Day 10: Reading

Alongside conversations with mentors there’s a limitless amount of wider reading to be done. Rather than touting the obvious benefits of tapping collective knowledge and experience, here’s an intro to one short book we found useful.

The 22 Immutable Laws of Marketing was published by leading marketing strategists in 1993 as a concise guide for companies on how they can make their products successful and not waste time, energy and money on battles they can’t win.

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 will become the market leader. By having the so-called “first mover advantage”, you’ve got a headstart against your competitors.

The Law of Category says that it’s hard to gain leadership in a category with a lot of existing competition (like ice cream). It’s better to create your own category and dominate that. The category doesn’t have to be radically different, just enough to help you avoid comparison in the mind of the consumer.

Finally, the Law of Focus states that the most powerful concept in marketing is owning a word in the prospects mind. Hear “search engine” and you think of Google, or hear “vacuum” and you think of Dyson. This usually applies to big companies but we should be looking to own “frozen custard”.

There are loads of other great takeaways from this book and it applies to any type of business. And it’s a super quick read – demolish it in under two hours 💪

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