According to the sixth annual list of the 150 Most Reputable Companies Amazon.com is number one. Amazon found itself at top of the list in the US this year, crushing their competition once again. The study was conducted through Reputation Institute in partnership with Forbes Media. The US RepTrakTM Pulse Study measures trust, esteem, admiration, and good feelings consumers have towards the largest 150 companies based on revenue. The results of the study were analyzed and included nearly 33,000 online consumer responses that were taken between January and February.
Here are the top 10 companies for this year.
1. Amazon.com (Retail – General)
2. Kraft Foods (Food – Manufacturing)
3. Johnson & Johnson (Consumer Products)
4. 3M (Industrial Products)
5. Kellogg's (Food – Manufacturing)
6. UPS (Transport & Logistics)
7. FedEx (Transport & Logistics)
8. Sara Lee (Food – Manufacturing)
9. Google (Information & Media)
10. Walt Disney Company (Information & Media)
I believe that Jeff Bezos, the pioneer retailer on the world wide web, caught the wave at the right time. He has proven that you can make a fortune by convincing people to rethink the way they shop. Amazon was created in the Spring of 1994, the catalyst for the company’s inception was based on his research done on annual growth of internet usage. He launched amazon.com is June of 1995, and never looked back.
Amazon earned first place ranking by providing value to users, staying ahead of the curve in technology and innovation and responding quickly and ethically to scandals. Jeff declares, “We spend money only in areas where it matters to our customers.” Amazon.com has truly evolved from being earth’s biggest bookstore to include not only millions of books, but music, and movies, auto parts, toys, electronics, home furnishings, apparel, health and beauty aids, prescription drugs, and groceries. Additionally, shoppers can download e-books, games, MP3s, and films to their computers or handheld devices.
Amazon's own portable reader, the Kindle was released before the iPad, but it was Bezos who examined what route to take with the rapidly expanding e-reader market. Amazon also offers products and services, such as self-publishing, online advertising, e-commerce platform, and a co-branded credit card.
What do I believe are the keys to amazon.com’s success? What’s more important how can we as entrepreneurs possibly incorporate those things into our business?
1. The first key to their sales success is amazon.com’s review system is one of the things that makes them so successful. This actively encourages people who have purchased from them to leave reviews. The instant testimonials tend to be quite upfront and honest. The prospect then has the choice to make the appropriate buying decision. This is a powerful tool that can significantly improve your sales.
2. The next key to their sales success is the “Customers Who Bought This Item Also Bought” section. Cross selling plays an enormous role in this site. The easiest sale is the one that happens just after the customer makes the first one. The reason this works is that a person's actions tend to be consistent their previous action. When you get the prospect to make that initial buying decision, they are much more likely to continue to buy from you.
Amazon.com is the story of one man, Jeff Bezos who set his sights on one idea: to have great products and change the way business is done. He found ways to continually reinvent the company, and change the way books are purchased. He continues to see opportunities that others don’t. And I can’t say enough good things about that.
When you really look at the big picture he shared the company’s powerful ecommerce platform with others retailers. By doing so he allowed independent authors who did not have the means to promote, market or sell their books instant access to a channel of distribution with a reach that is world-wide.
His entrepreneurial spirit is alive and well and has created a current of good fortune. And that’s why Amazon.com is one of the most recognizable brands in the world.
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