The World's Best Book Summaries
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.
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.