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The Law of Sacrifice – You Have to Give Up Something in Order to Get Something
| Guest post by: Michael Farrell |
Article Overview: If you want to be successful, you need to give up something, highlights Mike Farrell with aspenIbiz. Read this short post as it provides examples of areas to sacrifice in terms of product line, target market, and constant change to be successful in the world that includes the Law of Sacrifice.
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The Law of Sacrifice – You Have to Give Up Something in Order to Get Something
The Law of Sacrifice is the opposite of the Law of Line Extension. If you want to be successful today, you should give something up.
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.
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.
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About the Author: Michael Farrell RSS for Michael's articles - Visit Michael's website Click here to visit Michael's website   Become an Activist for Your Money Hitch a Ride to Profits with an Electric Car Did You Dance on Main Street to Promote Your Business in the New Economy Follow These 10 Money Making Rules to Prosperity in the New Economy Traffic Methods for Your Internet Marketing Business You Can Take to the Bank |
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