The 7 Fundamental Laws of Marketing

Use These Fundamental 7 Laws of Marketing To Generate Leads and Sales To Grow Your Business

 

In today’s fast-paced world, where everything is changing quickly, it’s nice to know that some things are foundational and fundamental. In other words, they don’t really change.

Marketing is no different from everything else going on in our fast pace world. It is changing rapidly. Social media, digital distribution channels, technology are all changing fast and furiously when it comes to marketing.

 

Customer

 

Somethings Never Change – Thank Goodness!

 

It’s easy to get overwhelmed and confused with all these changes and not know where to start. It’s also reassuring and comforting to know that the one thing that remains constant are the fundamental laws of marketing. Like the laws of nature or the laws of science these are fundamental and really don’t change. These foundational principles are timeless.

So sit back, relax, don’t panic and become familiar with the 7 Fundamental Laws of Marketing. Once you know and understand these laws, you will understand the foundational marketing principles and you can slay the dragon of marketing overwhelm and change.

These laws are presented in sequential order. Make sure you follow the order when working on your marketing.

 

7 Fundamental Laws of Marketing Are As Follows:

  1. Know Your Customer
  2. Know Your Product or Service
  3. Know Your Market Position
  4. Have a Proper Plan & Strategy
  5. Define Marketing Message
  6. Test, Test, Test
  7. Refine, Refine, Refine

 

Today’s blog is going to address knowing your customer. I expect to blog more about each of the laws in the coming weeks so please stay tuned.

 

I just did a Facebook live stream on this topic and went deeper that the blog. You can watch it below

 

 

 

 

The First Fundamental Law of Marketing is to Know Your Customer.

 

This may seem like a basic thing, but you’d be surprised how many businesses don’t know who their target market is. More often they don’t know their target that well. That could make the difference between success and failure or between mediocrity and excellence, or break even and making a good profit.

There are many words used to describe this fundamental law. Customer, target market, avatar just to name a few. What’s important is that you know who your customer is and that you ask them what they like? The more you know about your customer, the more narrowly defined they become and the more information you know about them … what they like, the better you can serve them and the better your chances are of success.

I was recently on a call with a master copywriter named Lukas Resheske and he kindly reminded me about the importance of target market and psychographics in particular. The rest of this blog reflects some of the conversation we had.

The target market is made up of a combination of demographics & psychographics.

 

These Are The Two Key Areas to Focus On:

 

Demographics:

 

Demographics refers to information such as age, sex, geography, income, etc… This is important, fundamental data and a good first step. It’s important because it allows you to target using the various mediums such as pay per click (Facebook, Google or Youtube), email lists, print advertising, etc … That’s really the value in demographics.

 

Psychographics: (This is where you make your money)

 

Demographics refers to psychological variables such as attitudes, values, likes, dislikes, habits, hobbies, etc. Things like …. do they like to watch television or Netflix, what kind of books, music, movies, do they like, etc…

While demographics are the more familiar of the two when it comes to understanding your target market, psychographics is where you really want to spend your time. Psychographics is the key to understanding your target market and where you want to spend 80-90% of your research. Psychographic infection can provide deep insights into your customers, likes, wants and needs, tells you more about who they are who they are and what motivates them.

Psychographics is an almost endless topic. For today’s blog, I want to leave you with the following thoughts.

 

With respect to psychographics, you want to know the following 5 things about your target market.
#1 Who

Who is your customer as a person? Who are you trying to reach, what do they look like physically, what do they do every day, what do they read and watch and listen to, what are their hobbies. Trying to figure out who they are they are on a day to day basis.

 

#2Why?

Why are you trying to reach them? Why do they what they do? What drives them? Why do they live where they live? Why do the read, listen and watch what they do? What are their hobbies?

Asking why gives deep insight into their psychographic information, giving you deep insight into your target market as a whole.

You want to ask these kind of questions to get deep insight into your target market. The deeper your insight the better you can target your market.

 

#3 Beliefs

What do they believe to be true? What do they disbelieve? What do they love? What do they hate? Who do they trust? Who do they not trust?

 

#4 Desires

What do they like? What do they dislike? What are their goals? What don’t they care about?

 

#5 Identification

Who do they and what do they identify with or as? What or who do they identify against? What do they consider important about their identity versus expendable to their identity? What brands, people and products help create and reinforce their identity?

After each of the above ask why in order to get better insight.

The deeper you can understand the psychographics of your customer, the more insight you can have and which allows you to make offers and become more appealing to your target market, which ultimately builds loyalty, increased sales opportunities and profits.

 

Who knew eh? This is pretty sophisticated stuff.

 

The main takeaway about knowing you customer is yes you need to know your demographics and you also need to go deeper and get a better understanding of the psychographics of your customers and who they really are. Spend 80-90% of your time, focus, and research on that. When you do that, and can communicate to them with the knowledge and insight that you’ve you’ve struck gold.

 

If you need help I am offering free mentorship. You can read last weeks blog by clicking here for more information.

We can just hop on a short call to start the process. You can book a 15 minute introductory meeting by clicking here. 

Conversely, mentorship and marketing help is available through my private Facebook group, which you can join by clicking here.

 

Dan Taylor

613-503-2232
dan@dantaylor.global
www.dantaylor.global

4 Comments

  1. Wayne Roberts

    Good stuf, dan, tho I think it’s a little overwhelming
    Cheers
    Wayne

    • dantaylor

      Thanks Wayne,

      Agreed. I’ll try and keep it simpler on the next one.

      Dan

  2. Jonny

    Good stuff Dan…very interesting and engaging.

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