Here are 10 key takeaways from Al Ries and Jack Trout’s book “The 22 Immutable Laws of Marketing”:

  1. The Law of Leadership: It’s better to be first in a category than to be better. Example: Coca-Cola was the first successful cola, even though Pepsi may taste better to some.

  2. The Law of the Category: If you can’t be first, create a new category you can be first in. Example: Red Bull created the energy drink category when it couldn’t compete with Coke and Pepsi.

  3. The Law of the Mind: It’s better to be first in the mind than first in the market. Example: Avis was a distant second to Hertz in car rentals, but owned the “We Try Harder” position in people’s minds.

  4. The Law of Perception: Marketing is a battle of perceptions, not products. Example: Volvo owns the “safety” perception, even though other cars may be just as safe.

  5. The Law of Focus: The most powerful marketing concept is owning a word in the prospect’s mind. Example: Domino’s Pizza owns “30 minutes or it’s free” in the pizza delivery market.

  6. The Law of Exclusivity: Two companies cannot own the same word in the prospect’s mind. Example: FedEx owns “overnight delivery” while UPS owns “logistics”.

  7. The Law of the Ladder: The strategy depends on which rung you occupy on the ladder. Example: Avis, as the number two player, had to differentiate itself from Hertz.

  8. The Law of Duality: In the long run, every market becomes a two-horse race. Example: Coke and Pepsi dominate the cola market, while Visa and Mastercard dominate credit cards.

  9. The Law of Line Extension: There’s an irresistible pressure to extend the equity of a successful brand. Example: Arm & Hammer baking soda extended into toothpaste and laundry detergent.

  10. The Law of Resources: Without adequate funding, an idea won’t get off the ground. Example: Apple’s success was enabled by Mike Markkula’s $91,000 investment in the company.