Many of us want to be an entrepreneur and revolutionize society. The same idea was seeded into a 30-year old Jeff Bezos when working at D.E Shaw and Co. He was inspired by the internet idea that was blooming in 1994 and decided to establish an online bookstore. Less he knew that this online bookstore with the name “Amazon” would revolutionize the concept of retailing.
Amazon, now standing at $280.5 billion, owns various subsidiaries like Amazon game, Amazon logistics, Amazon audible, Alexa Internet, and whatnot. So, do you want to know more about how this uncanny transition took place within two decades? Then jump to the following sections and find out how Bezos creamed Amazon to become the e-commerce giant.
Jeff Bezos – early life and career
Jeff Bezos, the mastermind behind Amazon, was born Jeffery Preston Jorgensen on January 12, 1964. Shortly after his birth parents divorced, his mother married Miguel Bezos, who later adopted Jeff, and his surname was changed to Bezos. Over time, Jeff showed signs of scientific interests and soon became proficient in technology. He then joined Princeton University and graduated with a bachelor of science in engineering in electrical and computer science engineering.
He started his career at Fitel, which was a start-up then. He was responsible for building international trading networks and later was promoted to director of the customer service. He was then offered a job at Banker’s trust to become a product manager, and two years later, he became the fourth vice president at D.E Shaw and Co. His diversified role in different sectors made him proficient in handling any business.
This was when he decided to leave his well-paying job to establish an online bookstore named Cadabra in 1994. The online bookstore was a whole new concept as the internet was growing. He decided on books due to their universal demand, and the cost was less. But that was just the founding stone for Amazon. Bezos renamed Cadabra to Amazon as A comes first in the alphabets, and it went public in 1998.
Amazon – standing tall and growing
After 1998, there was no looking for Bezos or even Amazon. Bezos understood the potential of online retailing. Thus, he diversified his online bookstore to become a seller of music, videos, video games, consumer electronics, home improvement items, and toys. Down the road, they have acquired many small companies to become a big shark in the sea, and they still keep on rolling. However, Bezos did not stop there. He started Amazon Web services in 2002 that help other online brands to receive data on website popularity, internet traffic, and other tools that helped many marketers and developers to create content for their target audience and grow their business as well. It grew its portfolio to simple storage services, and now they have Alexa, Kindle, and many more systems in their portfolio.
Online Reputation and its Impact on Small Business
Small businesses are likely to have a limited marketing budget. Hence, they can’t afford to challenge the large businesses regarding marketing just because of deficiency of marketing funds. The effective way small businesses can make a larger impact on consumers is through their online reputation.
A positive online reputation is a must for small businesses as it exhibits why consumers within the community should prefer your business for the services they required. All consumers prefer to avail of services from businesses with superior customer support, great products, and reasonably priced items. If the reviews highlight all these features, customers will be more than happy to access your services. Most small businesses usually go out of business simply because they allowed negative reviews to spoil their online reputation. So, a robust strategy and planning along with excellent online reputation management are a must for the success of the business and to stay ahead within the industry.
Impact of Online Reputation on Small Businesses
Besides adverts, online marketing, and search engine optimization, small businesses must also focus on other powerful ways to promote their brand over the internet. One such method is online reputation management. Negative reviews usually impact your brand and business adversely. These reviews not just only go viral or go online in minutes, damaging your reputation, but it usually remains online for longer, making it easier for the prospects to see the negative side of your brand. Thus your online reputation is at high risk.
The reason why managing your online reputation is of utmost crucial, especially if you want to protect your reputation over the internet and stay ahead in the competition. Although most of the small businesses encounter some crises that negatively impact their brand and businesses, thereby managing the online reputation is a must. Management of online reputation is not just only about dealing with such a crisis; instead, it is more than you have expected. Some of the areas covered under online reputation management include:
- Paying attention to the online reputation consistently
- Management and Keeping track of what type of online reputation your brand has online
Importance of Online Reputation for Small Businesses
Recent statistics reveal about 70% of customers over the internet prefer reading the reviews and see the ratings of the businesses before dealing with them. The same is also applicable for the consumers who are searching for service providers. More than 50% of consumers use the internet to collect information about brick and mortar businesses before dealing with them. This indicates that no matter whether you operate offline or online, customers will always prefer checking the online reputation of the business before making a purchase or hiring their services.
Most of the small businesses in all industries have already realized the significance of online reputation and discovered how it could impact their business in the long run. Even businesses that don’t rely on internet technology for doing business or creating revenues have realized its importance. Hence, they are working on it to enhance their online presence to have a stellar reputation.
So, with patience and diversification, Bezos has built his Empire for Amazon and continues to grow.