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Jeff Bezos, the founder of Amazon, often gets asked a thought-provoking question: "What's going to change over the next 10 years?" While it's an interesting topic for discussion, Bezos believes there's a more crucial question that rarely gets asked:
"What's not going to change over the next 10 years?"
This question, according to Bezos, is key to building a successful long-term strategy.
Photo: Casey Newton
The Importance of Stability
Bezos argues that understanding what will remain constant allows businesses to make better plans and investments. At Amazon, the focus is on elements that customers will always value: low prices, fast delivery, and a vast selection. Bezos is confident that these customer desires will remain unchanged in the future, making them reliable pillars for Amazon's strategy.
Timeless Customer Desires
To illustrate his point, Bezos offers a straightforward example. He can't imagine a future where customers will ask for slower delivery or higher prices. These constants provide a solid foundation for Amazon's long-term planning and investment. By continually improving these aspects, Amazon ensures it meets enduring customer expectations.
Real-World Examples
Walmart: Similar to Amazon, Walmart has built its business model around offering low prices. The retail giant understands that customers will always want to save money, so it focuses on maintaining its "Everyday Low Price" strategy. This has allowed Walmart to remain a dominant player in the retail industry for decades.
Coca-Cola: Coca-Cola is another excellent example. The company knows that its core product, a refreshing beverage, will always have demand. While Coca-Cola has diversified its product range, the essence of providing a high-quality, enjoyable drink has remained constant. This understanding has helped Coca-Cola build a brand that's recognized and loved worldwide.
Apple: Apple focuses on design and user experience, knowing that consumers will always appreciate products that are intuitive and aesthetically pleasing. By sticking to these core principles, Apple has cultivated a loyal customer base and continues to thrive in the competitive tech industry.
Applying the Principle
Bezos's insight isn't just for giant corporations; it can be applied to any business. By identifying and investing in elements that will always be important to your customers, you can create a stable foundation for growth. This approach allows you to adapt to changes while staying true to what matters most to your audience.
Long-Term Success
Jeff Bezos's emphasis on focusing on what won't change over the next decade provides a strategic advantage. By understanding and committing to timeless customer desires, businesses can ensure they continue to meet customer needs effectively. This strategy has been a cornerstone of Amazon's success and can be applied to various industries and businesses of all sizes.
Conclusion
In a world that constantly changes, identifying the constants can give you a significant edge. Jeff Bezos's advice to focus on what won't change over the next 10 years is a valuable lesson for anyone looking to build a sustainable and successful business. By investing in the elements that customers will always value, you can create a solid foundation for long-term success. So, next time you're planning your business strategy, ask yourself: What's not going to change?
Listen to Jeff Bezos:
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