Amazon built a billion dollar business on the back of ONE single character trait.
Before you learn about that one thing, let’s look at some of Amazon’s results.
- 89% of buyers would buy products from Amazon over other eCommerce sites
- 4000 items are sold on Amazon per minute
- Amazon made $75.5 billion in the first quarter of 2020
Despite these results, it’s worth knowing though that Amazon wasn’t always an eCommerce giant.
In 1999 Amazon launched ‘Amazon Auctions’ to compete with eBay. Investing over $35 million into this business idea, the results were not what Amazon had hoped. Instead of sticking to their guns, Amazon did what ALL successful businesses do…
They admitted they were wrong and were willing to change.
Amazon recognised there was a better way to grow. They moved away from auctions and focused on new business ideas that would eventually make them the largest online marketplace in the world. The rest is history.
It’s easy to think that this billion dollar success story that has nothing to do with your business. No matter what changes you make, you’re not going to become a billionaire. But this story shows success goes against what you’re taught about running a business.
Success doesn’t come from being a headstrong leader with an unwavering commitment to Plan A.
Successful business owners admit when things aren’t working. And start exploring Plan B through Plan Z.
The most successful businesses in the world are brave enough to make changes when they’re not seeing results.
Read on to find out how you can do the same.
Your beliefs about success are holding you back
We all live our lives based on pre-existing beliefs.
These started out as thoughts. Then built up over time to become hard-wired beliefs. Now you use these beliefs to frame every decision you make.
For your business this might include things like…
“I don’t have time to grow my business”
“I can’t find anyone to trust my business with”
“Growth strategies don’t work for my business”
These are all thoughts you’ve had in the past. You’ve told yourself these are true time and time again. Now, they’re impossible to shake.
To be successful you need to stop and acknowledge that your beliefs are holding you back.
- You DO have time to grow your business. In the past you didn’t, but technology has changed.
- You CAN trust people with your business. In the past you couldn’t but that shouldn’t condemn everyone to mistrust.
- You WILL see growth from widely-proven growth strategies. In the past you haven’t but there are endless reasons why.
Updating your beliefs doesn’t make your old beliefs wrong. It shows you’re a flexible entrepreneur able to adapt. At some point in running your business your old beliefs were true. But it’s an excuse to point at them now and say they’re stopping you from growing.
If you want to be successful in your business you need to do ONE thing…
You need to admit your current lack of results have everything to do with your self-limiting beliefs.
This isn’t easy. In fact, for most businesses it’s painful.
We’d all rather look outward and point fingers rather than look inwards and take blame. But once you admit your beliefs are no longer true, you can change the way you do business.
Amazon did exactly that when admitting they’d made a $35 million dollar mistake.
You can do the same to start creating new beliefs that are more positive.
And more profitable.
It’s time to go from defence to offence
In business you can position yourself on defence or offence.
You can’t do both.
Defensive businesses are reactive. They see what’s happening in their market and adjust to meet the conditions. They’re on high-alert for any changes so they can pivot and try to take advantage of the situation.
Defensive businesses are at the mercy of others.
Offensive businesses are proactive. They dictate the market by making moves that others aren’t able (or brave enough) to make. They build momentum so that when things change they’re always positioned at the head of the pack.
Offensive businesses are in control.
You might wonder what this has to do with your business. It’s easy for this conversation to sound like something from a sports field training drill. And that’s because sport, like business, is a tactical battle.
Offensive businesses constantly remind their customers about their value. It’s been proven that your customers need to see your business SEVEN times before they’re willing to buy from you.
7 is the average number of impressions your business needs to make on a customer before you get a sale.
The offensive business isn’t waiting for people to walk by. They’re putting themselves out there to get to seven impressions and funnel people towards a sale.
Offensive action could include:
- Facebook Ads
- Google Ads
- Email marketing
- Targeted landing pages
- Search Engine Optimisation (SEO)
- Cold calling
The global pandemic has created a new landscape for your business. Customers are spending more time at home. Foot traffic is down. But digital traffic is up.
Defensive businesses are responding by slashing spending. Going into hibernation. And counting every dollar to minimise overheads.
Offensive businesses are starting to target people online. Find ways to provide value. And put their business everywhere that people are to reach that magical seven touch points.
You either control the market.
Or it will control you.
Are you ready to start calling a new play?
We’ve used a sporting metaphor already with offence vs defence, so we’re sticking to it now.
It’s time to start calling a new play.
Most businesses trade time for money. This is getting the equation backwards. Time is the MOST valuable commodity you have. The goal is to build an automated system of traffic, leads and customers.
Successful businesses trade money for time.
Remember, none of this is happening by chance. The reason you’re reading this RIGHT now is because you’re looking for a better way to run things. A better way to attract leads. A better way to provide a better service.
If you want to tap into the trait shared by the world’s most successful businesses, it’s time to admit your beliefs about success are no longer accurate.
There are always new ways to increase traffic, drive leads and get more customers.
Self-limiting beliefs don’t have to hold you back anymore.
So, are you ready to start calling a new play?