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Corporate Branding: Amazon
- 1. LA CORPORATE BRAND ASSIGNMENT CHAITANYA SRIVASTAVA
- 2. Background: Amazon is a public limited international e-commerce and cloud computing company, which began in 1994 by CEO Jeffrey Bezos. Bezos wanted Amazon to be "an everything store." It started out with selling books but soon diversified ad forayed into many different things until it became what it is today. Even at this given moment, Amazon is still trying to innovate and become better and the best for its customers. With 341,000 employees (AP1), Amazon made staggering revenue of $136 billion in 2016 (Phoenix Corporate, 2017). Introduction to : Geographic areas served: Worldwide (Amazon Marketplace in 17 countries) Headquarters: Seattle, Washington, U.S. Current CEO: Jeffrey P. Bezos
- 4. 1) CORPORATE IDENTITY Brand Definition: The word Amazon means “Massive,” and that’s what Amazon wants to portray. It is named after the largest river in the world. Logo: Since Amazon sells almost everything, from A to Z. The “Smile” also goes from the A to the Z and represents the smile that Amazon puts on their customer’s faces as Amazon is super focused on positive customer experiences. Global Mindset: Amazon's vision is to be Earth’s most customer-centric company. The key word here is "Earth's". They have always had a global mindset. And that has also been reflected in the choices they have made and the way in which they operate. In 2021, Amazon held the number 1 spot with a brand value of $684 billion in a new BrandZ report released by Kantar. The market report lists the world’s most valuable global brands, across a total of 13 categories. Strong Leadership: Amazon has a pragmatist leadership. Pragmatist leaders are defined as those who set high standards and unapologetically expect these standards to be met by themselves and by their employees. Company’s founder & CEO, Jeff Bezos is an exceptional business leader. He efficiently exercises visionary and servant leadership styles and places exceptional customer service at the core of Amazon’s business practice.
- 5. Relentlessly focusing on customers Making bold investment decisions Long-term leadership considerations rather than short-term profitability Working hard to spend wisely and maintaining a lean culture Focus on hiring and retaining versatile and talented employees Value Creation through B2C & C2C operations: Amazon operates as both a B2C and a C2C market. This means it markets goods directly to customers and allows users to sell goods themselves. The C2C earns fees or commissions by allowing sellers to list and sell goods through their websites. Strong Governance: Amazon as a company has always had a long-term approach towards whatever they do. Their governance is largely based on the following components: Stable Stakeholder Relationships: In the 1997 Letter to Shareholders, Bezos had stated: "A fundamental measure of our success will be the shareholder value we create over the long term." Amazon has categorised its stakeholders in a very distinct way. But their focus is on their primary stakeholders who are the customers. Amazon ensures that the customer should be happy and should have a happy experience with the product/service that is being made available to them through Amazon. If there are complaints or problems, they ensure that they are heard on a priority basis and are settled without a lot of delays. This ensures the customers trust the brand and this helps build a strong relationship.
- 6. EXTERNAL INTERNAL EXTERNAL /INTERNAL VISION & MISSION To be Earth’s most customer- centric company, where customers can find and discover anything they might want to buy online and endeavors to offer its customers the lowest possible prices CULTURE - customer obsession - long-term thinking - eagerness to invent - taking pride in operational excellence. COMPETENCES - Offering most affordable products - the largest merchandise selection - a huge number of third party sellers - ships across the globe PERSONALITY - Customer Obsession - Accountsbility - Invent and Simplify - Be Curious - Think Big - Earn Trust - Deliver Results BRAND CORE To be Earth’s most customer-centric company EXPRESSION The quick, direct and real-time approach. Easy to understand and use. It is convenient, saves time, energy and effort. Constantly innovates to give better experience. VALUE PROPOSITION Has many value propositions, as it serves a number of target customers in different markets. However, all aligned with core value. From “Easy to read on the go” for a device like Kindle, to “Sell better, sell more” to its marketplace. RELATIONSHIPS Limit the Need for Customer Service by building an Easy-to-Understand User Interface and giving all stakeholders a hassle-free experience. But in cases of emergency, having efficient, time- saving customer care support to help solve the issue. POSITION 1st in their field of offering Low-price, extraordinary convenience, instant access and comprehensive selections to customers. Ensuring that call customer needs are met and are taken care of if anything goes wrong. A corporation’s identity is made up of nine interrelated components. Here are those elements for Amazon. Examining each one and how it relates to the others, we can notice how Amazon was/is able to build a strong corporate brand. The Corporate Brand Identity Matrix for Amazon
