Book Reviews

The Next Economy

Elliot Ettenberg (McGraw-Hill)

Slowing sales growth, declining customer loyalty and weakening margins – These are some of the consequences being experienced by businesses as we move into the era of what Ettenberg refers to as “The Next Economy”.

Every aspect of business has been reinvented over the last decade. This book builds a convincing assessment of how the current decade will pan out. Ettenberg then explains a marketing approach to cope with the implications of the economic and demographic changes taking place.

Where will your future customers come from?

The 4 P’s (product, promotion, place, price) as a marketing formula are no longer effective. Ettenberg argues convincingly that the 4 R’s (relationships, retrenchment, relevance, rewards) are the way to create a compelling reason why customers should do business with you.

Mass marketing won’t work. Identify your best customers, understand how they buy and concentrate your marketing on this area.

This book is well worth a read.

Contributer: Rowland Aarons, Brooks Green.

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