen with any certainty. As the old expression says “expect the best, but plan for the worst!” By building flexibility into your marketing plans and business you give your business room to react and respond to changes in the market. You never want to bet your business’ success on your ability to predict what is going to happen tomorrow.
- Failure is a part of success. You cannot expect every single marketing campaign to be a winner or every risk to pay off. You have to be able to learn from your mistakes in order to be successful. While some failure is inevitable, successful businesses prioritize making different mistakes rather than repeating the same mistakes over and over again.
- Successful marketing is built on data, not fads. Fads are short-term occurrences such as Chia pets and the “Macarena” dance. Successful marketing is built on data about your customers and about what has been successful for other businesses in your industry. Don’t trust flash in the pan solutions, and focus instead on what has been proven to work time and time again.
- You have to spend money to make money. All successful businesses spend money. It doesn’t matter if you have the greatest idea of all time if you don’t have the money necessary to get it in front of consumers. The reason why big companies keep making more and more money is because they have the money to invest into driving their ideas into the public’s consciousness. As genius marketer Al Ries once said “ You’ll get a lot farther with a mediocre idea and a million dollars than with a great idea alone.”
We’ve now covered 9 laws of marketing that you must follow in order to be successful, you may be wondering, why 9 instead of 10?
The reason will be revealed with the next email, about the 10th and most important law of marketing.
Stay tuned for your next email to learn the least and most powerful marketing law all successful businesses’ must follow.