The customer obsessed ethos enables Amazon to constantly evolve and innovate according to customer demands. Brands who lack this insight might struggle to keep up with changing consumer trends and tastes.
The score comes from the latest BrandZ Top 100 Most Valuable Global Brands report published by Kantar and WPP. The report determines brand value by analysing the financial and market data as well as conducting global consumer surveys to understand their relationships with different brands.
This marks the first year that Amazon has topped the rankings; the company’s exponential growth in recent years in the online and offline world and reputation for exceptional customer experience has seen its brand value increase to an impressive $315,505 million, according to BrandZ.
Doreen Wang, Global Head of BrandZ, cited the disruptive ecosystem model as Amazon’s most powerful brand tool, enabling the company to, “offer a range of services across multiple consumer touchpoints” which enrich customer engagement.
Building brand value is a key objective for businesses to future-proof themselves and their customer base. A closer look at Amazon’s approach sheds some light on how brands can drive meaningful engagements with customers.
Customers go to Amazon for the extensive variety of products, from books to video streaming services, value-for-money price points, customer reviews and one-day delivery options. Amazon’s ecosystem approach means it can adapt and deliver according to how customers shop and what they want to buy, helping to integrate the brand with customers.
This model relies on a keen understanding of the customer identity and Amazon has excelled in creating services designed around what the customer wants now, and tomorrow. Founder Jeff Bezos has said this customer obsession, rather than focusing on competitors and profit as other companies do, is the primary factor for Amazon’s success. In Bezos’ 2018 annual letter to shareholders he described this customer-obsessed ethos:
“It’s critical to ask customers what they want, listen carefully to their answers, and figure out a plan to provide it thoughtfully and quickly… But it’s also not enough. The biggest needle movers will be the things that customers don’t know to ask for. We must invent on their behalf.”
The customer obsessed ethos enables Amazon to constantly evolve and innovate according to customer demands. Brands who lack this insight might struggle to keep up with changing consumer trends and tastes. This is the secret to Amazon’s 52% jump in brand value from the 2018 BrandZ report.
Other brands who saw significant increases in brand value are Netflix who rose by 27 places, Instagram by 47 and Uber by 28 places. Like Amazon, these companies are powered by their customers and are delivering more personalised and convenient experiences as a result.
Customer expectation is shaped and heightened by experiences with brands such as Amazon, Netflix and Uber. With customer loyalty on the line, it is vital that companies benchmark against CX leaders to deliver exceptional customer experiences.
The empty chair
Amazon may have customer centricity entrenched in its company culture, but the fundamental principles of great customer experience are something businesses of all sizes and trades can apply. Delivering superior customer service requires a commitment at every level of the organisation to understanding and valuing the customer. Bezos famously instills this by including an empty chair in every meeting to symbolise the customer presence.
Your customer’s motivations, desires and expectations should be front and centre of every business process and decision. Once companies have this mindset in place, consumer data is then the fuel which gives brands the actionable insights to deliver better experiences.