What started off as an online site to buy books has become one of the biggest ecommerce firms in the world, making its founder Jeff Bezos the world’s richest man.
The CEO of Amazon, Jeff Bezos spent a major part of his life creating and conceptualizing the first online business platform, thereby revolutionizing the ecommerce ecosystem. Today, Amazon has a market capitalization of $707.32 billion and Jeff Bezos became the first person ever with a net worth of $116.6 billion.
Here are some business lessons everybody can learn from ecommerce baron!
Learn From The Right People
Learning is a continuous exercise. Surround yourself with those people who will help you learn and grow instead of pull you down. While hiring people for your company, make it a point to hire those who work well with others and have the necessary emotional intelligence to work well in a team and individually. More importantly, hire people who can teach something new to you and to your team.
Customers are King
Ever since the beginning of Amazon, Jeff Bezos has given more importance to the consumers and the consumer experience over everything else. From return policies to delivery and packaging, he has believed only if customers have a happy experience will they ever come back. Bezos has made it a point to obsess over the customers and not the competitors. While everything else is equally important, if the customers of the company are unhappy, no company will be able to survive.
Listen To The Critics
Any person who is thinking of starting a company or is the founder of a startup should have the ability to tolerate critics. Listening to criticism can help you formulate plans to develop the weaker aspects of your company and increase efficiency and effectiveness. Although it is difficult to take criticism, using such feedback will only help your company grow.
Create A Reputation
The only way to build a reputation is by doing the hard things well. Not everybody is able to get the hard things right. Work on creating a reputation in the society and not just building a brand. A company’s reputation speaks more than its brand image.
Create, innovate, invest, invent, discover and evolve. A company that is not focusing on innovating itself constantly can become stagnant and start to rot. Keep up with the technology, lead the industry with bold changes and take the risks. Sticking to the same old ideologies and strategies can be very dangerous for a company. A startup that is not constantly reinventing itself is not moving forward.
Hire leaders and not just employees
When Amazon was first incorporated, the company had close to 600 employees. Today, Amazon is one of the biggest companies around the world with over 230,000 employees. Work on hiring versatile and talents employees who can become the leaders of tomorrow. The success of a company is affected by its ability to attract and retain a motivated employee base each of whom must think like, and therefore actually be, an owner.
Make A Difference
It’s not enough to just build a big company. Use that company and your influence to make a positive difference in the society. While the world’s second richest man, Bill Gates, set up a foundation for this purpose, Jeff Bezos along with Warren Buffett and the CEO of JPMorgan and Chase, Jamie Dimon recently announced they will be working on giving US workers and their families a better option on health insurance. As of 2017, the three companies combined have close to 840,000 employees. The three giants will be pooling their resources to significantly change the health care industry in the United States Of America. Along with helping the health care system, Jeff Bezos also donated $33 million to a scholarship fund for young “dreamers,” or immigrants brought to the United States illegally as children.
Why Tumblr, Reddit and Quora Are Marketing Goldmines
When brands and businesses look at social media marketing, they tend to overlook these sites such as Tumblr, Reddit, and Quora that are essentially marketing goldmines. Let me tell you why.
These websites will give your brand or business exclusive access to build brand awareness; in a niche market, that is not already saturated. Unlike traditional social media outlets, that require a large amount of following to get your brand noticed. Websites like Tumblr, Reddit, and Quora let brands and businesses directly engage and connect with their audience.
Shall we take a look at the numbers? They speak for themselves.
- Tumblr has 550 million monthly users with a global rank of 50, and 22 in the US.
- Reddit posted 8 billion page views in November 2016. With over 250 million active users every month; with a ranking of 11th in the US, and 26th in the world.
- Quora generates 200 million monthly visitors. The site ranks within the top 60 websites in America, and top 100 in the world.
All three websites work differently, to make the most of each one make sure you do not post the same content on every website. Tailor it, to the needs of that particular website.
￼￼Thirty-nine % of Tumblr’s users are under the age of 25 and they are very clever, so, if your brand wants to gain their attention, the posts are required to be interesting, funny, and most importantly original. Submit a post that looks like an advertisement or a marketing ploy, you’ll find yourself losing followers.
