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INSIDE THIS ISSUE:
What Happens When Your Marketing Campaign Doesn’t Go as Planned Are You In or Out? Have You Met Joe DiGrigoli? The Winning Formula for Content Creation
Costco’s Mission-Driven Approach
Simon Sinek’s ‘Start With Why’
HOW AMAZON DOMINATES ITS MARKETPLACE AND HOW YOU CAN USE THE SAME TACTICS TO CRUSH IT IN YOURS
Since you’re likely not in retail, it would be easy to ignore Amazon. Depending on your niche, you may even be tempted to think this article isn’t for you. But if so, you’d be missing the point. Amazon may not be breaking into your space anytime soon, but that doesn’t mean one of your competitors won’t copy their model and bring it to your space. When it comes down to it, what is the Amazon model? One-stop shopping, low prices, free shipping, and adding as much value as possible so that it is literally a bad financial decision not to do business with Amazon. Could this be replicated in your space? In the dental niche, there is a company called Half Dental, whose tagline is “Why pay more?”
In chiropractic, there is a franchise called The Joint (yes, it is a horrible name) that charges $50 per month for unlimited visits. There is always someone who is willing to be the low-price leader. There is always someone who is willing to work for less than you, hoping to make the profit up on volume. What do you do to compete with companies like this? How do you overcome the Amazon effect? Interestingly enough, one place you can look to is Amazon and its business practices for the answer. More on that in a minute.
If you’re in retail, you’re likely aware of the Amazon effect — an ongoing disruption of the retail market. This disruption is affecting prices and sales, and it’s devalued and even bankrupted what were some of the most successful and well-known retailers in the world. One reason Amazon has been successful is their price strategy. They are willing to lose money on a customer for up to five years. Wall Street hasn’t rewarded most publicly traded companies with high- flying stock prices in the past, but they continue to reward Amazon. You may be wondering what this has to do with you. How does the Amazon effect hurt or help your business?
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CHANGING THE WAY SMALL BUSINESSES GROW.
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