In the movie Good Will Hunting, there's a great scene where Matt Damon's character handily outsmarts a cocky pony-tailed Harvard student trying to impress his friends at a bar, and one memorable line he said was “you dropped a hundred and fifty grand on an education you could’ve gotten for a dollar fifty in late charges at the public library.” With the skyrocketing cost of b-schools and the ever-escalating competition for jobs, I wonder if that could be true with an MBA. I often get asked by undergrads, interns and young professionals alike if it’s worth doing an MBA. It's a hotly debated topic and one that I’m not going to get into here, but having completed an MBA and reflecting back on my career since, I’ve noticed that my answer to this question is gradually changing. 5 years ago I would’ve said “absolutely” without hesitation; worth every penny. But over the years I've found my opinion shifting. Not that I wouldn’t recommend it today, as I believe an MBA can still be a key stepping-stone in getting to where you want to go in your career (provided that you have a clear understanding of how it’s going to get you there) and nothing can match the invaluable experience and network you build. But it does seem to be harder and harder to justify the monstrous price tag as it may have gotten to the point of diminishing return on investment. Again, whether that’s actually true or not is a whole other debate and potential blog post. In the meantime, however, to those of you who are putting off that decision and are looking for alternative ways to help boost you your career while not sinking your bank account, here are 7 books that I feel capture the essentials of being an effective marketer. Now how do you like 'dem apples!
1. Thinking, Fast and Slow
by Daniel Kahneman
The next big thing in Marketing
is the application of a field called Behavioral Economics.
Essentially it is the study of why people (and by extension, consumers)
make the decisions they do. One of the foremost thinkers in this
space is Daniel Kahneman, where in his book Thinking,
Fast and Slow describes some key findings from his research,
one of which suggests that humans have essentially two modes of
thought: one that is fast, instinctive and emotional, and the other that's
slower, more deliberate and logical. It offers up some revolutionary
thinking around why people are not always rational when making decisions, and
why we as humans struggle to think statistically as we're heavily influenced
by inherent biases and learned heuristics (rules of thumb, educated
guesses). This is an amazingly well-written book especially given
the complex topic and is full of great analogies and examples that really
drive home the point. It's one that you'll frequently go back to for
reference. 2. The Tipping Point
by Malcolm Gladwell
My favorite author,
Malcolm Gladwell, covers in his book The
Tipping Point the concept of how ideas, products, messages
and even behaviors spread like viruses in an
epidemic. Among his theories, he explains the power of the
80/20 rule (also known as the Pareto Principle) and how a
few key "agents of change" – i.e. the "Connector"
who has a wide-reaching network; the "Maven" who is the subject
matter expert; and the "Salesman" who is the charismatic persuader
and negotiator – are really the only combination of factors
required to reach a critical mass or threshold of influence to spark
an epidemic. From a marketing perspective, it certainly provides
perspective in understanding the principles of how to amplify a message
and why things go viral. Gladwell brilliantly illustrates these
theories through recognizable, historical events like the British Red Coat Invasion and
the New York City crime rate in the 80s, to name a couple.
3. The Opposable Mind
by Roger Martin
Written by the
former dean of the University of Toronto's Rotman School of Management (my
alma mater), Roger Martin introduces the innovative concept of
Integrated Thinking which remains the foundation and philosophy of the
business school today. Integrated Thinking is defined as "the
ability to face constructively the tension of opposing ideas and, instead of
choosing one at the expense of the other, generate a creative resolution of the
tension in the form of a new idea that contains elements of the opposing ideas
but is superior to each”. In his book, The
Opposable Mind, Martin explores the notion that like the opposable
thumb – the unique ability of humans to use our fingers and opposing thumbs to
do remarkable things that no other species can do like typing on an
iPhone – great leaders use their opposable mind to generate new
innovative solutions to problems. It
is an intriguing concept and the book covers a perfect balance of academic
theory and practical real-life examples.
4. Grown up Digital
by Don Tapscott
In Grown Up Digital, Don Tapscott
provides an in-depth profile of a coming-of-age demographic cohort he
calls the "Net Generation": a generation roughly between
the ages of 11-30 that literally grew up in the digital age with
social media, smart phones, video streaming, music downloading and photo
sharing. As the Net Generation enters the workforce and becomes
increasingly the target consumer demographic, it’s becoming more critical for
brands and marketers to understand their behaviors, motivations and drivers
that ultimately make them tick. Tapscott reveals how they process
information in a very unique way compared to any other generation before it,
and how to ultimately communicate and engage with them. This book serves
as a useful how-to guide in understanding this important generation and
provides valuable insights that every company is scrambling to wrap their heads
around.
5. Competing on Analytics
by Thomas H. Davenport
There's no question that in
a world that's becoming more digital, and with huge advancements being made in
technology, there's an unprecedented convergence of Big Data, Science and
Marketing that's transforming how businesses view their customers and how
they go to market. In Competing
on Analytics, authors Davenport and Harris lay out a framework on
how organizations can assess their analytical potential and
outlines key steps in building a capability that not only
enables data-driven, fact-based insights, but why
it should become embedded into an organization's culture whereby
every decision from product design to customer experience is driven by the
insights derived from analytics. With markets becoming ever-more
hypercompetitive, companies are racing towards finding any sustaining
competitive advantage, and analytics is increasingly becoming that core
differentiator. The book highlights some great case
studies on how major companies like Netflix, Best Buy and the Boston Red
Sox compete with analytics.
6. How to Wow
by Frances Cole Jones
Arguably the most important
skill that any professional should learn and master is the
ability to present effectively. Content is king, sure, but the delivery of
that content is what ultimately persuades and influences a colleague, boss,
client, prospective client and consumer. In her book How to Wow, Frances Cole Jones goes way deeper than the typical
presentation book of ‘telling a story’ and ‘projecting your voice’. She shares her very practical strategies on
how to sweat the small details and focuses on subtle but important situational
tips and tricks that make a lasting impact, like what to wear, having the
proper posture, making an entrance, dealing with nerves, reading non-verbal
cues, and how to harness the power of emphasis.
This book will feel like your personal presentation coach that you can
take with you and is laid-out for easy reference for when you need that quick refresh
before the big meeting. It’s a great book that covers all the details from
presentation prep to meeting follow-up, which is helpful because the key to any
great meeting is to be prepared for it. This book will definitely help you do that.
by Michael Watkins
As you become
more upwardly mobile in your career and face new roles with exciting new challenges
(along with all the new responsibilities that come with it), you want to make
sure that you hit the ground running in your new role and get off to a productive start. In his internationally bestselling book, The First 90 Days, Michael Watkins
outlines a step-by-step framework to transition into your new role and provides
proven strategies to set you up for success within the critical first 3 months
of your transition by securing early wins, setting the right expectations and
criteria for success, accelerating your learning curve, and matching your
strategy to your situation. Whether
you’re a first time Manager or a Managing Director, or are in a Start-up,
Turnaround, Realignment or Sustaining situation, the strategies in this book
are applicable to all managers in transition and provides a VERY useful and
structured approach to managing that transition. Oh, and did I mention the book also includes
checklists, tools and self-assessments to track your progress? Definitely a must have.
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