The Law of Sacrifice – You Have to Give Up Something in Order to Get Something
In the world of business and marketing, there are three areas to sacrifice: product line, target market, and constant change.
The first area to review is the product line.
Where is it written that the more you have to sell, the more you sell?
Marketing is a game of mental warfare. It's a battle of perceptions, not products or services. In the mind of the prospect, Eveready was the long-time leader in batteries and then new technology arrived-as it does in most industries. The first technology to change the battery business was the heavy-duty battery. What would you call your heavy-duty battery if you had the No.1 name in batteries? You'd probably call it the Eveready heavy-duty battery, which is what Eveready did. Soon after, the alkaline battery arrived. Again, Eveready called it the alkaline battery. It seemed to make sense.
Another company, P.R. Mallory then introduced an alkaline batteries only product line and the company gave the line a better name; it called them Duracell.
The power of the sacrifice (meaning it gave up a broad product line) for Duracell was in being able to put the "long-lasting battery" idea in the mind of the customer. Duracell lasts twice as long as Eveready said the advertising.
As a result of this success, Eveready was forced to change the name of its alkaline battery to "the Energizer" but it was too late. Duracell had already become the leader in the battery market.
One more example of the law of sacrifice is from the retail industry. Many retail chains that are successful have a pattern or formula of a narrow focus with in-depth stock. Here are some examples.
In the retail field, generally the big successes are the specialists:
- The Limited - Upscale clothing for working women.
- The Gap - Casual clothing for the young at heart.
- Benetton - Wool and cotton clothing for young swingers.
- Victoria's Secret - Sexy undergarments.
- Foot Locker - Athletic shoes.
- Banana Republic - Safari wear.
(When a clothing chain with a name like Banana Republic can be successful, you know we live in the age of the specialist.)
Let's review the second area of sacrifice which is the target market.
Where is it written that you have to appeal to everybody?
Take the cola field. Coca-Cola got into the prospect's mind first and built a powerful position. In
the late fifties, for example, Coke outsold Pepsi more than five to one. What could Pepsi-Cola do to go against Coke's powerful position?
In the early sixties, Pepsi-Cola finally developed a strategy based on the concept of sacrifice. The company sacrified everything except the teenage market and then it brilliantly exploited this market by hiring its icons: Michael Jackson, Lionel Richie, and Don Johnson.
Within one generation, Pepsi closed the gap and to be within 10 percent of Coca-Cola in total U.S. cola sales. (In the supermarket, Pepsi-Cola actually outsells Coca Cola.)
In spite of Pepsi-Cola’s success the pressure for enlarging the tent is always present. In the mid 80s, it succumbed to the temptation and according to a report in Advertising Age, "Pepsi-Cola Co. had outgrown the Pepsi generation. In a major marketing shift, flagship Pepsi will be pitched as the soft drink for the masses."
"Gotta have lt" became Pepsi's new theme and the advertising promotions showed older people like Yogi Berra and Regis Philbin drinking Pepsi.
According to Fortune magazine, “Coca-Cola is still the world's most powerful trademark. When an also-ran like Pepsi-Cola develops a narrowly focused strategy that puts it within an eyelash of the leader, why would it change its powerful strategy?”
Finally, the third sacrifice area is constant change.
Where is it written that you have to change your strategy every year at budget review time?
If you try to follow the twists and turns of the market, you are bound to wind up off the road. The best way to maintain a consistent position is not to change it in the first place.
A little over 20 years ago, People Express was a startup airline carrier and it had created a brilliant "niche" position. It was the no-frills airline that flew to no-frills cities at no-frills prices. People used to get on a People Express plane and say, "Where are we going?" They didn't care as long as it was cheap enough.
What did People Express do after it became successful? It tried to be all things to all people. It
invested in new equipment like 747s. It started to fly the heavily traveled routes to places like Chicago and Denver as well as Europe. It also bought Frontier Airlines. It added frills like first-class sections.
People Express then promptly lost altitude and only escaped bankruptcy court by selling itself to Texas Air which did it for them.
Good things come to those who sacrifice.
It takes a while but many Internet Marketing entrepreneurs learn the Law of Sacrifice. They learn to identify their target market, focus on promoting products that will appeal to the target market, and to stay the course with persistent effort and not have constant change.
To accomplish this, they use various methods, tools, and follow a traffic formula to build relationships with their leads and customers. They build websites that create trust. They collect name and email addresses using an Optin form on a Landing Page. They use email systems with both auto-responders and broadcast capabilities in order to send messages to their leads and customers. These email messages frequently send information, provide knowledge, and occasionally promote an offering. Many Internet Marketing entrepreneurs learn that leads and customers do not like to be sold to however they will browse and shop. Over an extended period of time, skilled Internet Marketers are able to use hypnotic writing skills, in their marketing campaigns, to get leads and customers to take the action they want. This is how they learn to identify a target market, stay focused, and add value to their target market. They learn to leverage the equity in their list and be successful in the world that includes the Law of Sacrifice.
