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.
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Ever wondered what strategies make Apple, Amazon, and other juggernauts so successful? Better, Simpler Strategy by Felix Oberholzer-Gee shares top ins...
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Amazon entered the billion-dollar e-reader market dominated by Sony's Librie. Sony had a great product, a first-mover advantage, dominant market share and a big marketing budget. Despite these advantages, Amazon won a 62% market share within just five years. Amazon won because it offered free 3G internet access, which enabled users to instantly download e-books, while Sony users had to rely on computers. The product-centric Sony focussed only on a great reading experience which it knew would influence the customer's purchase decision. Amazon, in contrast, focussed on WTP and improved convenience across the customer journey.
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