49- PR and Marketing Laws – Rule No. 10: Sacrifice
After examining this law, which might seem off-putting at first, we can see that it means less is more.
Many PR and marketing professionals expect better results based on the quantity of products launched or how often news is released. They are undoubtedly unaware of the law of sacrifice, or the 80-20 rule, according to which 80% of revenue is generated with a single client or product.
As a result, you have to be selective in order to maximize profit. The Law of Exclusion, which involves making choices, is the polar opposite of product proliferation. It is more profitable to rely on one excellent product than several items that are mediocre or in which your clients have little interest. However, being selective is difficult because who can precisely predict the future?
Sometimes, I mention to my clients that they still haven’t found their “501”. Of course, I’m referring to Levi’s iconic jeans. The brand’s flagship product has been made in all styles for men and women. Think about how far they have come since they were created in 1873!
According to Wikipedia, Levi’s jeans were created in 1873 by Jacob Davis and Levi Strauss. They differ from competitors’ products thanks to the rivets used at the points of strain. Starting in 1922, all Levi’s jeans, including 501s, would be exclusively manufactured using denim produced by Cone Mills in Greensboro.
Even the Levi’s and Guess Jeans of the world have been involved in product proliferation. However, this is generally a temporary trend, and brands quickly revert to their flagship products – 501s in Levi’s case – during difficult times.
Interested in taking your thought process further? Do you want to talk? Sign up now for a free consultation.
Free consultation.
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Many PR and marketing professionals expect better results based on the quantity of products launched or how often news is released. They are undoubtedly unaware of the law of sacrifice, or the 80-20 rule, according to which 80% of revenue is generated with a single client or product.
As a result, you have to be selective in order to maximize profit. The Law of Exclusion, which involves making choices, is the polar opposite of product proliferation. It is more profitable to rely on one excellent product than several items that are mediocre or in which your clients have little interest. However, being selective is difficult because who can precisely predict the future?
Sometimes, I mention to my clients that they still haven’t found their “501”. Of course, I’m referring to Levi’s iconic jeans. The brand’s flagship product has been made in all styles for men and women. Think about how far they have come since they were created in 1873!
According to Wikipedia, Levi’s jeans were created in 1873 by Jacob Davis and Levi Strauss. They differ from competitors’ products thanks to the rivets used at the points of strain. Starting in 1922, all Levi’s jeans, including 501s, would be exclusively manufactured using denim produced by Cone Mills in Greensboro.
Even the Levi’s and Guess Jeans of the world have been involved in product proliferation. However, this is generally a temporary trend, and brands quickly revert to their flagship products – 501s in Levi’s case – during difficult times.
Interested in taking your thought process further? Do you want to talk? Sign up now for a free consultation.
Free consultation.
Sign up for our mailing lists for useful updates: www.natapr.com.
