The World's Best Book Summaries
What are your customers thinking? How do they operate in the marketplace? Seth Godin explains that customers follow four steps as they navigate the market. When you understand what’s going through their mind and how they make choices, you’re better positioned to get your message through to them. Continue reading to learn how to understand your customer.
Do you use storytelling in advertising? Why is this technique so effective? Good storytelling is the key to good marketing, according to author Seth Godin. In All Marketers Are Liars, he discusses the power of storytelling and discusses six elements that make a story good. Keep reading to learn how to use storytelling in advertising.
What is information asymmetry? What are the ethical implications of asymmetries in information? Asymmetry of information is where one party involved in a transaction has more information than the other party. According to Nassim Taleb, the author of Skin in the Game, asymmetry of information is essentially the same as asymmetry of risk. When there is a hidden imbalance of information in a transaction, the party with less knowledge incurs more risk. In this article, we’ll explain how the risk created by information asymmetry contributes to unethical transactions.
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 biggest “chasm” in Geoffrey Moore’s Technology Adoption Life Cycle (TALC)? How do you know that your business has reached the chasm between the early adopters and the early majority? According to Geoffrey Moore, the most significant chasm in the TALC occurs between early adopters and the early majority. The telltale signal that your business has reached the chasm is plateauing sales: when you first release your product, you may see exponential growth of sales in the early market, but then sales revenue hits a plateau or even trail off as the early market saturates and you enter
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.
Why do people buy technology products? What are the different types of tech buyers? If you are in the business of selling technology, you’d know there is a huge adoption gap between tech users. Some are in the line for the latest model the first day it drops while others only give in when the old tech is either broken beyond repair or obsolete. In this article, we’ll take a look at the four critical factors that drive the purchasing decisions of tech customers.
What attributes should you look for when screening candidates for your sales team? What do you think is more important in sales success—personality or experience? Building a great team is the cornerstone to an effective sales operation. With the right talent, your business can grow exponentially. With bad hires, you’ll find yourself throwing money away and constantly treading water. Here are three keys for assembling the sales team of your dreams.
What exactly is a distribution channel? What are some things you should consider when choosing a distribution channel strategy for your business? A “distribution channel” is what you use to distribute products to your customers. Different distribution channels are better able to reach different types of customers. In this article, we will discuss how to choose the most effective distribution channels for reaching your target customers.