Small Business Dealmakers Menu

Lessons from Amazon

Jeff Bezos releases annual letter to shareholders

Jeff Bezos

April 20, 2018

By: Fred Koury

Love it or hate it, you can’t ignore Amazon. The online retailer continues to grow at an amazing rate, all the while maintaining top rankings for customer satisfaction.

In in his annual letter to shareholders released last week, CEO Jeff Bezos explains how setting high standards helps Amazon keep pace with increasingly empowered consumers.

“How do you stay ahead of ever-rising customer expectations?” he writes, adding that it takes a combination of strategies. “But high standards … are certainly a big part of it.” He then describes seven “essentials” of what he has learned about the importance of high standards.

While his experience is based on retail, Bezos writes, “I sense that the same customer empowerment phenomenon is happening broadly across everything we do at Amazon and most other industries as well. You cannot rest on your laurels in this world. Customers won’t have it.”