Ries and Trout’s The 22 Immutable Laws of Marketing is considered by many to be a marketing classic. Positioning, another title of theirs, was named Ad Age’s #1 marketing book of all time. Many of my American Marketing Association colleagues agree they are both worth reading and re-reading despite being published decades ago.
The 22nd Law is the Law of Resources. Ries and Trout say that without adequate resources, a marketing strategy really doesn’t stand a chance. They also say that other factors being equal, the strategy that will win is the one with the most resources behind it. I think this is indeed an immutable law and that it is one that is often overlooked. If you doubt it, consider how many of your favorite brands have come and gone who were “better” than the competition, but lost simply because they were up against brands with more resources available to them.
Obviously, as a marketing manager it’s crucial to make sure you can get access to the resources you’ll need to accomplish your objectives. It’s also a good idea to do a “worst case scenario” analysis regarding what resources you’ll need so you can budget accordingly. If you know you aren’t going to have access to the resources you really need, that may not be the end of the world. It may be that you find you’re able to compensate, but it is definitely something to consider as you decide on, and execute, your strategies.
It’s also important to remember even if you have abundant resources, you don’t have unlimited resources. That means it’s necessary to make very careful choices.
If any of the 22 Immutable Laws of Marketing have stood the test of time, it’s the Law of Resources!