Your mission statement is not a random combination of words. It highlights your organization’s philosophy and the strategy you are adopting to achieve your long-term goals. It defines how you run your business. However, the best mission statement is the one that focuses on the customers. That is why Amazon’s mission statement remains one of the best in the world. So, in this article, you will learn how to use Amazon’s mission statement as your growth strategy.
Every successful entrepreneur has one mindset – customers are always right. The statement is as meaningful as it was in 1909 when Harry Gordon Selfridge made it.
Regardless of the products you sell or services you render, it’s important to know that your customers are never wrong. And if you want your business to stand the test of time, you must have a customer-centric model in place. That is the easiest way your company can be as successful as Amazon.
In today’s business world, Amazon has a better business model. Jeff Bezos built every aspect of the company around customer satisfaction.
You may be wondering, what is Amazon’s mission statement?
Well! The statement is “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavor to offer its customers the lowest possible prices.”
Now you see why Amazon remains the largest e-commerce company in the world??? The magic is in the mission statement. And you understand why you should learn how to use Amazon’s mission statement as your growth strategy.
Some key areas in Amazon’s Mission Statement
According to the mission statement, Amazon aspires to;
- Be the most customer-centric company in the world.
- Discover anything you might want to buy online
- Offer lowest possible prices
Since 1997, Jezz Bezos promised to focus Amazon on customers. The strategy made him the richest man on earth and also positioned Amazon as one of the largest in the world.
Read Also: Tips for Selling Online Courses
So, if you want to dominate your niche, here is how to use Amazon Mission Statement as your Growth Strategy;
#1. Center Your Business Activities Around Your Customers
Let’s reflect!!! What makes Amazon different from every other e-commerce platform? It’s simple, the customer is the heart of all their policies.
For instance, in a 2013 interview, Jezz Bezos said he would define Amazon by his big ideas. The big ideas are; customer centricity and putting the customer first before any other thing.
Funnily, Amazon’s big ideas about customer centricity and putting the customers first aren’t mere theories. It’s the basis of their operation.
From prime delivery, one-click ordering, to real-time assistance, all the platform’s activities are customer-friendly. It’s little wonder that Amazon is a multi-billion dollars company.
And the company will always be the leader in the e-commerce niche except they fall short of their customer centricity philosophy.
So, if you want to achieve real growth in your business, you should focus more on satisfying your customers than profit.
Once your customers are happy with your service, they will become the advocate of your business. Such goodwill worth more than a million dollars.
#2. Release New Products Specific to Your Customers Needs
One of the best ways to use Amazon’s mission statement as your growth strategy is to release new products specific to your customers’ needs.
For instance, when Amazon started in 1994, most people know little or nothing about buying online. So, there were trust issues.
But because of the company’s emphasis on customer-centricity, it was able to build trust over time.
Amazon’s customer-centric philosophy made it easier to identify customers’ needs and release new products specific to those needs.
So, whenever you are creating a new product or service, always consider your target customers. If possible, carry out a customer survey to ensure that your new product solves their everyday problem.
#3. Invest in Research and Development
You can’t get relevant information about your customers’ needs from the comfort of your home. So, It’s important to invest in research and development; that’s one of the ways to use Amazon’s mission statement as your growth strategy.
Surprisingly, every customer won’t hesitate to tell their problem if you ask them about it. But don’t just ask, it’s also important to listen keenly to them as they tell you their challenges.
If you want to establish a customer-centric growth strategy, you must invest in research and development.
For instance, Amazon invested a whopping $42.7 billion in Research and Development in 2019. The company’s investment in Research and Development shows its commitment to a positive customers experience.
Of course, you may not have $42 billion to invest in Research and development. But try to pay attention to this area. It will go a long way to help you establish a customer-centric strategy.
#4. Diversify Into New Trending Market
One of the best ways to use Amazon’s mission statement as your growth strategy is to diversify into a new trending market. If you notice, Amazon has been consistent with its diversification and innovation over the years.
Once the E-commerce giant identifies new areas that will help solve customers’ problems, they don’t hesitate to delve into it.
For instance, within the last two decades, the company has developed several innovative products like Kindle, Alexa, Amazon Web Services (AWS), etc.
According to reports, Amazon Web Services (AWS) accounts for about 50% of Amazon’s profit. So, diversifying into a new trending market can help you achieve sustainable growth.
As an entrepreneur, it’s crucial to keep an eye on new and emerging markets. It will help you to meet your audience wherever they are. And this will foster long-term customer loyalty.