The World's Best Book Summaries
Are you thinking of reading No Rules Rules? How well was the book received by critics? In No Rules Rules, Netflix CEO Reed Hastings and business professor and author Erin Meyer detail how the company achieved this level of success by implementing unconventional management practices that empower employees and promote innovation. Here is our No Rules Rules review.
Are you worried that another company will poach your best employees? How can you convince employees to stay with your company? Netflix CEO Reed Hastings wrote in his book No Rules Rules that there are three ways to prevent employee poaching: paying top-of-market salaries, eliminating performance-based bonuses, and giving raises that reflect market value. Some of these methods may be difficult but it’s important to remember that good employees are investments, not tools. Here’s an overview of each of the three methods.
What is Netflix’s management strategy? How can such a huge company remain successful with so few policies? Netflix’s CEO Reed Hastings believes that employees should have as much autonomy as possible. That’s why he aims to eliminate controls so employees have the power to act in the company’s best interest without a long and complicated approval process. Here are the three benefits of Netflix’s lenient management strategy.
Can you close sales without being pushy? What is the non-close close? Closing the sale is the last step in the sales process. In The Sales Bible, Jeffrey Gitomer discusses four strategies to help prospective customers make the decision to buy. Keep reading to learn how to close the sale.
Do you think your company would do well with a decentralized organizational structure? What conditions must your company meet for this structure to be successful? A decentralized organizational structure removes most rules and controls and gives employees the autonomy to act without approval. In the wrong hands, this system is risky and possibly costly. But, under the right conditions, this system can promote accountability and innovation. Here’s how to successfully decentralize power, using Netflix as an example.
How do you chart a blue ocean strategy graph? How do you determine whether your product is unique enough to classify as a “blue ocean”? Kim and Mauborgne present a graphic tool to help you visualize how your product (and the strategy behind it) differs from others in the market. If your curve has a completely different shape from other curves, this implies a unique combination of value, consistent with the blue ocean strategy. Here is how to use the blue ocean strategy chart to gauge where your business stands against competitors.
How do you build customer relationships? How important are those relationships to the sales process? In his bestselling classic The Sales Bible, Jeffrey Gitomer discusses how to build customer relationships—whether it’s forging relationships with new or prospective customers or retaining current customers. He provides four steps for handling complaints and offers insights on leveraging existing relationships. Read more to learn how to build customer relationships.
What is Blue Ocean Strategy about? What is the difference between a blue ocean and a red ocean? In their book Blue Ocean Strategy, W. Chan Kim and Renée Mauborgne argue that the solution to business success is to operate in an uncontested market (the “blue ocean”). They contrast it with a “red ocean”, a marketplace where fierce competition has stained the water with the blood of the combatants. According to the authors, crowded markets and red ocean strategies tend to produce minimal profit margins, while blue ocean strategies lead to more profitable growth. Below is a brief overview of the
Does your company employ people from a diverse range of backgrounds? How can you adapt your policies to accommodate for cultural diversity in the workplace? What can you learn from how Netflix handled this hurdle? In their book No Rules Rules, Netflix CEO Reed Hastings and author Erin Meyer discuss the challenges Netflix faced when it started to grow internationally. He learned two major lessons about working with people from different cultures and now Netflix successfully operates in over 190 countries. Here’s how Netflix CEO Reed Hastings adapted for diversity.
How do you design a blue ocean product? What is the key to creating a product in a yet uncontested market? To begin brainstorming ideas for a blue ocean product offering, think of a product or service your company already sells, to use as a starting point. To help you come up with product ideas, Kim and Mauborgne explore some different approaches you can take to brainstorming. Here are seven potential routes you could take to brainstorm a blue ocean product that sells.