These are troubling times for many businesses. The world is changing faster than we could have ever expected.
Businesses that have been around for decades are sadly slipping into administration, unprepared and blind-sided by changing customer purchase habits and global competition.
So it seems that the Kotler boys latest book is appearing at exactly the right time…
Market Your Way To Growth: 8 Ways To Win
If you are in business you will know that if you are not growing, you are dying. You need to understand the best strategies available to take your business through the current economic bumpy waters. And if you are not updating your skills, and re-evaluating your current marketing methods, you could quickly lose touch with your customers, and revenue can slide.
This seems to be the premise on which the book is is written.
Who Is This Book For?
I feel, like previous texts authored by the Kotler’s, that this book is also directed at big business – the corporates, rather than small business (SMEs).
But the messages and lessons can still be somewhat translated, and the good news is that small to medium sized businesses can usually flex faster and adapt more easily to the fluctuating market and economy.
Early Book Impression
This book gets straight into the content which I like. I’m not a big fan of waffle. The Kotler’s address early on in the book, what they believe are the 9 megatrends affecting businesses, and I do agree with these. I won’t list them all, but I did like –
2. Strategic refocusing from global to regional, regional to local.
This new trend to be at the local level, is causing some businesses to open MORE branches and offices, rather than close them, which happened 10 years ago. In my local suburb in Sydney, I’ve seen new bank branches open recently, and a new Optus store coming soon. At this level, small business has a real chance to grow if handled correctly.
8. Customer empowerment and the information revolution.
Never before in history, has it been a requirement to actively scan the market for, and address customer feedback and reviews. But with the boom of the internet, with laptops, tablets and smartphones, your customers are talking and sharing more than ever before, and the whole world is listening. Those businesses who listen, engage and respond, are in a unique position to ride this revolution all the way to the bank.
The chapters then explain each way they believe businesses can best thrive over the next 10 or so years –
- Grow by building your market share
- Grow by developing committed customers and shareholders
- Grow by developing a powerful brand
- Grow by innovating new products, services and experiences
- Grow by international expansion
- Grow by mergers, acquisitions and joint ventures
- Grow by building an outstanding reputation for social responsibility
- Grow by partnering with government and NGOs
To gain more insight into these ways you can watch this video (Philip Kotler discussing the topic/ book):
I mostly like this book. There really wasn’t anything new for me, but I think it’s a great reference book (rather than a read cover-to-cover). Not every chapter is applicable for every business, but I think at least one chapter is the way of the future for every business.
Especially “Grow by Developing a Powerful Brand”. This theme on branding seems to be popping up again and again, for company branding and personal branding, and the benefits a carefully managed brand can bring.
Have you read the book? Or Kotler’s other books? What do you think of these suggested ways and megatrends? As always, feel free to comment or share your thoughts below.