The ego is the enemy of successful marketing.
Objectivity is what is needed.
When people are successful, they tend to become less objective. They often substitute what the market wants for their own judgment.
Donald Trump is an example of people blinded early by success and untainted by humility. And when you’re blind, it’s really hard to focus.
Trump’s strategy was to put his name on everything, committing the cardinal sin of extending the line. Denial seems to go hand in hand with a big ego. When he first meets Donald, he often begins with an argument about how people accuse him of having a big ego; which he denies. However, as you speak, it is hard to avoid noticing the large T symbols around you; So much for the sermons on not having a big ego.
Success is often the fatal element behind the onslaught of line extensions. When a brand is successful, the company assumes that the name is the main reason for the success of the brand. So they quickly look for other products to plaster the name.
In fact, it is the opposite. The name did not make the brand famous (although a bad name could prevent the brand from becoming famous). The brand became famous because you made the right marketing moves. In other words, the steps he took were in tune with the fundamental laws of marketing.
You first entered the mind. You narrowed the focus. You got ahead of a powerful attribute.
Your success inflates your ego to such an extent that you put the famous name on other products. Result: early success and long-term failure as illustrated by the actions of Donald Trump.
The more you identify with your brand or corporate name, the more likely you are to fall for the line extension trap. It can’t be the name, you might be thinking when things go wrong. We have a great name. Pride comes before destruction and a haughty spirit before the fall.
One aspect of the problem is the allocation of time; too many industry activities, too many outside board meetings, too many testimonial dinners.
According to a recent survey, the average CEO spends 18 hours a week on outside activities. The next waste of time is internal meetings with approximately 17 hours a week attending corporate meetings and 6 hours a week preparing for those meetings.
Since the typical top executive works 60 hours a week, this leaves only 20 hours for everything else, including managing the operation and coming down to the front. It’s no wonder CEOs delegate the marketing function, which is a huge mistake.
Marketing is too important to hand over to a subordinate. If you delegate something, you must delegate the chairmanship of the next fundraising campaign; as the vice president of the United States attends state funerals, not the president.
The next activity to reduce is the time spent in meetings. Instead of talking about things, go out there and see for yourself. As Gorbachev told Reagan, “It is better to see once than to hear a hundred times.”
Small companies are mentally closer to the front than large ones. That could be one of the reasons why they grow faster and are seen as the engine to revive the economy. They have not been contaminated by the Law of Success.
It takes a while, but many internet marketing entrepreneurs learn the law of success. They learn to objectively identify their target market with keyword research and keyword research tools, as they know that they cannot guess what the market wants or predict the future.
It sounds easy, but marketing is not a game for amateurs. Marketing is not a product battle. This is the strategy you use to benefit from the Law of Success, as success can lead to arrogance and arrogance often leads to failure.
You can learn more about internet marketing and home business by reading the updates that will be posted to this article directory in the coming 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.