The Law of Success - Law #18 under the 22 Immutable Laws of Marketing
“Success often leads to arrogance and arrogance to failure”. Those who think they are market leaders tend to substitute what they think for what the market wants.
Success often leads to arrogance and boosts your ego. It’s the ego that initiates your failure actually and not the arrogance itself as mentioned in tag line. Arrogance at times is useful, Marketing is like War and in War there are times where your controlled arrogance helps you break the back of your enemy using mind games.
If you are a leader, behave like one else nobody will respect you. This works best in administration but not in marketing. In marketing you have to bend your back if you have to survive. Your arrogance at time might annoy your customers and may make them change loyalty and therefore you should have controlled arrogance and not just arrogance. A brand’s success is always due to its loyal customers and not without them or at the cost of them. It is very important for every brand to inscribe this truth deep into its system. If you are aware of this fact, then there is no place for ego.
Success can take you places and not all places are necessarily good for you, so be careful and be aware of where you are going. Arrogance can prove costly at times as it will make you ignore facts. Facts in this case can be market intelligence about market trends. Like one smart person once said ‘Trend is like a tide and you don’t fight it’. The benefit of knowing trends is to enable yourself to ride it with the right gear.
Success in today’s market means, a lot of customers which then leads to a lot of data. In earlier days, collecting customer opinion was a tedious task. With today’s Social Media at hand, a brand can connect with their customer base directly with a one on one approach. The number of customers a brand can connect with depends on the effectiveness of their social media campaign. Therefore the more customer a brand has, the more people it can connect to and collect more data related to the customer vibes.
The social media existence of brands also helps the brand to connect to unhappy customers directly. In earlier days, an unhappy customer would have totally lost his cool wasting his time with the inefficient customer service team and then would have spent his time bad mouthing about the brand which is bad publicity. This would have a snowball effect of this would have been a case with more customers suffering due to a bad customer service strategy or even bad training for the customer service executive. Whatever the reason behind the bad customer service, the bad mouthing would have had a catastrophic effect on the brand if it would have failed to know about it. Not anymore, today’s customers know how to make the brand feel the pain of the customer. I have had a firsthand experience when a post on social media about a bad experience made a senior executive of a company get in touch with me directly when their customer service had failed miserably. This will enable them to take stock of the situation and implement changes as necessary.
Successful or not, Digital Media has definitely enabled a reliable connection to be built with their customers happen. This connection will help brands grow their interaction levels with their customers and more interaction is more information and this in turn can be market intelligence.
