Ford Motor Company (NYSE:F) and Amazon.com, Inc. (NASDAQ:AMZN) are in totally different industries, but a closer look at their success shows that the companies have so much in common. What is it that Ford and Amazon do the same away to ensure consistent success and what can others learn from the two industry giants? This article briefly examines what’s fueling the two companies.
Deepening ties with customers
Ford Motor Company (NYSE:F) and Amazon don’t close a sale and leave. They tend to stay behind and ask their customers what else they might want to make their lives more meaningful. That explains the inspiring behind offerings such as Amazon Dash Button and MyFordPass.
With Amazon’s Dash Button, customers who previously ordered items through Amazon’s retail platform have a simplified way to replenish their stock. Amazon’s Dash Button enables easy reordering of common household items such as detergent and food.
Ford’s version of Amazon Dash Button is MyFordPass, which is a mobile app that allows drivers to control their cars and monitor security of their homes regardless of where they are.
Amazon’s Dash Button and Ford’s MyFordPass don’t necessarily do exactly the same thing, but they show how the companies are keen to get more involved with their customers past normal sales.
When you look at Ford Motor Company (NYSE:F) and Amazon, you see companies that are constantly innovating. Both companies are expanding into markets outside their core business. For example, in addition to manufacturing and selling cars, Ford also offers other solutions such as ride sharing and more.
The same can be said of Amazon that started out selling books and has not only expanded into other retail businesses, but also manufacturers its own brand of hardware and sells cloud computing services.
Under promising and over delivering
Ford Motor Company (NYSE:F) and Amazon have a tendency to under promise and over deliver. When it comes to talking to investors, it still beats many how Ford survived the great financial recession of 2008/2009 that nearly took General Motors Company (NYSE:GM) to the dogs. Amazon also surprised with profits in 2015.
When it comes to customers, Ford and Amazon let the quality of their products do much of the talking. They are not the kinds that bombard customers with unrealistic marketing gimmicks, which in the end leave a disappointed lot of customers.
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The way Ford Motor Company (NYSE:F) and Amazon approach their businesses can offer important lessons to many companies looking for meaningful turnaround.