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Jeff Bezos’ 10 Keys to Driving Innovation, Profit and Success for Your Amazon FBA Business

May 13, 2020

Did you know that innovation in your Amazon FBA business is a tremendous competitive advantage? If you’re aiming at expanding your online store business, building your brand, delivering customer satisfaction, and reaping a huge profit, then you need to do as Jeff Bezos does — innovate and inspire your stakeholders to do the same.

As an entrepreneur and Amazon seller, having a team that thinks creatively is one of your strongest assets. But how do you go about cultivating that?

Jeff Bezos believes that successful innovation requires an open environment, a diverse source of ideas, and a fresh perspective while endeavoring to keep your everyday operations running smoothly.

To follow in Jeff Bezos’ footsteps for success, here are 10 ways of inspiring ideas and opportunities for innovation and growth.

  1. Face your fear of change

While consumers are always on the lookout for exciting new products, most business owners dread implementing new concepts. Create an open culture that encourages challenging the status quo to help spawn a variety of innovative ideas.

  1. Listen to your clients

There will always be times when you will be short of creative energy. You can jump-start that creative flow by create a focus group or setting up an online survey to gain valuable insights into what your customers are saying about your brand and what they need from you.

  1. Brainstorm with your team

Ask your employees about what they think the company is doing well. Ask for feedback about what they think the company ought to be doing

  1. Encourage your employees to speak up

Invite each individual to speak up about what they think the organization is doing badly. Ask them how they would change things it were up to them to decide what to do. Apply the most worthwhile solutions.

  1. Allow job rotation

Job rotation will help workers gain a wider perspective of your organization and help them gain valuable insight as to what strategies work and what do not. This can help generate the ideas that deliver productivity and profit to your business.

  1. Don’t be afraid to do things differently

What drove you to start your business in the first place? Your determination to do things differently from what everyone else is doing is what makes you stand out from the rest of the competition. Be quick to identify and fill any untapped needs that your competitors may have missed.

  1. Hold an annual in-house innovation contest

An in-house innovation contest can be a fun way of encouraging your stakeholders to take an active part in innovation. You can divide your employees into teams and have each teamwork on a particular product or service niche.

  1. Add unusual services

One of the secrets to innovation is to keep an eye for products or services that aren’t traditionally offered in your industry.

  1. Promote your idea

In 1975, a Kodak engineer invented the digital camera, but nobody understood why anyone would ever want to look at images on a TV screen and so they scrapped the idea. The lesson to be learned here is, don’t be like Kodak. Promote your innovative idea with all you’ve got.

  1. Eliminate fear of failure

Fear is the number one killer of innovation, Jeff Bezos would say.  Don’t punish employees when their ideas fail to work or don’t “fit the mold.” Turn failure into something positive. Encourage your employees to use it as a learning experience and move on.

In light of today’s marketplace, the Internet, and the rapidly rising global competition, the need for innovation is more vital than ever before.

When you’ve gained considerable experience as an Amazon FBA seller, you’ll discover that sometimes your goods get damaged, misplaced or lost. In these instances Amazon binds itself to pay you for your losses by way of reimbursement.

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