Summary: How to Grow When Markets Don't

Book excerpt: The must-read summary of Adrian Slywotzky's and Richard Wise's book: "How To Grow When Markets Don't". This complete summary of the ideas from "How to Grow When Markets Don't" shows that for many years, the answer for growth creation was thought to be product innovation – a better product. However, as every company creates more and more products, ever faster, this is proving more difficult. Customers are not willing to buy another product just because it is slightly better. This summary suggests a more effective strategy: “demand innovation” – identifying and serving the customer needs which arise naturally out of the sale of existing products and services. It’s very possible that your company will have hidden assets that, if used properly, can generate value. Examples of this include access to and knowledge of your customer base, and technical expertise in your industry. This summary takes the reader through a five-step process to harness demand innovation. The authors encourage companies to look at customer interaction at the beginning of the process, not the end; they suggest being aware not only of assets but of liabilities holding you back, such as a mismatch in skill-sets or distributors having veto power over development. Added-value of this book: • Save time • Understand key concepts • Increase your business knowledge To learn more, read "How to Grow When Markets Don’t" and discover a compelling blueprint for long-term strategy and short term, applicable changes.