The World's Best Book Summaries
What is the difference between a blue ocean and a red ocean market? How do you prevent a blue ocean product from becoming a red ocean? Kim and Mauborgne caution that when you create a blue ocean market, imitators will inevitably arrive, eventually turning it into a red ocean. There are two ways you can respond: 1) prolong your blue ocean, and 2) find a new blue ocean. Let’s consider each of these approaches in turn.
What are your customers thinking? How do you measure KPI for customer experience? There are many different approaches to measuring customer experience. In their book Blue Ocean Strategy, Renée Mauborgne and W. Chan Kim advise that you use what they call a “buyer utility map,” which is essentially a customer experience scorecard for analyzing how your customer responds to your product at every stage. A blank example of a customer experience scorecard is shown below.
What is the book Raving Fans about? What are the book’s strengths and weaknesses, and how was it critically received? In Raving Fans, management experts Ken Blanchard and Sheldon Bowles argue that successful organizations have one common central focus: providing an excellent customer service experience. And that any type of organization or business that serves people can benefit from these principles to create “Raving Fans.” Here’s our Raving Fans book review.
How is pricing determined in the blue ocean strategy? What are the benefits of low-cost pricing? Blue Ocean Strategy authors W. Chan Kim and Renée Mauborgne advise setting your price to maximize the number of buyers in your market. In other words, you want to select a price that will make your product attractive to as many potential customers as possible. Keep reading to learn about the blue ocean strategy pricing approach.
What does it mean to have ideal customer service? What steps can you take to ensure your customers leave your business happy? In their book Raving Fans, Ken Blanchard and Sheldon Bowles argue that successful organizations have one common central focus: providing an excellent customer service experience. In their business fable, they outline what the ideal customer service experience looks like and five questions you should ask yourself as a business owner. Continue reading to learn how to improve customer service at your company.
What’s the difference between internal and external customers? How can you figure out what each type of customer wants? Management experts Ken Blanchard and Sheldon Bowles explain in their business fable Raving Fans that, in order to satisfy both your internal and external customers, you first need to find out what they want. That’s why feedback is so important to a business. Here’s how to satisfy both types of customers.
Have you always hit all of your marketing goals? What do you do when you fail? Failure in marketing is inevitable. The main thing is to understand where you went wrong. Seth Godin discusses four common marketing failures and what you can do to turn things around. Read more to learn how to grow from marketing failures and mistakes.
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.