To learn what makes Amazon.com such a great company, listen to CEO Jeff Bezos talk about its recent acquisition of Zappos, innovation, and customer obsession.
Everything Jeff knows seems to be a very short list.
#1 – Obsess Over Customers
Put customers first because ultimately they’ll make or break your business.
Jeff doesn’t clearly state this, but it seems that the main reason for Amazon’s acquisition of Zappos is the fact that both companies (and CEOs Bezos and Tony Hsieh) share similar values, starting with customer obsession.
#2 – Invent
“Don’t accept either/or thinking”, instead invent your way out of any problem.
Invent solutions on your customer’s behalf. You can invent your way out of any box if you think you can.
#3 – Think Long Term
For any company to be innovative or focused on customers needs, it needs to think long term. Some ventures will take 5 to 7 years to pay dividends. New inventions take time to be understood.
Applying the principle to think long term might pay dividends for customers BEFORE benefiting shareholders.
Note: Jeff candidly admits that Amazon has made a lot of mistakes along the way, with the result being Amazon has learned something. You don’t get to know much without trying lots of things and making a lot of mistakes.
“Failure is only the opportunity to more intelligently begin again.”
“If you want to succeed, double your failure rate.”
It’s important to note that innovation isn’t the result of focusing on next quarter’s earnings and short term gains.
In summary, if you want to innovate in your business, you need to obsess over your customers and invent new solutions for them, knowing that you’ll make a lot of mistakes along the way.
For more reading on Amazon’s innovation, visit:
Amazon.com Whiz Jeff Bezos Keeps Kindling Hot Concepts
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