[The Law of Duality] In the long run, every market becomes a two-horse race: a battle of the old reliable brand versus the upstart brand
In batteries, it’s Eveready and Duracell. In photographic film, it’s Kodak and Fuji [...] In hamburgers, it’s McDonald’s and Burger King [...] When you take the long view of marketing, you find the battle usually winds up as a titanic struggle between two major players—usually the old reliable brand and the upstart.
[...] The law of duality suggests that these market shares are unstable. Furthermore, the law predicts that the leader will lose market share and No. 2 will gain [...] Knowing that marketing is a two-horse race in the long run can help you plan strategy in the short run.
The customer believes that marketing is a battle of products. It’s this kind of thinking that keeps the two brands on top: “They must be the best, they’re the leaders.”
Ego is the enemy of successful marketing. Objectivity is what’s needed. When people become successful, they tend to become less objective. They often substitute their own judgment for what the market wants.
[Ego] can be an effective driving force in building a business. What hurts is injecting your ego in the marketing process. Brilliant marketers have the ability to think like a prospect thinks. They put themselves in the shoes of their customers. They don’t impose their own view of the world on the situation [...]
No matter what your product is, you are ultimately in the education business. Your customers need to be constantly educated about the many advantages of doing business with you, trained to use your products more effectively, and taught how to make never-ending improvement in their lives.
(...) the key is to get the whole story into the headline but leave out just enough that people will want to click.
As customers, what we crave more than the commodity we think we are paying for is to be understood.
What we want more than a reliable ride to our destination, a comfortable bed for the night, or even a book we can get our teeth into, is to really be seen.
What we want more than responsive organizations is personal relevance.
The value isn't just in the data that businesses collect. What counts is how they use it to make our lives better.
(…) a phenomenon we call the endowed progress effect, whereby people provided with artificial advancement toward a goal exhibit greater persistence toward reaching the goal.
By converting a task requiring 8 steps into a task requiring 10 steps but with two steps already complete, the task is reframed as one that has been undertaken and incomplete rather than not yet begun. This increases the likelihood of task completion and decreases completion time.
Source : The Endowed Progress Effect: How Artificial Advancement Increases Effort, 2006, Journal of Consumer research