The World's Best Book Summaries
How do you create a must-have product? What are some of the characteristics of products that are considered “must-haves”? To create a product or service that won’t go out of business, you need to ensure that your customers won’t want to miss out on it. A must-have product delivers so well on a target market’s needs that people would be unhappy if they lost it. Here’s how to create a must-have product.
What are the benefits of hands-off management? Is the hands-off approach right for your business? Adopting a hands-off approach to running your business enables you to reorient your focus from getting mired in the daily work towards improving your company’s framework. However, there are many things to consider before you relinquish your management responsibilities and hand them over to your team. Mike Michalowicz shares three steps for switching to a hands-off management style.
What are some things you should consider when putting together a growth hacking team? What roles should your growth team include? A dedicated team is a key component of hacking your business’s growth. According to Sean Ellis and Morgan Brown, a growth hacking team should be interdisciplinary and involve members from multiple departments of your business. Here’s how to build a successful growth hacking team that will help you skyrocket your business’s development.
How do you conduct a customer behavior analysis? What kind of data should you collect on your customers? Analyzing your customers’ behavior allows you to find patterns. When you find a pattern in user behavior, you’ve found an opportunity to optimize your product. For instance, you might compare users who leave after a month to find a pattern in behaviors that occur just before a user leaves. You can then use this information to tweak your product and reduce churn. Here’s how to track and analyze your customers’ behavior.
What is growth hacking? What is the secret to achieving exponential business growth? Growth hacking is the only growth strategy that will keep your business competitive in the modern marketplace. Growth hacking is premised on continuous and rigorous testing to find hacks—practices that have the potential to skyrocket your company’s growth. Keep reading to learn about the growth hacking method.
Why is customer retention so important? How does losing customers affect your business’s bottom line? Customer retention is so important because it often costs more to acquire a new customer than to retain an existing customer. Hence, the effort spent to retain one customer gives a better ROI than acquiring one additional customer. With this in mind, here’s how to retain customers so your business can stay profitable.
Are international supply chains good or bad? What risks are involved? Who benefits? In the 21st Century, free markets reign supreme, global trade is the centerpiece of economies, and people have access to more information and are more connected than ever before. A few collaborative business practices—including international supply chains—accelerated globalization. Keep reading to understand the globalization of supply chains, as explained by Thomas L. Friedman in his book The World Is Flat, and see why they’re a mixed bag.
Are your customers happy about their experience with your brand? How does customer experience affect your bottom line? Excellent customer experience is what gets people to stick around and become loyal to your brand, ensuring a strong bottom line. Therefore, improving customer experience should be an ongoing effort of any business. Here’s how to elevate your customers’ experience in three steps.
What is Sean Ellis and Morgan Brown’s Hacking Growth about? What is the key message to take away from the book? In Hacking Growth, Sean Ellis and Morgan Brown present a non-traditional method for driving your business’s growth. Their method has helped top tech companies go from small startups to billion-dollar giants. Dubbed “growth hacking,” it entails focused and rapid experimentation to continually optimize your business for growth. Below is a brief overview of Hacking Growth by Sean Ellis and Morgan Brown.
What exactly is meant by “customer development”? What are the four stages of the customer development process? Customer development refers to how you take your customers from signing up to staying loyal for the long term. “Developing” a customer means crafting an experience, from top to bottom, that gets and keeps your customers excited and engaged by your product. Let’s look at the four phases of the customer development process—getting customers to sign up, stick around, stay loyal, and spend money.