The Law of Success: Success Often Leads to Arrogance and Arrogance to Failure
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 their own judgment for what the market wants.
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 concentrate.
Trump’s strategy was to put his name on everything, committing the capital sin of the line extension. Denial seems to go hand in hand with a big ego. When he first meets Donald, he will often start off with a discussion about how people accuse him of having a big ego; which he denies. However, as he speaks, it’s hard to help but notice the large T symbols around him; So much for the sermons about not having a big ego.
Success is often the fatal element behind the rash of line extensions. When a brand is successful, the company assumes that the name is the main reason for the brand’s success. Therefore, they quickly look for other products to stick the name on.
In fact, it is the opposite. The name did not make the brand famous (although a bad name might 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 entered the mind first. 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 into the line extension trap. It can’t be the name, you might be thinking when things go wrong. We have a great name. Pride goes before destruction and a haughty spirit before the fall.
One aspect of the problem is the distribution of time; too many industry activities, too many external board meetings, too many testimonial dinners.
According to a recent survey, the average CEO spends 18 hours a week on outside activities. The next time waster is internal meetings with about 17 hours a week attending corporate meetings and 6 hours a week preparing for those meetings.
Since the typical senior executive works 60 hours a week, this leaves only 20 hours for everything else, including managing the operation and the front line. 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 chair of the next fundraising campaign; as the vice president of the US attends state funerals, not the president.
The next activity to cut back is the time spent in meetings. Instead of talking about things, go out 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 companies. That could be one of the reasons why they are growing 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 they can’t second guess what the market wants nor can they predict the future.
It sounds easy, but marketing is not a game for amateurs. Marketing is not a battle of products. 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-based businesses by reading updates 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 for some of the material provided in this article.