A Very Good Marketing Strategy Book
Another very good book about marketing strategy – and, more important, growth strategy: The Inside Advantage The Strategy That Unlocks the Hidden Growth in Your Business, by Robert Bloom.
Bob Bloom is the (now semi-retired) U. S. CEO of Publicis Worldwide. He got there by starting from a small base working for his father’s ad agency in Texas. By helping his clients there to achieve spectacular growth, he did the same for his firm…and his career.
Bob’s essential insight is that “…every enterprise has at least one strategic asset – one existing strength – that can form the foundation for future growth.” This is the Inside Advantage. Too many companies – and their aggressive, go get ‘em CEO’s – get gummed in chasing after the latest fad, some hot new idea, or some such and overlook the fact that they probably hold within their current way of doing business, their current employees, and their current core customers the nuggets of how to achieve rapid growth.
“The easiest and most profitable growth will be achieved by adding additional customers very much like your current most valuable customer.” This is one of many sidebars/callouts in The Inside Advantage. Like most genius, it is striking in its simplicity, obviousness, and ease of being overlooked or ignored. To see why this is such an important insight, consider the extreme: How much time do you think the executives at spectacularly successful McDonald’s or Subway spend trying to entice Sports Illustrated Super Models (who probably consume a half stick of celery per day) into their restaurants? You’re right: ZERO. These companies understand their core customer and spend all their time trying to attract either A) more customers like them or B) more dollars from them.
Bob includes on his website four Growth Realities:
1. A business that is not growing is a business that cannot be sustained.
2. Inside every business there is at least one strategic asset - an undiscovered or underutilized strength - that can form the foundation for growth
3. Finding this hidden strategic asset, nurturing it, and becoming well known for it will grow the business
4. Growth from the inside is the surest, fastest and most economical way to expand any size or type business
Interestingly, Bob maintains a website, but not a blog. Drew McLellan, who introduced us, and I are working hard on Bob to mend his ways and start blogging. Then, perhaps, just perhaps, Drew and Gavin will invite him to contribute to next year’s Age of Conversation. And, perhaps we can enlist people like CK Kerley and Kaitlyn Wilkins on this one…it’s time they got back to blogging about marketing (or at least ketchup) and not the election.
The book includes many case studies or war stories. My personal favorite involves T-Mobile who, when faced with the need to “transition” from their old (U. S.) brand name, Voicestream, to T-Mobile might have chosen a traditional, drawn-out-for-years “evolution” plan, including ads explaining the change and all the reasons why it is good for “all of our valued constituencies…blah…blah..blah” until the entire world keeled over from boredom. Instead, T-Mobile determined to be assertive, aggressive, presumptive, and to capitalize on what they had: better prices, better service, a global brand name, and a celebrity endorser. Her picture is at the bottom. Ten points for those who guess her name.
Of course, Bob’s book does include a four-step “How to,” to which he refers as The Growth Discovery Process:
Who + What + How + own It! = INSIDE ADVANTAGE
WHO – Who is the core customer of the enterprise. This defines the potential customers most likely to buy the product or service in the quantity required for optimal profit.
WHAT – What is the inside offering that the business will own and leverage. This tangible and emotional customer benefit is the company’s inside advantage.
HOW – How becomes the persuasive strategy that will convince the core customer to buy the firm’s uncommon offering vs. all competitive offerings. This sells WHAT to WHO.
OWN IT! – is the series of imaginative acts that will celebrate the company’s uncommon offering and make it well known to its core customer. Through these acts, the company or brand becomes what its uncommon offering says it is. It’s the fun and magical part of the Growth Discovery Process.
This is a very good marketing strategy book and you can finish it on a single airplane ride. Buy it! Read It!
By the way, these are pretty good marketing books, too:
This week’s quiz: Which of these is CK, Kaitlyn, the secret celebrity endorser for T-Mobile, Gavin, Drew, or me?
