When individuals become fortunate, they have an inclination to lesson objective.
They usually substitute their own judgment for what the market needs.
Donald Trump is an example of people blinded early by success and untainted by humility. And when you are blind, it is indeed hard to focus.
Trump’s strategy was to put his name on everything, committing the cardinal sin of line extension. Denial seems to go hand in hand with a big ego. When first meeting the Donald, he will frequently begin with a discussion about how people accuse him of having a big ego; which he denies. However, while he is speaking, it is hard to avoid noticing big T symbols all around; so much for the sermons about not having a big ego.
Success is usually the fatal component behind the rash of line extensions.
When a complete is fortunate, the company assumes the name is the primary reason for the brand’s success.
So they promptly look for other products to plaster the name on.
Actually, it is the opposite. The name did not make the brand famous (although a bad name might keep the brand from becoming famous). The brand got famous because you made the right marketing moves.
In alternative words, the steps you took were in tune with the fundamental laws of marketing.
You got into the mind first. You narrowed the focus. You preempted a powerful attribute.
Your success puffs up your ego to such AN extent that you simply place the noted name on alternative merchandise.
Result: early success and long-term failure as illustrated by the actions of Donald Trump.
The additional you determine along with your complete or company 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 goeth before destruction and a swaggering spirit before a 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 time waster is internal meetings with approx 17 hours a week attending corporate meetings and 6 hours a week preparing for those meetings.
Since the standard power works sixty hours every week, this leaves only 20 hours for everything else including managing the operation and going down to the front line.
No wonder the chief executives delegate the marketing function, which is a big mistake.
Marketing is too important to be turned over to an underling. If you delegate anything, you should delegate the chairmanship of the next fund-raising drive; like the VP of the US attends state funerals, not the president.
The next activity to cut back is the time spent on the meetings.
Instead of talking things over, walk out and see for yourself.
As Mikhail Sergeyevich Gorbachev told United States President, “It is better to see once than to hear a hundred times.”
Small corporations square measure mentally nearer to the front than massive corporations.
That might be one reason why they grow more rapidly and viewed as the engine to revive the economy. They have not been tainted by the law of success.
It takes a while but many Internet Marketing entrepreneurs learn the Law of Success. They learn to identify their target market with keyword research and keyword research tools as they know they can not guess what the market desires nor can they predict the future.
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 Success.
It looks straightforward however selling isn’t 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 Success as no one can predict the future with any degree of certainty.