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A Genie's Wisdom: A Fable of How a CEO Learned to Be a Marketing Genius ReviewThe book has 10 chapters - in each chapter, Trout answers a marketing question. There is quite a bit of overlap in content with Trout's earlier books.The questions (and summarized answers) are:
1. What is the essence of marketing?
Explaining simply why a product is different and why it should be bought instead of other competing products.
2. What's branding all about?
Establishing the product name and its differentiating idea in the mind of the prospective customer.
3. What should be my product strategy?
Be either #1 or #2 in a category; otherwise create a new category,
4. How do I get my pricing right?
Competitive price + delta for perceived differentiated value
5. Are there limits to growth?
Yes, do not stray from core competence and the differentiated idea established in cstomers' mind. Set realistic growth goals.
6. What is good research?
Avoid research / survey reports because what people say and what they do is often different. Useful to ask customers to rate competitors along various differentiated vectors on a range of 1-10. This tells which company owns which product feature.
7. How do I evaluate advertising?
Does the ad effectively communicate the differentiating idea to encourage a customer to buy?
8. How do I pick the right medium?
Words are more effective than pictures; spoken is more effective than printed.
9. How important are logos?
The brand's power lies in the name, not the symbol / visual.
10. What mistakes are made most often?
Underestimating competition
It's not about a better product, it's about a better perception
Ignoring reality, wishful thinking
Losing focus, brand extension
You will cut thru the marketing BS, and paradoxically, have a deeper appreciation for marketing.A Genie's Wisdom: A Fable of How a CEO Learned to Be a Marketing Genius Overview
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