Business Archives

How to Build Customer Relationships (The Sales Bible)

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.

Blue Ocean Strategy: Book Overview

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

Cultural Diversity in the Workplace: Netflix’s Story

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 to Create a Blue Ocean Product That Sells

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.

Netflix’s Approach to Organizational Transparency

Is it a good idea for company executives to share sensitive information with all employees, including finances and employee profiles? What practices does Netflix use to ensure organizational transparency? According to Reed Hastings, the CEO of Netflix, there are many benefits of transparency in the workplace. That’s why at Netflix, they are transparent about financial data, job security, mistakes, and even firings. Let’s look at four specific ways that Netflix practices organizational transparency and the positive outcomes that come from this practice.

Blue Ocean Innovation: Better Value at Low Cost

What is value innovation? How do Kim and Mauborgne define “value innovation” in the context of blue ocean strategy? Value innovation is the cornerstone of Kim and Mauborgne’s blue ocean strategy. The authors clarify that blue ocean innovation is not a matter of merely raising or lowering value in order to raise or lower your costs. Instead, Kim and Mauborgne assert that you need a breakthrough that allows you to offer better value at a lower cost. Keep reading to learn about the concept of blue ocean innovation (or “value innovation”) and how it creates blue oceans through new ideas

Netflix: Innovation Is a 4-Step Process

What is it like to work at Netflix? Does Netflix have an innovative culture? As a company with no vacation or expense policy, Netflix is no stranger to taking an unorthodox approach to management. One of Netflix’s more unique policies is the freedom it gives to its employees to innovate and make risky decisions, despite the chance that they won’t pay off. Keep reading to learn about Netflix’s method of inspiring innovation (what the company calls the “Netflix Innovation Cycle”).

Blue Ocean Strategy: Best Quotes and Passages

Are you looking for Blue Ocean Strategy quotes by Renée Mauborgne and W. Chan Kim? What are some of the most noteworthy passages worth revisiting? In Blue Ocean Strategy, W. Chan Kim and Renée Mauborgne suggest that the answer to competitive problems is to create a “blue ocean.” A blue ocean is a brand-new market for an innovative idea, allowing your company to avoid competing with rivals—because it has no direct rivals. Below is a selection of quotes with explanations to help you put them into context.

Netflix’s Vacation Policy: They Don’t Track Time Off?

How does Netflix’s vacation policy of unlimited time off work? How can managers prevent employees from taking too much time off? One of the non-policies Netflix is known for is its “no vacation policy.” This means that all employees can take as many vacation days as they want without being tracked. Of course, they had to put some safety measures into place to prevent bedlam. Let’s go over how Netflix’s unlimited vacation policy works.

Blue Ocean Strategy: Review & Critical Reception

What is Blue Ocean Strategy about? What is the key premise of W. Chan Kim and Renée Mauborgne’s blue ocean business model? In Blue Ocean Strategy, W. Chan Kim and Renée Mauborgne argue that the key to building a successful business is to create a blue ocean—a brand-new market for an innovative idea. You can create such a market by focusing on your product’s characteristics that customers really care about while discarding the characteristics they don’t. This creates a new product offering that doesn’t currently exist, in a space without direct competitors. Here is our review of Blue Ocean Strategy.