Marketing Law 6 - Exclusivity

The competition for brand recognition can be fierce. It's essential for businesses to realize that no two companies can "own" the same word in the mind of the prospective customer. Developing a strong and unique brand identity is crucial if you want to stand out in a crowded market and capture the attention of your target audience.

Obviously, this principle applies to definitive words that reflect a way of measuring one thing against another: like “best” or “fastest” and not with all inconclusive monikers like “good.” For example, regardless of how many car companies win awards for safety, Volvo will still wake up tomorrow and have a corner market on “safest.”

It's no secret that successful companies spend years and vast amounts of money crafting their brand identity. But what happens when multiple companies have their sights set on the same word or phrase? If the past is any indication of the future, these companies will waste a lot of time and effort, and the needle will move very little.

So, if you're wondering why branding is so critical to the success of your business, remember that it's all about carving out your own unique space in the mind of potential customers, then leveraging that identity to leave your competitors in the dust.

(Adapted from "The 22 Immutable Laws of Marketing" by Ries & Trout)