It was the summers of the year 1994 and venue was Jeff Bezos parents’ garage where he was architecting some grand plan, a plan that would redefined the way we think about internet shopping, a plan that would changed the way people shopped forever.
Just think over it again, 20 years ago when the power of internet was yet to be untapped he came up with an idea and named it “Everything Store” where people could purchase virtually anything.
And today that Everything Store goes by the name of Amazon.com which is earning in billions and has over 164 million customers worldwide.
Both Jeff Bezos and Amazon.com has taught me some really great things which I would like to share with you people. Here are the top 5 lessons that I’ve learnt from Jeff Bezos and Amazon.com
1.Always “Plan for the Long Term”
According to Bezos,
We can’t realize our potential as people or as companies unless we plan for the long-term.
When Internet was within the reach of fewer people, those were the early days of Internet and at the same time retailing Amazon.com also started. Those were the toughest time that Jeff had ever faced.
At that time he was seeking investment from the various investors but getting investments was not so easy for him because at that time people didn’t know what internet was. As Bezos says:“the first question most of those [investors] had been ‘what’s the internet?’”
Think about it, people didn’t know what Internet was but Bezos knew that people will be buying products off it. And it all happens because of his vision and long-term thinking.
2. Brand Names are Made Only by the Obsession About Customers
Have you ever wondered that why 124 billions of customers comes for shopping at Amazon only??
Why Amazon is so much reliable that people are shopping of worth thousands of bucks daily here?
This is because Amazon Believes in strategy:
Start with the customer and work backwards.
The major reasons behind all these questions and the success of Jeff Bezos and Amazon.com are their obsession about customers. They really do concern about their each and every customer.
As many a times Jeff says that we just focus on customer need and then move backward from there. In one of his interview he says:
We’re not competitor obsessed, we’re customer obsessed. We start with the customer and we work backwards.
This is the USP(Unique Selling Point) of Amazon, if they deliver their best to customers then it will turn out to be best for their business too. Here are the few things that shows Amazon always Obsessed for their customers and the Customers are always Before Publishers.
Amazon.com Invite Customer Reviews
If you go and check the product pages at Amazon.com there you will notice the customer reviews. With the help of this review system, customers can go through the reviews of the various products and hence can make the better choice.
Despite getting scolding from various publishers, Amazon encourages customers to post their thoughts, even if the thoughts were negative. In this way reviews are now one of the best trusted aspects of the e-commerce platform.
Amazon.com: The New Resource for Researching Products
Customer loves sharing their insights and reading others and because all the reviews that has been gathered from the past years, Amazon has become new resource for people researching products. Thus providing an ease for the customers to grab the best.
They Allow Competitor to Advertise On your Site
This is my Favourite one, Amazon allows theirs customers to put their prices too on Amazon. Although it seems quite strange but he did it keeping in mind that it would be best for the customers. Jeff says:
The decision was very controversial inside the company. There was a lot of anxiety around it.
Thus giving more choice to customers. This feature is still present on Amazon.
3. Follow the TWO PIZZA RULE
Jeff Bezos believes in Two Pizza Rule, no team should be too big that it couldn’t feed them with two pizza. He always thinks that communication in a larger group could be terrible and smaller teams tend to work better.
According to Bezos, smaller groups are more productive than the larger one, so the company is organised into independent units of 10 or less.
Amazon believes that large group are more likely to lose the benefits of independent thoughts and all of them will be settling in by agreeing with each other, whereas in smaller ones people can come up with more new ideas hence it tends to have more innovative ideas.
If you think your team is becoming lethargic and hasn’t doing any productive things then you must split it (just like the two pizza rule), It would definitely bring new innovation and enhances the productivity as a whole.
4. Don’t Be Afraid to Apologize
This is what I’ve learnt from the Jeff, don’t be afraid to apologize. If you’ve ever done any mistake in life whether it was intentionally or unintentionally, we must not hesitate to apologize.
Back in 2009, Amazon remotely deleted the copies of the books, “1984” and “Animal Farm” from kindle users that made people very angry (read full story here).
Amazon quickly admitted that the move was a mistake. But what really turned people back towards Amazon was heartfelt apology from Jeff Bezos.
Apologizing might be embarrassing and frustrating for the CEO but his Informal and heartfelt apology even met with praise for his ability to take responsibility for his mistake. Take a look at some replies from customers:
This showed that his organisation do cares about emotions of the customers, that itself speaks louder than million dollar advertising message.
These were the top 4 things that I’ve learnt from Jeff Bezos and Amazon.com and I’m trying to implement them into my business.
So is that same you people are going to do? Which point do you liked the most?