- 7. 2) CORPORATE CULTURE Amazon.com Inc. states, “We’re a company of pioneers. It’s our job to make bold bets, and we get our energy from inventing on behalf of customers. Success is measured against the possible, not the probable. For today’s pioneers, that’s exactly why there’s no place on Earth they’d rather build than Amazon.” From this statement, we can highlight the following aspects: - Boldness - Customer-centricity - Being the ones in charge
- 8. Obsess over customers Apart from this, Amazon's corporate culture is largely shaped up by its DAY 1 culture. Day 1 is both a culture and an operating model that puts the customer at the center of everything Amazon does. The Day 1 Culture has the following components: 1. 2.Make high quality, high-velocity decisions - Recognize two-way doors - Don't wait for all the data -Disagree and commit 3.Embrace external trends and resist proxies 4.It’s always Day 1
- 9. Guiding Principles: Amazon's guiding principles are referred to as 'leadership principles'. These are as follows: Learn and Be Curious Customer Obsession Ownership Invent and Simplify Hire and Develop the Best Insist on the Highest Standards Think Big Bias for Action Earn Trust Dive Deep Have Backbone; Disagree and Commit Deliver Results Strive to be Earth's Best Employer Success and Scale Bring Broad Responsibility
- 10. 3) CORPORATE STRATEGY Amazon's Corporate Strategy can be best described as concentric diversification. This means "leveraging technological capabilities for business success and following a cost leadership strategy aimed at offering the maximum value for its customers at the lowest price in addition to wrapping its business around the customers wherein they find Amazon to be the go-to portal for their online shopping needs." Specific strategies include discounts for regular members through the Amazon Prime program. This would ensure timely and even express delivery. Sometimes, waiving off the shipping charges is also possible. All of these are done to make the customer experience as seamless and as smooth as possible. Amazon’s corporate strategy is also driven by its sources of the competitive advantage. Here the focus is on: 1. technology, 2. actualizing the benefits of economies of scale, and 3. leveraging the efficiencies from the synergies between its external drivers and internal resources. Last but not the least, one of Amazon's corporate strategies is based on the convenience aspect. Amazon is trying to replace the need for actually going out to bring something home. The customers no longer need to go to a physical bookstore or even wait for their purchases to arrive later as Amazon has introduced same-day delivery in many countries and is constantly innovating different ways to ensure that their service becomes their customer's default preference.
- 11. Strongest Components of : CUSTOMER SATISFACTION RELATIONSHIP WITH STAKEHOLDERS EASE OF ACCESS OF SERVICES/INFERANCE TRUSTWORTHY AVAILABILITY (GEOGRAPHIC) VALUE PROPOSITIONS EASE OF ACCESS OF SERVICES / INFERENCE 8 CUSTOMER SATISFACTION 9 VALUE PROPOSITION 8 RELATIONSHIP WITH STAKEHOLDERS 7 AVAILABILITY (GEOGRAPHIC) 6 TRUSTWORTHY 9 INNOVATION 10 ABILITY TO ADAPT & EVOLVE 10 COMPONENTS RANKS INNOVATION ABILITY TO ADAPT & EVOLVE
- 12. Some of the Brands Under : - STANDALONE BRANDS ENDORSED BRANDS
- 13. How does help the company in it's bussiness: SUPPORTING BUSINESS DEVELOPMENT Amazon started out simply as a book-selling website in 1994 but over the years, Amazon built its brand in a way where it allowed them to diversify its business and offer a wide range of products and services online, from electrical devices to clothing and FMCG products. This has largely been made possible due to the credibility of Amazon as a brand and the reputation that allows them to keep expanding to newer product categories. STRENGTHENING THE PARENT BRAND’S IDENTITY Through the various brands that come under Amazon, for example - Amazon Fresh, Amazon as a parent brand strengthened its brand's position as now. Amazon Fresh’s values are similar to those of the parent brand, focused on convenience for consumers, evolving around the trend of ultra-convenience and the increase in consumers shopping online. This core value aligns itself with the component of the parent corporate brand's position. CHANGING THE BRAND’S IMAGE Amazon has constantly focused on innovation and technological advancements when it comes to delivering the best to its customers. This means they have over the years shaped, change and evolve their brand image. When Prime was created, it was meant to drive consumption for customers. The consumption is driven by the fact that you are able to get items shipped to your location at a faster rate than standard shipping, which based in the US is roughly 4-5 business days.
