Bezonomics - Deepstash
Bezonomics

Bezonomics

Brian Dumaine

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Customer Obsession Over Employee Experience

Customer Obsession Over Employee Experience

Amazon prioritizes customers over employees. It goes to great lengths to offer low prices and fast shipping even if that means no lavish employee perks. Employees are not seen as customers.

Amazon accepts this cost to keep its customer flywheel spinning.

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159 reads

No Holds Barred Competition

No Holds Barred Competition

Amazon plays hardball to beat competitors.

Example: It slashed diaper prices to zero until it could acquire the rival startup diapers.com.

Amazon shoots first in conflicts with sellers, assuming guilt until proven innocent. It directly competes with bestselling Marketplace merchants.

Amazon plays to win at all costs.

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137 reads

Six Page Narratives Over PowerPoints

Six Page Narratives Over PowerPoints

Bezos requires robust six page narratives over slide decks in meetings. Teams labor intensively on these papers to convey their proposal completely.

Bezos absorbs details and anticipates issues. The process surfaces flaws early. Big innovations like Prime survived this gauntlet of critical review.

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117 reads

The S-Team: Loyal Lieutenants

The S-Team: Loyal Lieutenants

Bezos built an inner circle of loyal, long-tenured executives called the S-Team. They share his values, question assumptions and run core businesses.

Bezos signals they could replace him, providing continuity. He even has S-Team mentors to coach him on deficiencies.

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103 reads

JEFF BEZOS

If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.

JEFF BEZOS

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108 reads

Demanding Brutal Honesty

Demanding Brutal Honesty

Like Steve Jobs, Bezos occasionally erupts in angry outbursts at unprepared staff. He demands brutal honesty. While traumatic, these "nutters" are strategic.

He pushes people to their cognitive limits resulting in a loyal, battle-tested team.

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95 reads

Forcing Long-Term Perspective

Bezos takes the long view, thinking in decades and centuries. He developed this perspective early reading about outer space and timescales.

He trains employees and investors to have long-term patience and not sacrifice the future for quick profits.

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85 reads

Making Educated Big Bets

Making Educated Big Bets

Bezos is willing to make big bets, but they are educated risks, not reckless gambles.

Ventures like the Fire Phone failed, but Amazon gained insights it applied elsewhere.

Bezos mitigates risk through testing and iteration. Big bets pay off over time.

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84 reads

Relentlessly Innovating the Flywheel

Relentlessly Innovating the Flywheel

The Amazon flywheel represents an endless loop of value that propels growth.

  • Lower costs attract more shoppers and sellers.
  • This generates data to improve AI and services further reducing costs.
  • Amazonians constantly innovate to accelerate the flywheel's momentum.

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83 reads

Prime Addicted Loyalists

  • Prime's convenience hooks members to one-click buying and fast shipping.
  • They grow addicted and brand loyal.
  • Prime's selection and original content enriches the ecosystem.
  • Members are insensitive to price.
  • Amazon lavishes attention and investment to keep them satisfied and loyal.

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77 reads

Pursuing Revolutionary Innovation

Pursuing Revolutionary Innovation

Amazon pursues revolutionary innovation like 1-click buying, Prime Video, Alexa and cashier-less retail.

Bezos believes in disruptive change over incremental gains. He is willing to wait years for big breakthroughs.

Slow progress is still progress if the end vision is revolutionary.

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83 reads

Preparing For a Jobless Future

Automation and AI like Amazon Go stores will displace retail jobs. Amazon pays for training, but many may turn to Universal Basic Income.

To survive, people can sell products on Amazon Marketplace, but algorithmic Amazon competes there too.

The future of work is uncertain.

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82 reads

Understanding Amazon's Weak Spots

Understanding Amazon's Weak Spots

Despite strengths, Amazon has weaknesses to exploit.

  • It can't offer truly personalized service at scale or all products.
  • Commoditization diminishes its brand power.
  • Competitors can differentiate with niche selection, high-touch service and customization - like Best Buy's Geek Squad.

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93 reads

CURATED BY

lindtho

Media buyer

CURATOR'S NOTE

Bezonomics" was written by Brian Dumaine and published by Scribner on May 12, 2020. The book focuses on Jeff Bezos and Amazon, and argues that Bezos's focus on customer service and the accumulation and analysis of customer data is key to Amazon's success. It explores how Amazon has disrupted traditional retail and changed the way we shop, and also looks at the challenges the company faces as it continues to grow and expand into new industries.

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