The World's Best Book Summaries
Do you want to create a personal brand? What does it take to build an online brand from the ground up? In his book Crush It!, Gary Vaynerchuk teaches readers how to turn their passions into profits by creating a niche, personal brand. He explains every step of the process in detail so you, too, can do what you love for a living. Continue below for Gary Vaynerchuk’s eight-step guide from Crush It!.
What is the bait-and-hook business model? How do bait-and-hook businesses make a profit? The bait-and-hook business model is where a business sells the main product (for example, coffee machine or printer) at a low cost in order to generate profit by selling complementary products/refills/top-ups (for example, coffee capsules, printer ink) at a high price. In effect, businesses choose to initially make a loss in the hope of making a future profit from ongoing purchases. In this article, we’ll take a look at the concept behind bait-and-hook business models and how they generate revenue.
How do you communicate with your customers? Does your business have a customer relationship strategy? Customers expect businesses to understand the relationships they want and to respond appropriately. However, despite spending billions trying to understand customer relationships, businesses often don’t understand these expectations and end up undermining their interaction efforts. There are two steps to designing your customer relationships strategy: 1) define your touchpoints, and 2) define your interactions. We’ll discuss both of these concepts below.
What is the Diffusion of Innovation (aka TALC) model? How many categories of customers are there in the TALC framework? The Diffusion of Innovation model (also known as the Technology Adoption Life Cycle) was developed by Beal and Bohlen, two agricultural extension agents working for Iowa State College in the 1950s. They developed the model based on studies of when farmers started using new agricultural innovations, such as fertilizer and hybrid seed corn. Others soon generalized the model to technological innovations outside of agriculture. In this article, we’ll take a look at how the Diffusion of Innovation Model explains the
According to marketing experts Al Ries and Jack Trout, how should you get started with a competitive marketing strategy? What should you consider before you position your product? In Positioning, Al Ries and Jack Trout lay out a competitive marketing strategy to position your product, your brand, or yourself in a crowded marketplace. They urge you to consider three things before you execute your strategy. Continue reading for marketing insights from Al Ries and Jack Trout.
What is a free business model? How do companies finance the provision of their product/service for free? A free business model is where one or more customer groups receive value at no cost (e.g. a software company offering a limited suite of features for free). Free users are always financed by another part of the business model or by another customer segment. In this article, we’ll look at the different types of free business models, and how they generate revenue.
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.
Have you read the marketing book Positioning? What wisdom does it hold for you and your business? In the book Positioning: The Battle for Your Mind, Al Ries and Jack Trout discuss what it means to successfully position your product in a competitive marketplace. They also share three guidelines for influencing how your customers perceive your product. Keep reading to learn these marketing concepts presented in the book Positioning.
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.