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All businesses need to be young forever. If your customer base ages with you, you're Woolworth's.
We've had three big ideas at Amazon that we've stuck with for 18 years, and they're the reason we're successful:Put the customer first. Invent. And be patient.
If you're competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering.
I think if you're an entrepreneur, the most important thing is to focus on your customers, your product, your team, and not on your competition.
We have a vision of being the most customer-centric company on Earth.
When [competitors are] in the shower in the morning, they're thinking about how they're going to get ahead of one of their top competitors. Here in the shower, we're thinking about how we are going to invent something on behalf of a customer.
We innovate by starting with the customer and working backwards. That becomes the touchstone for how we invent.
There are two ways to extend a business. Take inventory of what you are good at and extend out from your skills. Or determine what your customers need and work backwards, even if it requires learning new skills.
If you're long-term oriented, customer interests and shareholder interests are aligned.
We've done price elasticity studies, and the answer is always that we should raise prices. We don't do that, because we believe -- and we have to take this as an article of faith -- that by keeping our prices very, very low, we earn trust with customers over time, and that that actually does maximize free cash flow over the long term.
All businesses need to be young forever. If your customer base ages with you, you're Woolworth's.
If you're competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering.
We've had three big ideas at Amazon that we've stuck with for 18 years, and they're the reason we're successful: Put the customer first. Invent. And be patient.