Many entrepreneurs and small business owners look at Amazon with envy. And who wouldn’t? It’s hard to look online without stumbling across the company or one of its subsidiaries in one form or another. Before you know it, Amazon will be using the bitcoin loophole to rake in even more money. So, the question is: can businesses use Amazon’s marketing strategies? The answer is yes, and here’s how.
Amazon’s Business Model and Growth Strategy
When it comes to revenue per visitor, Amazon sets the bar. No matter the website or industry, this is a very important metric. The goal must always be to secure as much revenue as possible from the individuals that visit the website.
This success is down to 3 major rules that Amazon says are key. They consist of:
- Making wise investments
- Using a strategy that makes sense
- Focusing on your core business strengths
Keep this firmly in mind and apply it to your marketing strategy.
Looking at Amazon’s Mission Statement
When Amazon was created, it had a simple yet ambitious mission statement. ‘To offer Earth’s biggest selection and to be Earth’s most customer-centric company.’ However, this statement soon evolved as the company began to grow even further and branch out.
The point that can be taken away from this is clear: as the company grows, changes and adapts, its marketing strategy must too. Always look closely at your business, and the industry you operate in. Look at trends and pivot your business towards them to maximise opportunities and revenue.
Current Marketing Strategy
You don’t need to read Amazon’s marketing strategy to determine what it is, it is easily discernible with a cursory look at the website. It consists simply of the following:
To provide customers with convenience, low prices and a large range of merchandise to choose from.
By following this strategy at all times, Amazon has achieved amazing customer loyalty, leading to countless purchases from existing customers. This differs considerably from competitors that have tried to rival them. A major reason is because these opposing companies weren’t able to gain the same level of customer loyalty.
Following this, we can see some of the main features that help Amazon implement their marketing strategy.
- Secure payment systems
- Allowing customer reviews
- A section for in-depth product information
- Website site pages that are suggested as recommendations
- 1-click checkout
- Easy item browsing
In addition, the community is encouraged to create content regarding the items they’ve purchased. This again helps spread items that are sold on the e-commerce website, improving Amazon’s audience reach.
Utilising AI and Other Innovative Technologies
Although it’s hard to compete with Amazon with their massive investment into the development of AI and machine learning, this doesn’t mean other businesses can’t do the same, albeit on a smaller scale. For example, Amazon has invested heavily in high-performance transaction systems, business intelligence, data analytics and more.
What needs to be understood here is that through the development of technology, finding ways to enhance convenience will have a significant impact on how customers view your business.
Conclusion
From understanding how Amazon’s marketing strategy operates, key aspects can be identified and used in many other companies. The best approach would be to take an in-depth look at your business, see what the weak areas of your current business are and see how the Amazon marketing model can be applied.