Islam and competitive advantage in marketing
BY NURHAFIHZ NOOR ON NOVEMBER 2, 2014
Upon the launch of my latest book “40 Hadith Reflections on Marketing and Business“, I was asked by a reporter on why I saw the need to write the book.
After about 10 paragraphs of responses which hovered around several reasons back and forth, and a few days later, I realised that the fundamental reason has to do with strategic marketing and competitive advantage. In a nutshell, here are my thoughts:
Islam, with its principles, ethics and practices, should be able to offer all businesses a real competitive advantage such that they are able to better create, communicate and deliver value to their customers, employees, even other businesses and the environment in a more sustainable manner with better differentiation and / or lower cost, with better and fair returns in profitability to business and society.
In other words:
Islam should be able to make businesses better for all. Because the core of the Islamic belief is that Islam is a blessing for all, including a blessing for the business industry, including a blessing in being able to make more profits as supposed to conventional business without Islam, including a blessing for even non-Muslims to adopt new models to do business with the Islamic framework for its better benefits.
The model is still a work in progress at the time of this writing. However the air of optimism cannot be denied, with Islamic Finance leading the way, and Islamic markets opening up new industries such as Islamic hospitality, and new graduates trained in marketing fields who are also understanding of the Islamic spirit, fueling the momentum.