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- Herausgeber: Business Book Summaries
- Kategorie: Lebensstil
- Sprache: Englisch
The must-read summary of Michael Treacy's book: "Double-Digit Growth: How Great Companies Achieve It - No Matter What".
This complete summary of the ideas from Michael Treacy's book "Double-Digit Growth" shows how growth is like oxygen for businesses - it's essential. Growing companies thrive and attract all the best talent and resources whereas shrinking companies tend to wither and die. In his book, the author explains how smart managers will acknowledge this and ensure that their companies achieve steady double-digit growth year after year, regardless of the state of the economy, competition and customer demands. By reading this summary, you can learn and apply the five disciplines needed for sustainable growth in your own business.
Added-value of this summary:
• Save time
• Understand key concepts
• Expand your knowledge
To learn more, read "Double-Digit Growth" and discover the key to achieving sustainable double-digit growth.
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Seitenzahl: 39
Veröffentlichungsjahr: 2013
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Book Presentation: Double-Digit Growth by Michael Treacy
Summary of Double-Digit Growth (Michael Treacy)
Book Presentation: Double-Digit Growth by Michael Treacy
Book Abstract
For any business, growth is like oxygen – it’s essential. Growing companies thrive and attract all the best talent and resources whereas shrinking companies tend to wither and die. Smart managers understand that, and make certain their enterprises chalk up steady double-digit growth year after year irrespective of the state of the economy, the competitive pressures of the marketplace, the demands of customer and suppliers or any other considerations.
A study of 130 organizations that achieved double-digit growth year after year identified six key principles they adhered to:
They hedged their bets and spread the risk by pursuing multiple growth strategies, not just one or two.They took small bites – and tried to achieve small gains in multiple areas rather than large gains in just one area.They tried both organic and acquired growth strategies, and balanced these two approaches intelligently.They were obsessive about offering customers a superior value proposition.They created the management capacity to be able to manage growth projects without ignoring their existing business.They put in place a corporate culture and internal processes which encouraged the achievement of growth.So how, specifically, can a business achieve steady double-digit growth? The key factor isn’t so much what industry you operate in as it is mastering and then balancing five key growth disciplines:
In short, to achieve and sustain double-digit growth is a choice every business can make. Any company which applies the five disciplines systematically and consistently can and will achieve sustainable growth. The choice is yours.
“Double-digit growth is not a dream but a plausible scenario. If the challenge of double-digit growth appears a bit daunting, undaunt yourself and take heart. The beauty of the five growth disciplines is that any company is capable of carrying them out, consistent with its own particular ambitions and circumstances.”
– Michael Treacy
About the Author
MICHAEL TREACY is a business consultant, management speaker and entrepreneur. Dr. Treacy (a graduate of the Massachusetts Institute of Technology and the University of Toronto) was previously a professor of management at MIT’s school of management. He is the co-founder and chief strategist for GEN3 Partners, a business consulting firm specializing in product breakthroughs. Dr. Treacy’s previous book, The Discipline of Market Leaders, was published in 1995 and was widely acclaimed as groundbreaking.
Dr. Treacy’s Web site is at www.michaeltreacy.com.
Important Note About This Ebook
This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.
Summary of Double-Digit Growth (Michael Treacy)
Growth Discipline #1: Keep the growth you already have
One of the easiest and most direct ways to grow is to slow the rate at which you lose existing customers. Improve your client retention rate so you have a good base to build on. If your business provides good value-for-money, it will usually be easier to retain an existing customer than it is to attract a completely new customer.
It is generally accepted that it’s easier and cheaper to retain an existing customer than it is to win a new customer. Yet despite that, very few businesses analyze what they have to do to retain their existing customers. In practice, there are three key principles of customer retention:
Shape your customer’s value criteria – that is, find out why your customers chose to buy from you and give them more of what motivated them in the first place. You are better positioned to find out more about your customers than any of your competitors are. Use that inside knowledge to your advantage.Increase the cost of switching to someone else – in terms of aggravation, inconvenience and direct costs. This is why many companies offer new customers better deals than their existing, loyal customers can obtain. It may seem unfair, but it helps offset the costs of switching from one supplier to another.Narrow the customer’s alternatives – by embedding add-ons into the product or service bundle in such a way that it becomes difficult to compare one company’s offerings with that of a competitor. When this is done effectively, the number of alternatives which are considered by the customer is reduced appreciably.Applying these principles, there are four basic tactics organizations can use to increase their customer retention rates:
Make your services sticky.
