I was recently asked what book recommendations I would make for fellow entrepreneurs. I started Innovaxis Marketing Consulting business six years ago and the most influential book I’ve read since then is Blue Ocean Strategy. In it, co-authors W. Chan Kim and Renée Mauborgne identify how and why some businesses transform their industry, such as how Yellow Tail transformed the wine industry. They also identify a formula for how these strategies are repeatable—the single largest piece missing from other business books, from my experience.
Here at Innovaxis, our clients utilize our market research, competitive intelligence and product management services in order to apply Blue Ocean Strategy into product roadmap, marketing feasibility and product development efforts.
Additionally, I really like the following books:
- How to Become a Rainmaker: The Rules for Getting and Keeping Customers and Clients by Jeffrey Fox
- How to Become a Marketing Superstar: Unexpected Rules That Ring the Cash Register also by Jeffrey Fox
- The Tipping Point by Malcolm Gladwell
- From Good to Great by Jim Collins
- Pursuit of Wow by Tom Peters
If the market is large and growing, we can become millionaires if we just show up and only get 5% market share, right? Wrong.
One of our clients (who shall remain nameless) exhibited this “Show Up and Win” mentality and launched a series of new products without once asking their customers what they wanted or their distribution channel partners if they would sell these new products over the existing products they had sold for years. The result: even in an exponentially growing market, they could only win <1% of the overall market. Why?
Even if the product were in tune with the customer requirements that would generate the most sales (it wasn’t because they didn’t talk to any customers or channel partners before launch), even great products don’t always “win” even if they are the “best” (see Betamax vs. VHS).… Continue Reading >>