We are really buying time from Amazon
People don’t buy products from Amazon, they buy time. “We offer low prices, vast selection, and fast delivery, but imagine we ignore all of that for the purpose of this estimate and value only one thing: we save customers time,” says Jeff Bezos. “Customers complete 28% of purchases on Amazon in three minutes or less, and half of all purchases are finished in less than 15 minutes. Compare that to the typical shopping trip to a physical store – driving, parking, searching store aisles, waiting in the checkout line, finding your car, and driving home. Research suggests the typical physical store trip takes about an hour. If you assume that a typical Amazon purchase takes 15 minutes and that it saves you a couple of trips to a physical store a week, that’s more than 75 hours a year saved. That’s important. We’re all busy in the early 21st century.”
Bezos’ Last Letter to Amazon Shareholders
In Jeff Bezos’ first letter to Amazon shareholders back in 1997, he shared a pretty ambitious goal, about building a company “that would reinvent what it means to serve customers by unlocking the internet’s power.” Amazon has done exactly that. 23 years later, he wrote his last letter to Amazon shareholders. Here are some of my favorite excerpts:
Create More Than You Consume
If you want to be successful in business (in life, actually), you have to create more than you consume. Your goal should be to create value for everyone you interact with. Any business that doesn’t create value for those it touches, even if it appears successful on the surface, isn’t long for this world. It’s on the way out.
The Employee Experience Needs to Improve
It’s clear to me that we need a better vision for how we create value for employees – a vision for their success. We have always wanted to be Earth’s Most Customer-Centric Company. We won’t change that. It’s what got us here. But I am committing us to an addition. We are going to be Earth’s Best Employer and Earth’s Safest Place to Work. We are flexible except on matters of vision; we are stubborn and relentless. We have never failed when we set our minds to something, and we’re not going to fail at this either.
Since the start of the pandemic, customer satisfaction has been dropping like a rock. According to American Customer Satisfaction Index (ACSI®), overall customer satisfaction has now dropped in nine of the past 10 quarters and puts ACSI at its lowest level in 15 years. Overall customer satisfaction is at 73.6, its lowest point in over 15 years.
What is behind all the deteriorating customer service?
Several things, such as employee burnout, low employee morale, high employee turnover, staff shortage, poor reactive hiring, no training of new employees, supply chain issues, and not managing customer’s expectations. Which all results in angry ‘former’ customers.
The theme for the 2021 Customer Service Revolution
What needs to be your number one strategy in today’s turbulent business climate?
“CX STRONG” (Customer Experience Strong)
The companies that will dominate their industries for the next decade will be the ones who are obsessed with evolving the experience they provide to both the employee and customer.
The 2021 Customer Service Revolution conference, October 5th & 6th in Cleveland, is a passionate community of leaders from all over the world, set out to disrupt their industries and become the brand customers and employees cannot live without. Whether you are B2B or B2C, you are all really H2H, Human to Human.
Learn how to:
- Deal with the Great Resignation era
- Build a fantastic employee culture that retains your top talent and makes your business the brand others want to work for
- Recruit only “A” players and not compromise
- Adjust your customer experience in a post covid economy
- Manage customer expectations
- Keep your customers happy even when you have staff shortages and supply chain issues
- Network with the top CX Visionaries around the world
*Related – We will be announcing our closing speaker next week!
We are offering both in-person and virtual options for the two-day 2021 Customer Service Revolution, October 5th & 6th in Cleveland. We have selected the most amazing lineup of experts to help you create an experience that will be your company’s single biggest competitive advantage.
Register today and secure your spot before seats sell out. Don’t feel comfortable traveling? Check out our virtual ticket option to enjoy the show from wherever you are!