The other day Warren Buffett was giving an interview about investing. He was saying how there are three phases of investing. The three I's. The innovators, the imitators and the idiots.
I think the same theory applies to marketing. The first wave of new marketing ideas come from the innovators and these marketing ideas tend to stand out and draw more attention than older marketing ideas.
Then after a little while, the imitators jump in and use the same marketing concept. The effect is the marketing concept stands out less so and doesn't generate as much buzz anymore.
Then lastly it is followed by the idiots who use an old marketing campaign that draws little to no attention.
I think we see this quite often in our marketing discussions here. We will talk about how certain marketing concepts no longer draw in the response percentages like they used too. This concept may shed light onto why this happens.
Here is Warren Buffett's quote "People should always know better. … I mean people — people don’t get — they don’t get smarter about things that get as basic as greed and you can’t stand to see your neighbor getting rich. You know you’re smarter than he is, and he’s doing these things, you know, and he’s getting rich, and your spouse is getting unhappy with you because you aren’t doing — pretty soon you start doing it. And so you get what I call the natural progression, the three I’s: the innovators, the imitators, and the idiots. And that’s what happens. Everybody just kind of goes along. And you look kind of silly if you disagree."