It looks easy but marketing is not a game for amateurs. Marketing is not a battle of products. It is all about the strategy you use to benefit from the Law of Sacrifice as you have to give up something in order to get something.
You can find out more about Internet Marketing and home-based businesses by reading updates that will be posted at my blog over the next few weeks.
Finally, a great book to read is "The 22 Immutable Laws of Marketing" by Ries & Trout. It is the source of some of the material provided in this article.
In closing, be sure to meet me at my website, WhoIsMikeFarrell, learn some tips about being No 1 on Google at apenIbiz My Go-To-Market Partners, my affiliate website, and learn how to be savvy with your money like the insiders at aspenIbiz The Conspiracy For Your Money blog.
Questions and Answers
Article Tags:
internet marketing
,mike farrell aspenibiz
,product line marketing
,affiliate marketing
,traffic formula
,target market
http://aspenIbiz.blogspot.com An Internet Marketing entrepreneur may find their best customers or clients in the segment of the economy that is comprised of the affluent self-made business owners, suggests Mike Farrell with aspenIbiz. Read this short post to learn the secrets of marketing to the affluent.
http://aspenIbiz.blogspot.com A key skill for Internet Marketers to master is the use of hypnotic writing, sometimes referred to as copywriting, suggests Mike Farrell with aspenIbiz. Read this short post to learn the secrets of how Coca-Cola, one of the world's foremost practitioners of advertising, has mastered copywriting and influence in the stories they tell about the benefits of carmel-colored water.
http://aspenIbiz.blogspot.com This year (circa 2011) marks the 100th birthday of IBM and over these years, when IBM was successful, the company said very little, suggests Mike Farrell with aspenIbiz. Read this short article as it explains that when things are going well, a company does not need the hype and you need the hype usually when you are in trouble.
It goes against corporate and human nature to admit a problem, suggests Mike Farrell with aspenIbiz. Read this short post as it illustrates that the most effective ways to get into a prospect’s mind is to be candid and first admit a negative, then twist it into a positive in order to be successful in the world that includes the Law of Candor.
Very often a company attempts to emulate the leader and this is not good thinking, highlights Mike Farrell with aspenIbiz. Read this short post as it illustrates that you must have an idea or attribute around which to focus your efforts or else you must have a very low price to be successful in the world that includes the Law of Attributes.
70 Percent of businessesfail in their first year of trading. Most fail as a result of poor or NO advertising strategy. Global Brands spend over $25Billion on advertising on the average, most of the budget spent on TV and outdoor advertising. This article will give you pointers on advertising on a tight budget
Many businesses advertise with flyers and getting them into the hands of the general public is of great importance. If the delivery people make a stuff-up in any way, it reflects badly on the company. The company will be blamed if those flyers are left to blow around the streets.
Research has showed that global enterprises are quickly taking center stage in order to effectively promote their products and services.
Advertising today is like the weather. Everyone talks about advertising, but few entrepreneurs do enough about it to change or improve it. When you ask what the "big deal" is with advertising, that's an excellent question, because no matter how you want to view it there is one proven fact which is true of business owners and entrepreneurs worldwide... In today's recessionary spiral, every good entrepreneur wants to do more with less.
A pinback button may look very small but has a lot of significance attached to it. You may be wondering what is there in a button but a close look tells us that each button has their own unique story behind it. Every button is unique and distinct. Think of it as a small portable billboard carrying your message!
http://www.myGTMPartners.com Avoid using Product IDs or SKUs as a way of coding your product or service offerings because the search engines will get flustered, suggests Mike Farrell with aspenIbiz. Read this short post as it will reveal that naming products and or services using keywords is necessary for your business to be No 1 on Google.
http://www.myAPOToday.com Facebook can be a lonely place for business marketers, suggests Mike Farrell with aspenIbiz. Read this short post as it provides an overview of 5 key strategies to use with Facebook as a way to generate leads for your Affiliate Marketing Business.
http://www.myMSMG.com Direct Marketing is attractive to many marketers because in most cases its effectiveness can be measured directly. suggests Mike Farrell with aspenIbiz. Read this post as it will reveal the 5 strategies of direct marketing that you can use to obtain prospects and increase sales for your business.
http://www.myLifesAdvantageToday.com What is the largest organ of the body, asks Mike Farrell with aspenIbiz? Read this short post as it reveals that by topically applying survival genes, the genes that encode antioxidant enzymes, you will help the skin appear younger by deactivating the oxidizing influence to which the skin is exposed.
http://www.myaspenIbizBlackBox.com The Inner Game is a new term for a classic idea explained many different times and many different ways by virtually every success educator, suggests Mike Farrell with aspenIbiz. Read this short post to learn that excellence created and sustained in your own mind is key to building a successful, growing, and profitable business.
