Archive for '22 Fundamental Laws of Marketing'
Posted on 24. Sep, 2011 by 7Figure Sam.
Fitness Marketing Law #12 The Law of Extension: Businesses tend to feel the urge to extend the equity (stake) of a brand. They develop a successful brand and then naturally start to think of line extensions to broaden their name and increase profits. What many businesses fail to see is that they cannot be everything to everyone. In other words, just because one product is successful does not mean a line extension will have the same result. As a fitness entrepreneur it’s important to establish your brand and be strong somewhere than to develop too many side products and be weak everywhere. A line extension uses a successful name of a product and uses it on a new product being launched. Example: A-1 is a great steak sauce that controls most of the steak business share for sauces. Many people are avoiding beef and eating chicken instead so A-1 developed, A-1 poultry sauce. The philosophy is that prospects know and love A-1 steak sauce so they will feel the same towards the poultry sauce. But as stated in the law of perception, marketing is a battle of perception in the prospect’s mind. The perception in the prospect’s mind is […]
Posted on 21. Sep, 2011 by 7Figure Sam.
How many times have you heard the saying, “when you put things into perspective…”? The Fitness Marketing law of perspective implies marketing strategies have both short term and long term effects. These strategies are put into perspective by the prospect’s needs, which ultimately affect your success! As entrepreneurs in the fitness industry, we tell our clients alcohol is an enemy in fitness but it’s a great example in the law of perspective. Do you think alcohol is a stimulant or depressant? It actually appears to be both. Chemically, it’s a depressant, but if you go to a club where everyone is drinking you would believe it’s a stimulant. People are drinking, laughing, dancing, and having a great time; however, observe the same people at 3:00AM and you will believe alcohol to be a depressant. Marketing strategies possess the same occurrences in that long term effects are sometimes opposite the short-term effects. Just like it’s important to be the first in the prospect’s mind, it’s also important to understand how your product or service is perceived by the prospect. Your marketing strategies put things into perspective reasoning in the mind of the prospect. For example, what is the benefit […]
Posted on 11. Sep, 2011 by 7Figure Sam.
Fitness Marketing law of division is exactly that – a division, but it’s a division of a category. As time passes, a category eventually divides into two or more categories or sub-categories. The division into new categories basically caters to different needs and wants of the prospect. For example, computers began as a single entity but over time broke up into many different categories (mainframes, personal computers, laptops, notebooks, etc.). Automobiles in the early 1900’s started the same way. American brands were Chevrolet, Ford, and Plymouth. Ok, so you’re thinking, “What’s a Plymouth?” It’s a Chrysler. Today, we have sub-categories for cars: luxury, economical, low priced, exotic, sport cars, compact, mid-size, full-size, family cars, the list goes on. Each one of these categories caters to the needs of different prospects. Another example is music. It used to be categorized as classical and popular. Today, we have classical, country, jazz, pop, rap, techno, blues, rock, heavy metal, and more. And there is a leader in each of these categories. Each segment has its own distinct presence with its own leader. Don’t fool yourself by thinking division is a form of synergy. It’s not. Companies who use division as […]
Posted on 10. Sep, 2011 by 7Figure Sam.
As humans, we have strengths and weaknesses and businesses, products, and services are no different. Really think about this next line – In strength lies weakness. As a fitness entrepreneur you must know your own weakness as well as your competitor. To know both gives you the strength for attack. Take for example the art of karate. Why is it that a 5’2”, 105 pound girl can take down a 6’2”, 220 pound dude? His size and power may be his strength but it can also be his weakness. The 5’2” girl is taught to use the opponent’s strength to take him down. As a fitness entrepreneur, you can do the same. We’ve discussed being first in the prospect’s mind is the best, being on the first step of the ladder is also good, and how being on step two can be just as profitable. Where entrepreneurs make mistakes is when they try to be better or emulate the leader. If you know you’re on the second step then establish a strong hold of that step. Study the brand above you. Find out its strength and make it a weakness in the prospect’s mind. Coca cola has been […]
Posted on 08. Sep, 2011 by 7Figure Sam.
The fitness marketing law of duality basically means that in the long run the battle for the market share of a product comes down two; the top two steps on the ladder. When a product is young on the market or is exciting it has many steps on the ladder. As it matures in the market and some of the excitement dissipates, the number of steps on the ladder disappears as well. Often times when a product is “hot” in a market there is a lot of competition trying to land on the top step in the prospect’s mind. As time goes on some of the competition disappear and the market settles on the top two products. Jack Welch was the legendary CEO of General Electric and he quotes, “only businesses that are No. 1 and No. 2 in their markets could win in the increasingly competitive global arena. Those that could not were fixed, closed or sold.” Some examples of No. 1 and No. 2 brands are: Coke and Pepsi, Cannon and Nikon, BMW and Mercedes, Crest and Colgate, McDonalds and Burger King Usually after the hype settles down businesses provide the consumer with what […]