There are many individuals who manage to create very successful ventures, but every once in a while there is a phenomenal person that takes things to the next level and accomplishes incredible things. Today, we are talking about one of the most popular modern business masterminds in the world and that is Jeff Bezos, also known as the king of ecommerce. We will go over four of the most important reasons why he is crushing ecommerce and how you could do the same thing if you follow these tips.
Day 1 attitude
Jeff Bezos has made his “day 1” philosophy quite popular at Amazon and there is no question that it has worked for him. The day one attitude is all about working on progress, innovation accelerated growth. This comes from the fact that most people will give their biggest efforts when they are starting out any project, but that intensity and that dedicate start to slow down until there is no progress at all.
According to him, “day 2” is basically when you start the process of irrelevance and then you start to decline at a fast pace until your business is basically dead. This is the reason why every day is day 1 at the Amazon camp and Jeff Bezos makes sure that this philosophy is always reinforced.
It’s 23 years now and day 1 is still reinforced. Amazon continues to innovate and maintain their high level of efficiency in every aspect of the business. The philosophy works for them and it’s very likely to work for you.
Fail to succeed
If there is one thing that all successful business owners will tell you is that they embrace and welcome failure as an integral part of the road to success. It’s really that simple. In order to succeed, we need to be able to fail and we need to tolerate a high number of failed attempts.
The trick is to be able to improve after each failure in order to hit the target. Experimentation is essential and improvement based on that experimentation is even more important. Jeff Bezos has always mentioned that he believes in the importance of trying new things and learning from failed attempts. Keep in mind that all large and successful companies have a huge list of failed projects behind them and they are constantly failing in new projects, but this is simply part of the process to succeed and innovate.
Innovation
Jeff Bezos is a firm believer that in order to innovate, your customers need to adopt your innovative ideas. If you come up with an innovative way to approach your business, but your clients are not into it, the truth is that this is not innovation and you are not achieving anything from it.
He also believes that being frugal has always helped encourage his innovative thinking. The same goes for the way he runs Amazon and how he makes sure that frugality plays a major role in the process. This helps the team think outside the box and that is the main ingredient of innovation.
He also believes that the first sign of innovation is to be misunderstood. When people have no idea what you are talking about or they don’t understand your angle, you might be on to something. Amazon continues to grow and evolve and Jeff Bezos believes the less they charge their customers, the more innovative they will be.
Customer Focus
Being customer centric is the Holy Grail for success according to Bezos. He believes that there is nothing in the entire business that deserves more focus than this and he is right. The customers make the company because they provide the source of income. He emphasizes how you should always think of your customers are guests to a party you are throwing. Make them feel like they are experiencing something so good, they won’t ever need to call your customer service department.
A company is only as good as the customer satisfaction levels they are able to achieve. That is what it all comes down to and Jeff Bezos knows this. If you feel like your customers are secondary, your business is always going to be mediocre at best. Think of customers as the ultimate source of wealth and the priority and focus of every new strategy you create.
Final Thoughts
The truth is that the business world is in a constant state of evolution and people like Jeff Bezos are aware of this. That is the reason why he focuses on innovation, customer service, embracing failure and most importantly, living in a state of “Day 1” excitement, drive and purpose. If you follow these 4 essential tips, you will take your business to a whole new level.
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December 08, 2020
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