Over the last 5 days (or so), I’ve been thinking a lot about Amazon’s acquisition of Whole Foods… and the business decisions that led Amazon to be able to make that offer.
My team and I are committed to rapid growth for LinkedSelling, so anytime I can study how the best in the world do it… I pay attention. That said, there’s a lot to learn here.
To illustrate this I want you to consider two dates:
July 5th, 1994
– Amazon was founded as “Cadabra”
– Whole foods was valued at $220M
June 16, 2017
– Amazon offer’s Whole Foods $13.7 Billion to acquire the grocery chain
So what happened here? How was Amazon able to make up ground so quickly on a company that had a $220M head start?
They went all in on digital media.
They understood that the best way to grow a company was to innovate… and take advantage of the tools that were available to them.
While neither you nor I have a company that is even remotely comparable to where Amazon (or Whole Foods) are for that matter, there are still lessons that small to medium sized business owners can, and should, take from this.
This lesson can be summed up in a not-so-eloquently-put quote that I heard from Gary Vaynerchuk recently…
“The New World Is Going to Eat the Old World”
By this, he means that businesses who are not willing (everyone is able) to adapt their business growth techniques to the current digital landscape are going to continue to see their revenue decline.