The World's Best Book Summaries
How has marketing changed over time? What accounts for these changes? Seth Godin argues that traditional advertising doesn’t work anymore. He gives three reasons for this and goes on to describe the new age of marketing that we’ve entered. Keep reading to learn more about the end of traditional advertising.
What is association bias? How can you curb bias from association? Association bias is the tendency to be easily influenced by irrational opinions about the relationship between two objects or events. It’s this bias that makes us associate high prices with quality. You can curb this bias by looking for facts that contradict your initial appraisal. Read on to learn more about association bias.
What is the secret to mastering how to be persuasive? What is the danger in using psychological tricks to persuade people? You master how to be persuasive when you learn to use the psychological biases of people to get them to do what you want. This is how brands exploit the social proof bias of fans to get them to buy products promoted by their favorite celebrities. However, leveraging the psychological biases of people can backfire when it is done too transparently or it is used to achieve immoral ends. Read on master how to be persuasive and get people
What do you need to build the next trillion-dollar business? What are the factors that can affect businesses in the 21st century? To build your company into the next trillion-dollar business, you will need exceptional brand recognition, enduring customer loyalty, and scale. You must also recognize the impact of the depreciating dollar, technology, and changing consumer purchasing power on your business goals. Read on to discover more about what it takes to build the next trillion-dollar business.
What is lateral thinking? Can you really come up with great ideas based on old knowledge or technology? In his book Range, David Epstein discusses the importance of lateral thinking in innovation. He says that contrary to popular belief, you don’t need to think outside the box and come up with brand new ideas to be innovative—sometimes it just takes looking at an existing product and improving upon it. Keep reading for examples of lateral thinking from David Epstein.
What are the major characteristics of a good business? Why is Toyota an excellent example of a good business? A decisive competitive advantage, well-designed incentive systems for employees, and a reputable brand backed by product quality are all key characteristics of a good business. Toyota is an excellent example of a good business because its efficient manufacturing processes give it a competitive advantage in the market, its well-designed incentive systems reward employees that contribute to improvements in the company’s processes, and it has established and preserved a brand reputation for reliability and quality. Read on to understand more about the
What is word-of-mouth marketing? What are the best ways to generate word-of-mouth referrals? Word-of-mouth (WOM) marketing is a way of promotion where customers spread goodwill about a brand and its products through conversations. There are two primary channels you can use to create a word-of-mouth marketing strategy for your business: vertical media and business press. We’ll discuss both of these strategies below.
What is the “late majority” in the context of technology adoption? How does the late majority market adopt new technology? The late majority is the group of customers who favor stability and familiarity over progress and novelty. They are not interested in new technology or the advantages it affords, but as it becomes standard and the technology that it replaces becomes obsolete, they will eventually upgrade to mitigate risk. Learn about the characteristics of the late majority market.
What is a product positioning statement? What is the purpose of writing a product positioning statement for your business? A product positioning statement is a description of your target customers and the value you provide to them. Marketing and sales teams use the product positioning statement to inform customer messaging and ensure all communication is consistent. Here are some tips on how to write an effective product positioning statement for your business.
How can partnering with other tech companies benefit your business? What are the different types of technology partnerships? Technology partnerships are mutually beneficial on two fronts: supplying your product and boosting your reputation by association. According to Geoffrey Moore, there are two types of technology partnerships: “strategic” and “tactical” alliances. We’ll look at both of these concepts below.