Sagacious Business Nuggets From Jeff Bezos
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Many of the young budding entrepreneurs would look for inspirations from tycoons like Bill Gates, Warren Buffett, Steve Jobs, etc. Jeff Bezos is one of those most underrated personalities, from whom we have a lot to learn! He is the man behind the humongous online retail store – Amazon. With a net worth of over 149 billion dollars, his path-breaking success story has a lot to teach the young entrepreneurs.
Let’s have a look at some of the critical lessons from Jeff Bezos for running a successful business or company.
1. Make a Call Before They Start Complaining
All of us know that customers are an essential part of a business. The Amazon founder has always been trying to take this point to the next level. Bezos still kept customer satisfaction on the top of the priority list.
According to him, customer satisfaction is the base of a perfect business prototype. If implemented with the right business strategies, customer satisfaction can become a company’s biggest strength in the competitive dynamic business environment.
Amazon was started to become the most customer friendly, customer-centric company. No wonder why it is one of the most successful companies in the world today.
Just as Bezos says, “the best customer service is when your customer doesn’t need to call you” Your customer service should be so compelling that they shouldn’t bother to call you for numerous issues and complaints. Instead, you must ask them for timely feedbacks about how you can make their experience better with your company.
2. Everything Figured out is Boring
Never refrain yourself from taking the risk. Earning a massive profit in business takes a lot of courage to face threats. Once you have everything figured out, then there is nothing like risk in your business activities.
Therefore, when Bezos says “It is not an experiment if you know it is going to work” It merely means a business owner should always be ready to take risk as it will help you learn something new if you fail at it, and it will help you invent something unusual if it works according to you.
If you know something is going to work, then it is indeed not an experiment.
3. it’s Fantastic if People are Talking About Your Brand
In the initial days of Amazon, Jeff couldn’t afford a marketing budget. The sole way to make his company popular was to make it a familiar name in public. This could only happen if the company were good enough that people can’t stop talking about their experience with the company. This is known as word of mouth marketing.
Word of mouth is an influential tool for the businesses and company with a low or no marketing budget. When customers discuss their fantastic experience with others, it ultimately builds a great image of your business and builds trust among people.
During the struggling phase of a company or business, there is nothing better than spreading words of praise by the customers about their experience.
4. Flexibility and Stubbornness Goes Hands in Hands
While trying to invent, you need to be both stubborn and flexible at the same time. Jeff Bezos is one of those personalities who nicely understand the value of impossibilities. No matter how hard or impossible it looks like to be both stubborn and flexible at the same time, but that’s the strength of Amazon, says Jeff Bezos.
Lack of obstinacy in business will diminish the chances of you experimenting with the company and most probably, you will no longer believe in the idea of experimenting.
On the other hand, being flexible is also important because if you are not flexible, you will keep working according to the same plan and get no different results. Therefore, to get different and positive results, you need to make changes in your ideas and strategies and for all that, being flexible is most important.
Flexibility and stubbornness go hands in hands not only in business but also in everything including life. Sometimes you need to be stubborn; sometimes you need to be flexible, sometimes both at the same time!
5. Be Afraid of Not Evolving!
If you are not used to the changing business environment, if you are not ready to evolve timely, then there is nothing hazardous than that! People with narrow minds fear change. Jeff Bezos is one of those personalities who are afraid of not changing time to time. This is something that keeps him going and inventing new things rapidly.
This has helped Amazon to reach the top and become an ever-evolving business company. Started with selling books to the people, Amazon is just expanding and evolving with every passing year since its commencement.
Now, Amazon has made us available almost everything, from electronic devices to groceries to clothing. But it didn’t happen overnight; it took years of hard work and a whole lot of innovative ideas from the boss himself.
6. Brand Value Matters
Once a customer buys a product or service from your company, He might not remember the face of the company’s owner, the managers or employees, but he will never forget the way you treated him. While discussing the qualities and shortcomings of a product or service, people don’t necessarily talk about the owners of the company, but they merely talk about the brand!
The brand and its owners are separate legal entities, right? Therefore, if your product and services are not good enough, your customers will not leave you, but they will go to your brand for sure.
In the words of Jeff Bezos, “your brand is what people talk about when you are not in the room” It’s not about your face value; it’s about your brand’s face value that matters.