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Brand Currency: A Former Amazon Exec on Money, Information, Loyalty, and Time
Last year's speed is now quaint. Business today moves at a pace so unforgiving it's easy to find yourself holding your breath, wondering if your company will be the next to fold.
And then there's Amazon. While others struggle to innovate and remain relevant, it somehow surges ahead in sector after sector, blazing trails inconceivable when the bookseller opened its doors 25 years ago.
The truth is, what drives Amazon's success isn't cutting-edge. It's ancient.
In Brand Currency , former Amazon Advertising executive creative director Steve Susi takes you inside the corporate enigma to reveal the four currencies that dictate the customer's and Amazon's every money, information, loyalty, and time. Steve offers firsthand experience and case studies from across the brandscape to prove that prioritizing these currencies is exactly what your brand needs to break through, maximize its potential, and leave everyone asking, "How do they do it?"
And then there's Amazon. While others struggle to innovate and remain relevant, it somehow surges ahead in sector after sector, blazing trails inconceivable when the bookseller opened its doors 25 years ago.
The truth is, what drives Amazon's success isn't cutting-edge. It's ancient.
In Brand Currency , former Amazon Advertising executive creative director Steve Susi takes you inside the corporate enigma to reveal the four currencies that dictate the customer's and Amazon's every money, information, loyalty, and time. Steve offers firsthand experience and case studies from across the brandscape to prove that prioritizing these currencies is exactly what your brand needs to break through, maximize its potential, and leave everyone asking, "How do they do it?"
- GenresBusiness
262 pages, Kindle Edition
Published April 30, 2019
13 people are currently reading
587 people want to read
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Displaying 1 - 2 of 2 reviews
November 24, 2019
The author’s authentic voice and interesting narrative of his time at Amazon is used to lay out a model of four forces that have generated and continue to grow Amazon’s brand success: loyalty, money, time and information. Throughout the book, you become an enmeshed observer of Amazon situations through each of these forces and how Amazon approaches them. This book is a fantastic read for anyone who wants to go behind the business strategy and truly understand the philosophy behind Amazon’s continued brand affection by its customers and how this drives its business success.
October 24, 2019
My highlighted notes:
Our new tech world is causing many people to feel confused and afraid of falling behind.
“A brand is a story. Every customer writes the story of a brand at every interaction with the brand.” “A brand is how customers perceive it. A brand ‘spending’ refers to a company’s allocation of resources.”
At Amazon, there are 14 leadership principles (LPs) that are strictly held as company values. These include: customer obsession, ownership, looking at the big picture, innovation, simplicity, frugality, learning, curiosity, and speed. The 14 LPs connect to the four currencies: Money, Information, Loyalty, and Time.
“Everything we do is a value exchange. What are we willing to give up in return for something else?”
A “Day 1” attitude refers to the first day of business where resources are limited and you’re hungry, humble, and eager to serve the customer. Focus on long-term customer trust instead of short-term profit. Perceived value is gold. Building customer trust leads to a strong reputation.
When communicating with the customer, every word matters. Clear communication is customer-obsessed. Information has replaced oil as the world’s most valuable resource.
Loyalty is the amplifier currency. The brain chemicals dopamine and oxytocin fuel the economy. “Customer loyalty takes years to build and a moment to lose.” “Customer loyalty needs to be built proactively- in the future tense.”
Apologizing quickly, admitting mistakes, and being transparent are “Day 1” attitudes. Give solutions, not excuses.
Time is the only finite currency. Time is the most valuable currency. Amazon has invested everything to reduce “time-to-goal.” Many customers shop Amazon because speed is the top priority - saving time over saving money.
Our new tech world is causing many people to feel confused and afraid of falling behind.
“A brand is a story. Every customer writes the story of a brand at every interaction with the brand.” “A brand is how customers perceive it. A brand ‘spending’ refers to a company’s allocation of resources.”
At Amazon, there are 14 leadership principles (LPs) that are strictly held as company values. These include: customer obsession, ownership, looking at the big picture, innovation, simplicity, frugality, learning, curiosity, and speed. The 14 LPs connect to the four currencies: Money, Information, Loyalty, and Time.
“Everything we do is a value exchange. What are we willing to give up in return for something else?”
A “Day 1” attitude refers to the first day of business where resources are limited and you’re hungry, humble, and eager to serve the customer. Focus on long-term customer trust instead of short-term profit. Perceived value is gold. Building customer trust leads to a strong reputation.
When communicating with the customer, every word matters. Clear communication is customer-obsessed. Information has replaced oil as the world’s most valuable resource.
Loyalty is the amplifier currency. The brain chemicals dopamine and oxytocin fuel the economy. “Customer loyalty takes years to build and a moment to lose.” “Customer loyalty needs to be built proactively- in the future tense.”
Apologizing quickly, admitting mistakes, and being transparent are “Day 1” attitudes. Give solutions, not excuses.
Time is the only finite currency. Time is the most valuable currency. Amazon has invested everything to reduce “time-to-goal.” Many customers shop Amazon because speed is the top priority - saving time over saving money.
Displaying 1 - 2 of 2 reviews