Defining his own category worked out well for him. Walmart was the first chain of retail stores to offer vast discounts for all of its products. This is the Law of Category in action.įor example, Sam Walton didn’t invent the retail store, he innovated by coming up with the discount retail store. So what if you can’t do either of those things? Well, in that case, you can just come up with your own, entirely new category and you’ll automatically be first. Lesson 2: Avoid competition by coming up with your own product category and dominating that. Just think of the many products whose names have become synonymous with brand names, like “Kleenex,” “Tivo,” and “Google.” When your brand name enters the dictionary, you know you’ve made it. Once these assumptions have been made and forged into our brains, they’re hard to get rid of. When I say “ketchup” you think “Heinz,” when I say “whiskey” you might think “Jack Daniels” and when the term “electric car” falls in conversation, most people’s thoughts wander to “Tesla.”Įvery time we think of a certain product, one particular brand will pop up in our heads before any others – and that’s often the market leader. When that’s the case, focus on being first somewhere else: in the minds of your customers. However, that’s not the only way you can become a market leader. After all, if someone’s already made their move before you, you can’t be first any longer. The book starts with the Law of Leadership, which states that if your product is the first of its kind on the market, chances are high it’ll become the market leader. Simply by having the so-called first mover advantage, you can use the lag time competitors have to your advantage.
#22 immutable laws of marketing tim ferriss pdf
If you want to save this summary for later, download the free PDF and read it whenever you want.ĭownload PDF Lesson 1: Be first on the market, or first in peoples’ heads. I hope you’re in a marketing mood, because we’re about to talk about some real game-changers!
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