The World's Best Book Summaries
What is the open business model? How do companies with open business models create value for their customers? An open business model is where a business creates value through collaboration with external partners. There are two main ways to do that: 1) integrate their internal resources with the partner, or 2) supply their resources for a fee. We’ll break down both of these principles below.
What is a customer profile? What characteristics does a target customer profile typically include? A “customer profile” is simply a description of an archetypical target customer. A customer profile should include characteristics like age, job title, industry, gender, race, and interests—especially as their interests relate to your product. Here are some things to consider as you create customer profiles for your business.
What is the advertising revenue model? How do digital businesses make profits from advertising? The advertising business model is where a business makes revenue from selling advertising space to other businesses. This model is particularly common amongst digital platforms and popular websites because this model requires high traffic volume to generate meaningful revenue. In this article, we’ll take a look at the advertising revenue model and how it generates revenue.
Is it ever a good idea to do a product line extension? What are the advantages and drawbacks? In Positioning, Al Ries and Jack Trout outline the conditions that should be met before you do a line extension. They also explain why market leaders generally avoid line extensions. Keep reading to learn about the disadvantages of product line extensions and when it’s advisable to go in that direction.
What role does time management play in sales? What are some things you can do to cut back on unnecessary activities that distract you from what matters most—driving sales? The first step to building a high-performing sales operation is effective time management. Implementing a time management system in your sales activities will enable you to extract the most productivity and value from your days. Here are some tips on cut back on unnecessary activities so you could spend that time driving your business’s sales.
Do you know how to name a product? Why is this your most important marketing decision? In Positioning, Al Ries and Jack Trout argue that selecting a product name that supports your claims is crucial to positioning your product in the market. They explain why you shouldn’t underestimate the power of a name and provide guidance on how to (and how not to) name a product. Continue reading to learn how to name a product to position it for success.
What is The Ultimate Sales Machine about? What is the secret to sales success, according to its author Chet Holmes? In The Ultimate Sales Machine, Chet Holmes argues that the secret to sales success is relentless discipline, determination, and above all, repetition of a few steps. For Holmes, sales mastery is intensive, not extensive—it’s about being an unmatched expert in a relative handful of things, not being adequate or average at many things. This article takes you through Holmes’s key ideas about becoming the ultimate sales machine.
Is Mike Weinberg’s Sales Management. Simplified. worth reading? What is the key to sales success? In Sales Management. Simplified., Mike Weinberg discusses how to successfully manage a sales team, including setting goals that push people to excel, using shadowing to identify team weaknesses, and training your people to make good sales calls. He also discusses a factor that he sees as crucial to managerial effectiveness: managing your time wisely. Below is a brief overview of the key points.
What makes an effective marketing strategy? What are some things you should keep in mind when designing a marketing strategy for your brand? A good marketing strategy builds both trust and awareness. If you have just awareness but no trust, your sales will be inconsistent and modest. If you have trust but little awareness, you’ll likely not sell enough. Keep reading for tips on how to market your brand for maximum trust and exposure.
Have you just launched your first product? What is the most affordable way to publicize it? As a startup, it’s unlikely you’ll have much to spare on promotion. The good news is that there are plenty of ways to promote your business without spending any (or much) money. In this article, we’ll share 10 principles of startup promotion on a tight advertising budget.