Things you need to know about the book " Hidden Champions of the 21 Century"
The Unsung Heroes of Business
Many years ago, strategy and marketing consultant Hermann Simon coined the term “hidden champions” to describe the mid-level companies that simmer under the surface of the global economy while dominating their markets. These businesses are not only some of the most intriguing companies on the planet, but they are also raking in cash to little or no fanfare. Who needs praise when you’re a huge success at what you do? In his latest book on the subject of hidden champions, Simon sheds light on some of the most amazing companies that are outstanding in their industries but remain invisible in the shadows of the larger corporations that get more mainstream press, such as GE, IBM and IKEA.
Diverse and Dominant
The underexposed businesses that Simon explores throughout Hidden Champions of the 21st Century are as diverse as they are major players in their fields. Many of them come from the German-language and Scandinavian countries that often dominate the world of global exports, but they also appear all over the world. These midsize companies are at the top of their markets and have captured the vast possibilities of globalization, turning the opportunities it presents into billion-dollar companies. A narrow focus also helps them capture more than half — and sometimes up to 90 percent — of their market share. They are often more than twice the size of their nearest competitor. And they grow faster and stronger than those in their field. These small yet fierce businesses thrive thanks to their “enduring, sustainable approach towards global excellence,” Simon writes.
Who are these companies? If you have an aquarium in your home, then you’ve probably heard of Tetra, because the company is a world market leader in aquarium and pond supplies, and the top seller of food for ornamental fish. Although you might not think of South Dakota as the home of a globally dominant construction equipment manufacturer, you have probably heard of its biggest employer: Bobcat, the maker of those compact, industrial and agricultural loaders and excavators.
Other companies that Simon exposes in rich detail include Pretzl, the maker of the world’s most popular climbing equipment, and W.E.T., the maker of the heating technology used in heated car seats.
Focus and Globalization
Throughout his book, Simon demonstrates how these and other hidden champions are able to focus and capture market share under the radar. While exploring their unique business models and marketing strategies, he also describes the current state of globalization as it works today. Chapters on customers, products, services, competition, financing, organization and the global business environment provide the powerful details that can help other companies develop similarly successful strategies.
Wrapping up Hidden Champions of the 21st Century with a clear description of the many lessons that can be learned from the hidden champions of the world, Simon goes beyond cheerleading for these marvelous companies and leads the way for other businesses to transform themselves into champions with a practical, advice-filled guide.