The 5 and 20 Laws of Marketing by Nick Terry – compiled on 11th May 2011 10.45pm. I noted the time of original writing only because I wanted to see as time goes on what would really change. I think they are still relevant but hey you decide!
The following is based on my personal experiences and observations of the world’s greatest brands and the pleasure derived from serving some of those brands.
1. There is nothing like getting it wrong to demonstrate how important it is to get it right.
2. Learn – re learn – learn- re learn – learn – re learn….. you get the point?
3. The art and science of marketing – try to use both in equal doses
4. New is good – consistency is better – especially with brands. Trust is such a precious commodity with consumers and they want consistency in delivery, quality, value, relevance etc.
5. Change is the only constant that’s why innovation is so dammed important – Innovate or die but don’t ever ignore Point 4!
6. Understand – Strategize – Act – do this quickly and with great regularity – your market, your competitors, your capability, trends, barriers, accelerators
7. Marketing must own the business growth agenda – Marketing must play a leadership role
8. Measure everything but understand why you are measuring it – Duh!
9. Keep it simple- some of your consumers are only 13 years old – Duh again!
10. As word of mouth is so important you should talk a lot – just make sure it’s about the right stuff – and if you are going to talk………..always tell the truth
11. Best marketing question ever – what do you need? Listening to the answer as well as understanding it is paramount. Always ask questions first – as Stephen Covey said “seek first to understand then be understood”
12. The enemy of good is better but the desire to be better is a must – with any idea you develop for market get to 80% and go to market – fix the rest in the market – life’s too short to procrastinate – be prepared to make changes mid-flight. Never stop looking for the clever bit as you go along that’s where the real money gets delivered.
13. Everything must be sustainable – brands/environment/concepts/platform of conviction (women want to look good), belief systems, brand story and heritage
14. Innovation should be a verb – you need to DO something not just talk about it.
15. Be competitive – business is a war it’s not a social grace – politely sharing market share is bullshit. Go out there and be
aggressive. Aim to win, aim to out sprint, out box, out manoeuvre, out do, out smart – Daily
16. Who’s at the centre of your world – get the priorities right – Your consumer counts for EVERYTHING
17. Be the same, be different, be irreverent….. whatever – but by god make sure you are relevant. The world is moving fast so be prepared to reframe the environment for your consumers as they adapt.
18. Do what you say you will do – marketers and brands. One of the hardest hitting truths of your personal life and that of the brands you manage
19. Adapt to change or Go Away– see change before it sees you – track your markets like a bloodhound – immersion is good. You really learn in two key places (1) where they buy and (2) when they consume – the rest is just heresay so immerse yourself in those two places somehow.
20. Sell more stuff, to more people, more often, at a higher price – marketers this is for you!!! – understand the commercials or you will not have a seat in the boardroom but you will have one at the back of some mediocre persons marketing line. If it is not selling more stuff to more people more often – stop doing it, take the learning and move on, but be brave and stop it.
21. Marketing is the bridge builder inside and outside the company – to EVERYBODY
22. 5 p’s – product, price, promotion, place, people – work really hard at this in fact spend most of your awake time doing this. Old but so effective
23. Being cool will always be part of the human psyche – apart from bog roll most other categories can have a cool “look at the brand I proudly choose” type of feel – make people feel proud to buy your brand and tell others – advocacy is a good thing
24. In the long run Quality must be non -negotiable – please get this! If it does not deliver against the promise you made you die right there, in that split second. When something tastes really shit you know it in that second, no thinking about it, no procrastination, no um no uh just, “that’s terrible” but on the other hand a great experience is just that and it creates a moment or moments of joy– those really stay in the memory. That’s bullseye for marketers!!
25. Go for category ownership – aiming for 2nd, 3rd or 4th place is so disappointing and will consume you, if you are there (2nd,3rd or 4th), read “Eating the Big Fish” it will help. If you are No 1 read it too at least you will know what they are coming at you with! The top may be tough to get to and stay at but it is crowded and messy at the bottom.