On Strategic Marketing: An anthology of essays published by Harvard Business Review
On Strategic Marketing is a resource that brings together a collection of insightful articles relating to marketing. The book presents a well-curated selection of essays written by industry experts, thought leaders, and marketing practitioners who offer their insights on a wide range of relevant topics.
One of the book’s key strengths lies in the layout: ideas and frameworks are presented, then backed up with practical applications. The authors provide a solid foundation of marketing concepts and theories, illustrating their relevance through real-world examples and case studies. This approach empowers the reader to grasp the underlying principles of strategic marketing and apply them effectively. Several resources are provided that the reader can implement within their own business.
Another positive is the fact that On Strategic Marketing is not limited to any specific industry or sector. This makes the book adaptable to various marketing scenarios and ensures that readers can glean valuable insights regardless of their industry background. However, it’s worth noting that the vast majority of content in this collection is tailored towards large businesses. With so many small businesses looking to expand their marketing efforts, it would be good to see this considered in future editions.
In addition, the book contains articles that were originally published as far back as 1960 and as recently as 2010. This means there is a gap in this collection when it comes to contemporary digital marketing (despite the inclusion of Edelman’s essay, which is detailed further below). If this book leaves anything to be desired, it’s guidance on social media marketing.
This being said, the information that is included is valuable and worth reading. The various writing styles are clear, concise, and engaging, and the articles are structured in a way that facilitates easy comprehension. This book is suitable as both a reference guide and a practical handbook for marketers.
Here are 10 tasters, one from each essay:
We’d expect the most effective customer managers to have broad training in the social sciences – psychology, anthropology, sociology, and economics – in addition to an understand of marketing.
Marketers have long used the famous funnel metaphor to think about touch points: Consumers would start at the wide end of the funnel with many brands and narrow them down to a final choice. Companies have traditionally used paid-media push marketing at a few well-defined points along the funnel to build awareness, drive consideration, and ultimately inspire purchase. But the metaphor fails to capture the shifting nature of consumer engagement.
What business are you really in? A seemingly obvious question – but one we should all ask before demand for our companies’ products or services dwindle. The railroads failed to ask this same question – and stopped growing. Why? Not because people no longer needed transportation. And not because other innovations (cars, airplanes) filled transportation needs. Rather, railroads stopped growing because railroads didn’t move to fill those needs. Their executives incorrectly thought that they were in the railroad business, not the transportation business.
Instead of trying to understand the “typical” customer, find out what jobs people want to get done. Then develop purpose brands: products or services consumers can “hire” to perform those jobs.
Building and properly managing brand equity has become a priority for companies of all sizes, in all types of industries, in all types of markets. After all, from strong brand equity flow customer loyalty and profits. The rewards of having a strong brand are clear.
As a market, women represent an opportunity bigger than China and India combined. They control $20 trillion in consumer spending, a figure that could reach $28 trillion in the next 5 years. Women drive the world economy, in fact. Yet most companies do a poor job of serving them, a new study by the Boston Consulting Group reveals.
Craft a compelling customer value proposition. Research potential customer enterprises, identifying their unique requirements. Then explain how your offerings outmatch your rivals’ on the criteria that matter most to customers. Document the cost savings and profits your products deliver to existing customers – and will deliver to your new customers.
Although any brand can benefit from a community strategy, not every company can pull it off. Executing community requires an organization-wide commitment and a willingness to work across functional boundaries. It takes the boldness to re-examine everything from company values to organizational design. And it takes the fortitude to meet people on their own terms, cede control, and accept conflict as part of the package. Is your organization up to the task?
The good news is: you don’t need expensive surveys and complex statistical models. You only have to ask your customers one question: “How likely is it that you would recommend our company to a friend or colleague?
In too many companies, Sales and Marketing feud like Capulets and Montagues. Salespeople accuse marketers of being out of touch with what customers really want or setting prices too high. Marketing insists that salespeople focus too myopically on individual customers and short-term sales at the expense of longer-term profits.
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