- 14. STRONG BRANDS HELP THEIR BUSINESSES SURVIVE TURBULENT TIMES During the Covid-19 pandemic, when most companies suffered major financial losses and setbacks, Amazon demonstrated innovation and agility. They continued to change, evolve and meet the customers according to the present-day requirements. For Amazon, the pandemic did nothing but excel the brand. With more people working from home and ordering online, the retailer gained countless new customers. The world relies on this company. STRONG BRANDS AS AMAZON BUILD TRUST Most businesses want to gain the trust of their stakeholders. However, it's not as easy it seems. There are a lot of components to being a trustworthy company. It requires not only to be credible, authentic and real with your stakeholders consistently and continuously but also to ensure that there is due acknowledgement and accountability for the times when something goes wrong. Amazon today is a highly trusted brand by all stakeholders, and especially their primary stakeholders: the customers. This has resulted in a great reputation for the company. If Amazon decided to bring out a new product that it has never dealt with, the customers would still choose to pick it up over other brands as they trust Amazon. This ensures, that business keeps growing and going when there is a strong brand creation.
- 15. Which tools have been used for building : Amazon’s brand voice is: Innovative. Exceptional. Customer-Centric. & Inclusive. Amazon has made use of several tools for building its brand by communicating it to all it's stakeholders. Some of them are: Advertising Runs ad campaigns that are essentially all about how simple life can be when one uses Amazon. They routinely showcase ads on both traditional and digital media where the focus is on how they meet the customer requirements and adds value and benefits. Public Relations Amazon's reputation is largely built by the service it provides. However, it also ensures that more value can be added to its identity by ensuring that they run PR campaigns that keep reinforcing the idea that they stand for. They invest in building a sense of community, employee well-being, and social trust through it. Corporate Social Responsibility Amazon's CSR is extensive which takes care of all the stakeholders at individual levels: customers, employees, and communities. It includes development support, such as through education, healthcare and environmental conservation. The company addresses these interests mainly through its primary community support arm, Amazon Smile.
- 16. Affiliate Program Affiliate program directs customers to our websites by enabling independent websites to make millions of products available to their audiences with fulfilment performed by us or third parties. We pay commissions to hundreds of thousands of participants in our Affiliate program when their customer referrals result in product sales. Word of Mouth For a very long time, almost since its inception, Amazon was dependent entirely on what the customers are saying about the brand - what it offers, how it offers, and etc. Since Amazon is a highly customer-centric company, they believed strongly in the fact that if they kept their service simple and their offering easy to use and get in touch with when an issue happens, then the customers would be propelled to use the service more. This is exactly what happened. Amazon continues to simplify inference so that all customers are able to use it. This even today brings in the strong word of mouth. Reviews, Feedbacks and Influencer Programs Reviews are very important and critical for any brand as it ensures whether a product/service is being accepted as it was expected or if there are scope of improvements, grievances, etc. Amazon promotes customers to write reviews through several techniques including their recently launched influencer programs which allow bloggers, micro and macro-influencers to have profiles on Amazon to write reviews that would appear along with a blue verified tick. This means that reviews, feedbacks and influencers all work in synergy and independently.
- 17. As the Custodian of , the following changes are recommended to make the corporate brand identity stronger : Invest more in localised market research Amazon is known to conduct very strong market research. However, it often carries out market research for very broad segments. But since Amazon is already well accepted by most urban marketplaces, and want's to be accepted by all consumers -it is the need of the hour we should focus on. Identify Core Competencies and Refocus Rule of thumb for any firm is whether its various strategies including market entry, product ranges, and services offered are complementing and supplementing its core competencies. In other words, firms must ensure that when they diversify or integrate, such forays complement and supplement their core business strengths. Ensure that third-party sellers are genuine There have been several cases of problems over the years in regards to third-party sellers and in most cases, it has transpired due to a lack of strong one-to-one verification with each seller. Since anyone who wishes to sell can become a seller in Amazon by fulfilling some bare minimum. This can be easily changed. Global-Local-Individual Approach: Amazon needs to adopt a Glocal approach in its international markets wherein it adapts its Global business model with that of its Local delivery and logistics supply chain. This would indeed create a globalized business value chain wherein anyone anywhere can buy products anytime and every time. Eg. Belgium, France, etc
- 19. CORPORATE BRAND ASSIGNMENT CHAITANYA SRIVASTAVA Thank You