Ok, so not until few days ago, Jeff Bezos, founder of Amazon was the world’s richest until he was replaced by Bernard Arnault, the CEO of LVMH, the luxury goods behemoth. Nevertheless, let us take a quick look at the number one secret behind all of Jeff Bezos success.
- Was it selling books?
- His business model has changed.
- Was it Amazon’s website and logo?
- This has also changed over the years.
- Was it the shipping?
- Every other competitor can access the shipping companies.
- Was it the marketing efforts?
- Other companies have spent millions and haven’t attained this success.
- Why is Amazon considered the world’s most innovative company in the world?
- They are always pushing their boundaries to stay ahead of the market.
- Why do they crush every industry they participate in?
- They have set the standards incredibly high for most businesses.
So, what’s Jeff’s secret?
True customer obsession!
This is the key principle that keeps Amazon relevant, competitive, and growing.
Without this obsessive focus, all companies eventually stagnate and become irrelevant, start to decline, and ultimately die.
To answer your question:
- Don’t define your business by the product you sell or by the way you sell it.
- Instead, define your business by who you serve, not what you do or what you sell.
This has been the secret of Jeff Bezos:
Be customer-centric; NOT product-centric.
Every rule of running a successful business resumes in this obsessive focus on your customers.