Are you planning to launch a business but obsessed with how to make it work? Do you own a business and it is not working out as you expected?
Your business can be just as productive as any successful one out there, you just lack the essential secrets very important for the success of your business. This write-up is targeted to helping you analyze a few strategy and secrets that have helped Amazon become a household name and a standout company over the years has dominated The United States, parts of Europe and extending to Asia.
Work hard, have fun, make history. The corporate slogan of Amazon makes clear one of the basic remarkable characteristics of the company. Bezos started selling books, not by chance, but because it is a universal product which has many references and whose power is not concentrated in few publishers, and his dream from the beginning was to create a catalog where you could find everything on Earth. That ambition is what has continuously led the company to grow and grow to gain market share, often sacrificing profitability in favor of a long-term vision.
The CEO Jeff Bezos started the company from scratch, he can now be proud of a truly successful business as he stands as one of the world's richest men. You too can learn from his strategy and expand your horizon and success would come knocking. It is very paramount to note that starting a business can be very time-consuming. If you choose something that does not please you, it will be difficult to support the hours spent on your project. Choose a business that you find very fun which you would be happy to give huge time and attention to. It is important to have fun doing things that bring you pleasure. You will get the most satisfaction in the business you really care about 100%. The business world changes every second, so never get carried away to think that your work is done, it is vital that you are always on the lookout. Launch your product on the market once you are convinced of the difference it can make.
Jeff Bezos said: "We know customers like products at low prices. We know the customers as the great selectors. We know that customers like fast delivery. And we know that these things are going to be a reality in ten years. They are going to be a reality in 20 years. So we can count on those things and we can put our energy into them". When Bezos says, "we know what customers like" he means that Amazon customer research shows that there are three crucial things: price, selection, and speed.
The data analysis confirms that these are the main drivers of customer satisfaction and loyalty of Amazon, which outperforms its competitors in these three aspects as Amazon became the number one company in the ranking of customer satisfaction in all industries. When you know what elements of your experience with clients inspire loyalty, and you are certain that these will be the main underlying drivers for a long time, you can put your energy into them.
A sustained effort and investment in creating an experience that inspires customer loyalty will dramatically increase financial profitability. According to a recent Harvard Business Review, companies that are loyalty leaders in their industries grow twice the Annual Growth Composite Rate of average companies in their industries for over 20 years.
The firm has always opted for loyalty even if it was not profitable in the short term, in the end, they do not stop selling everyday things, but in a very efficient and competitive way. In fact, one of the mantras Jeff Bezos has always repeated defines this thought well: "Obsessed by the client and not by the consumers. We look for competitive prices, we think about how to innovate, to make the purchase easier. Before considering financial aspects, in your company, you have to ask yourself what you can do better for the client.
The result of this approach has brought innovations that now seem habitual, but that was born in Amazon and helped to develop the e-commerce as we know it: the evaluation of products by buyers, the wish lists, the purchase in a click and the facility to make returns.
A large catalog and a good customer experience, with logistics as a cornerstone, explain the company's business model, which has not changed since that sketch that Jeff Bezos drew on a napkin in the 90's when he was looking for financing. The first thing customers do when they enter an e-store is the selection, so its important that they find what they are looking for, if that is true and they get a good shopping experience, more traffic will be generated and with traffic, more sellers will want to have their products in that platform, which in turn will give more selection and start over. The model feeds back and generates growth, which translates into the scale, lowers costs and the possibility of offering better prices. This has been one of Amazon's top secret and it has helped overtime in the growth of the company.
In Bezos's own words, "know what customers like" and "put your energy" in delivering those products. Exploring your customer experience can put you a step more ahead than your competitors in these few vital areas.
Without data on your customer experience and the customer experience of your competitors, you are only guessing as you do not know specifically how customers think you are superior, or inferior, to other brands in your category. Sharing a continuous stream of competitive referral data helps focus the competitive spirit and pride of your team on improving the right things.
Customers are becoming more demanding and business people must strive to meet their needs. Establishing a customer service program is an interesting and even necessary solution for business development.
Amazon is rated as having one of the most impeccable customer care services following these few basic principles-
Amazon was started from the scratch, but Jeff Bezos had simple but effective principles that made his firm standout. If you can apply these few outlined secrets and strategy, your business can be as good as his. Be open to new ideas, be innovative and importantly be ready to take your business to the next level.Share on Twitter Share on Facebook Share on LinkedIn