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Contact: Will Weisser
(212) 572-2872
wweisser@randomhouse.com
To be published by Crown Business on June 26, 2001
"Tired of business drivel? If you are ready to step beyond platitudinous mission statements and strategies cooked up in distant boardrooms that have no connection to the trenches where business battles are actually being fought, this is the book for you. It is grounded, readable and honest - just like your business should be."
Paco Underhill
Author of Why We Buy: The Science of Shopping
A glance at virtually any annual report shows that most senior executives believe they know their customers better than anyone else. After all, the depth of such knowledge has gotten them where they are today. Similarly, when Fred Crawford (of Cap Gemini Ernst & Young) and Ryan Mathews (of FirstMatter) began surveying 5,000 consumers about their purchasing behavior, they were pretty sure about what they would find. They already understood why people buy, after a combined forty years experience working in, and consulting with, leading global retailers and consumer products companies.
But when Fred and Ryan analyzed the survey responses, they were stunned by the results, which disproved much of the conventional wisdom about customer behavior. For instance:
As they explain in The Myth of Excellence (Crown Business /
June,
2001,) Fred and Ryan found these and other insights so startling that they tested them with more research, one-on-one interviews with consumers, and countless discussions with senior executives at many successful corporations. The results held up under scrutiny, suggesting that many industries that pride themselves on how well they know their customers have relied on what amounts to prejudice; they haven't really listened to customers at all. Such prejudice creeps insidiously into market research, destroying its effectiveness at the foundation. In fact, these consumers told Fred and Ryan that companies were not listening to them; companies didn't "get" what they wanted; they are too wound up in making their own internal organizations effective. Many customers are simply fed up with all the fuss about world-class and excellence; they want companies to treat them with "respect" and "trust."
Hence the main idea behind The Myth of Excellence - successful companies should not attempt to be outstanding in every function, or else they face "the predictable outcome that the company ends up world class at nothing; not well-differentiated, and therefore not thought of by consumers at the moment of need." Instead, successful companies pick one of the five attributes of every commercial transaction to focus on and dominate in their industry - price, product, service, access or experience. Typically, they should also aim to be above average on a second attribute, and to meet industry par on the others. The authors use this proven model to explain the success of companies as diverse as Wal-Mart, McDonald's, Tiffany's, Best Buy, Dollar General, Procter & Gamble, Southwest, and Gourmet Garage.
Yet across the globe and in all industries, other businesses are wasting billions of dollars sending wrong - and in some cases offensive - messages to their customers, and leaving billions more on the table every day. The Myth of Excellence can help such companies drastically improve their customer relationships. As the authors write,
"We don't believe all businesses are the same; in fact, we don't really believe any two businesses are identical. But we do believe we've found a process and methodology that can be customized and applied to any business, from the corner barbershop to Microsoft, with proportionately equal benefit. It begins by mapping out how all the stakeholders of a business really see that business; moves to an analysis of competitive factors; and finally, allows you to create a future blueprint for your business. We'll also describe the great opportunity that lies just beyond your current grasp - the opportunity to both reduce operating costs and increase top-line sales and profits."
Fred Crawford is an executive vice president with Cap Gemini Ernst & Young (CGEY,) the major international management consulting and systems integration firm. He is an internationally recognized strategist who has worked with a wide variety of global companies. In his current role as managing director of the consumer products, retail, and distribution practice at CGEY, he works with some of the firm's largest and most important clients. He is a sought-after speaker for industry events and a frequent contributor to business and trade publications.
Ryan Mathews is a futurist with FirstMatter, a Connecticut-based consultancy that helps companies understand and prepare for developing trends. A popular international speaker, he is recognized for his expertise and understanding of consumer goods, demographics, lifestyle analysis, retail channels, and e-commerce. He has worked with many companies worldwide, including Coca-Cola, Unilever, General Motors, and Procter & Gamble.
| Crown Business | Hardcover | $27.50 | ISBN 0-609-60820-7 | Publication Date: June 26, 2001 |
Praise for The Myth of Excellence How Great Companies Never Try to Be the Best at Everything
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