The World's Best Book Summaries
What is practical value in marketing? How can you effectively provide value for your customers? A key aspect of contagious products and ideas is that they are useful to the customer. You can add practical value to your product or idea by creating an amazing discount, or by providing useful information for your customers once they’ve brought your product. Keep reading for more about practical value in marketing.
What is the core concept of the Play to Win strategy? What are the major misinterpretations of business strategy? The Play to Win strategy posits that winning is the process of making tough choices that put you ahead of the competition. A winning business strategy does not mean adhering to industry best practices or publishing a vision statement, it essentially means making the decisions that put your company in a position to thrive in the marketplace. Read on to learn more about the true meaning and misinterpretations of the Play to Win strategy.
How does the incentive of profit contribute to consumer welfare? What role does it play in economic efficiency? Business profit is the price society pays for efficiency, quality, and low cost. Without the profit incentive, businesses would be less efficient, producing lower quality goods with less concern for cost, as in the Soviet Union. In this article, we’ll discuss the role of the profit incentive in consumer welfare, how business profits are measured, and how they incentivize efficiency.
What is brand visibility? Why is it important that your products are publically visible? Brand visibility is about making sure potential customers are aware of your brand and products. Ultimately, people are never going to talk about your product or idea if they never see it in the first place. Understanding the different brand visibility strategies will help increase word of mouth about your product, which will ultimately increase sales. Keep reading to learn how to create brand visibility.
What is the book Playing to Win: How Strategy Really Works about? How does the cascade strategy framework help companies? Playing to Win: How Strategy Really Works explores the cascade strategy used by the authors A.G. Lafley (former CEO of P&G) and Roger Martin (former P&G strategic advisor) to double the revenues and profits of Procter and Gamble (P&G) from 2000 to 2009. The cascade strategy helps companies identify their winning aspirations and helps them develop the capabilities and strategies they need to win in the marketplace. Read more about the lessons in business strategy explored in Playing to Win:
What is the rule of 100? How can you make a discount seem like a better deal to customers? The rule of 100 states that if a product’s original price is under $100, a percentage-based discount—for instance, 30% off—will appear more attractive to customers. Likewise, if a product’s original price is above $100, a numerical discount—for example, $50 off—will impress customers more. If you apply this rule when creating your discount, you can maximize its attractiveness and increase the likelihood that it’ll be shared. Find out how you can use the rule of 100 to improve your discounts.
Do you often make sales presentations as part of your business? How do you make sure your presentation stands out from the sea of competitors’? In high-profile business-to-business sales, customers often request a sales presentation that explains how the product/service works and how it will contribute to their company’s success. The key to making your proposition stand out from competitors is to design a presentation that is tailored to the specific needs of every client. In this quick article, we’ll look at how to create a customer-focused presentation and how to deal with premature presentation requests.
What is behavioral residue? How can implementing this marketing method ensure your product remains visible in the long term? Behavioral residue is a marketing tactic used to ensure a product remains visible to potential customers for a long time. Visibility is important as people are not going to talk or think about your product if they don’t know about it. Adding behavioral residue will ensure your product visibility continues in the long term and doesn’t fade away, ultimately ensuring increased sales. Keep reading to learn more about behavioral residue.
How does emotional advertising work? What are some great examples of emotional advertising that you can learn from? When people get emotional, they like to talk about how they’re feeling. When they do this, they share details about what made them so emotional in the first place. Therefore, if you can make your product or idea trigger an emotional response, you’ll get people talking not only about their feelings but about your product or idea, too. Below you’ll find some powerful examples of emotional advertising in action.
What is trigger marketing? How can you use triggers to get people talking about your product? Trigger marketing uses reminders or associations to make customers remember your product. This could take the form of a popular slogan, event, an action, or even a smell. Having effective marketing triggers will remind potential customers about your product to increase the likelihood they will buy it. Keep reading to learn more about trigger marketing.