Remember to be always consistent as 47% of Reddit users are online almost all the time, hungry for content.
To make it work on Reddit, make sure your texts posts are relevant to the subreddit where you are posting. As a brand, you should monitor those topics and have a say in your field of expertise.
On almost every other social network, the number of followers is important. People like to proudly flaunt and brag about the number of followers they have. Tumblr is different. It’s rare to find a Tumblr blog which displays the number of followers it has. Tumblr users care more about the interactions they have with other users, they want to build more meaningful relationships.
Quora is a great way to find out what issues are puzzling your current and potential user base, use this information to determine the direction of future content.
On Quora, as long as you clearly state for whom you work, you can also explain how your product can help solve someone’s problem. How’s that for direct marketing?
If you want your brand to reach this untapped demographic of the “cool kids,” then hop on these website bandwagons now!
How Online Marketing Can Be Used To Promote Your Business
First, you need an idea, then you define a target demographic and finally, you make sure your product is of selling value! Once you have all your formative ducks in a row, its time to think of a marketing strategy. In a world that is leaning towards the digital side of life, there is so much one can do to grow a new business. If you are still wondering about how to grow your business the digital way, then these strategies might just help you!
1. Social media
In this digital world, social media just cannot be ignored. This is where all the “magic” is happening. A rule of thumb to follow for social media is to be authentic and true to you as well as to your brand. Your audience can smell pretense a mile away and the moment they detect signs of false promises, your brand is negatively affected. To create a direct contact with your audience, make sure you reply to messages as often as possible. By doing this, you are building a loyal audience for yourself and letting people know that you are open to feedback! Social media is tricky and done right, it can help your business grow in leaps and bounds!
2. Leverage influencers
Influencers are the new flavour in the field of online marketing. If you are looking at a way to increase the online presence of your brand without taking years to build your audience, then influencers are the way to go! Find the right influencer in your niche so that you target the right audience. It is not just about spreading your message. It is about spreading your message to the right consumer base. If you can do this properly, then you can reach a sizable audience for not much money invested when you think about the potential profit it can return.
3. Be different
“Be you. Everyone is already taken.” How many times have you heard this and why does it ring so true? Simple answer? It is! Everyone is already taken, why do you want to sing the same old tune over and over again? With social media being social media, there us the chance of being different by being you. Be original and quirky and uniquely represent your business through advertising and marketing. Show everyone not only why your business is awesome, but why it is head-and-shoulders above everyone else.
The world is constantly growing and with change, comes innovation and creation. No matter what marketing strategy you use, if you do not have an effective sales funnel and optimize your conversions, you will just be throwing money away.
Women Entrepreneurs Who Rule With Their Crew
For generations, male dominance has overpowered every aspect of life. However, women have been working together and fighting the system. While movements like #MeToo and the Women’s March have been helping in empowering women, there is still a gap when it comes to female entrepreneurs. Women in lead roles are a rare phenomenon but when it does happen, everyone stands up to take notice. To stay sane in a forever competitive world, these five friendships are extremely crucial.
1. The Been There Done That One
When you are starting out as an entrepreneur, it is important to have a mentor by your side. When that mentor comes in the form of a close friend, it makes things all the more exciting! Since women face unique challenges in business, it is critical to have this experienced entrepreneur on your side to guide the way forward.
2. The Industrious One
There are friends who talk business and those who avoid the subject entirely. When starting out, it is important to have that one friend who knows the in and outs of the business world. Not only can you geek out together, you can also stay up to date with everything in the world of business and commerce! An added bonus? This friend can keep you sane through the tough times, especially when it seems like no one else understands what you are going through!
3. The One Who Everyone Knows
There is always that one friend who seems to know everyone or who is known by everyone. This particular social butterfly will help you expand your circle in ways you did not know was possible. A friend like this is important for every female entrepreneur to have, giving you the opportunity to grow and expand your business like never before!
When growing, it is important to surround yourself with people who have your interest at heart. Identify the females you need to add to your circle. Then start building those relationships one brunch at a time!
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