Every small business owner wants to achieve success and reach new heights. Entrepreneurs often look up to their competition or even up to large and well-established companies. Since Amazon is the world’s largest online retailer, it makes a great study case. After all, it initially started out as a small garage-based business and in less than 20 years time, it managed to reach an annual revenue of over $74 billion. Here are some valuable small business lessons, which every business person can learn from the biggest internet company today.
Expand beyond your initial business idea
Have bold dreams about the future of your business. When Amazon.com was first launched, it was managed from a garage and it offered only books. With time, it started to expand and grow. As a result, today it sells almost any kind of items you can think of. In addition to that, the internet giant offers various web services and it even has it own personal electronics products on the market. Therefore, always look for ways to develop and expand your small business even if that takes you out of the comfort zone of your professional expertise.
Don’t hide negative reviews
Amazon.com is a true game-changer when it comes to consumer reviews and business. It was one of the first platforms to allow shoppers to rate products and share their opinion on them. It even offers entire product rankings based on reviews. Various studies now show that consumers’ choices are more easily affected not by ads, but by fellow consumer reviews. If a product or a service you offer receives a negative comment, do not delete it or roll your eyes at it. Instead, do your best to improve it. Also, if a product does not appeal to one group of clients, it does not mean that it won’t have success among another.
Be everywhere
Similar to other large corporations, Amazon has developed its own business and consumer ecosystem. It has its Kindle brand, Amazon Prime services, an app store, a cloud platform and many more. However, unlike most of its competition, its ecosystem is quite flexible and open to rival ecosystems. For instance, it offers mobile applications for Android devices and now it even lets shoppers order via Twitter. So, it makes shopping faster, more convenient and easy for consumers. That is a sure recipe for gaining loyal clients.
Everything you do, do it for the customer
Many small businesses are guilty of focusing only on the completion and overlooking the wishes and needs of their customers. Assuming that your rivals have a better strategy and copying them for that reason is mistake. They may be doing the same thing by trying to steal ideas from you. Amazon seems to be well-aware of that. For example, the company’s first attempt on the personal electronics market was not a smartphone. While all other technology brands were rolling a smart handset after a smart handset, Amazon was focusing on more untapped market niches like eBook readers and tablet PCs. Whenever you are planning your next business move, think about what your customers want and lack. That is what truly matters.
Certainly, Amazon can teach small businesses many other lessons, but these apply for companies of all categories and sizes. In addition, they are simple enough to learn and to practice.
