Small businesses can apply Amazon's strategy by first understanding their customers' willingness to pay (WTP) for their products or services. This involves conducting market research to understand what customers value and are willing to pay for. Once this is understood, businesses can then focus on improving convenience for their customers. This could involve simplifying the purchasing process, offering fast and reliable delivery options, or providing excellent customer service. By focusing on these two areas, small businesses can increase their value proposition, attract more customers, and ultimately grow their market share.
Ever wondered what strategies make Apple, Amazon, and other juggernauts so successful? Better, Simpl...
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