Don’t miss Bezos’ list of rituals fundamental to innovation
San Francisco, June 29 (IANS) Retail giant Amazon’s executives believe that making a "future press release" — a ritual started by its Chief Executive Jeff Bezos — is fundamental to the company’s innovation.
Bezos had decreed that services and products proposed to him must include a speculative press release describing the finished product, service or initiative.
"Jeff Bezos is famous for requiring a future press release of every team before launching a new product, a new idea, or deciding to enter a new market. Why? Because innovation is hard work," Carmine Gallo, Columnist, wrote in Inc.com on Friday.
When John Rossman joined Amazon in March 2002, he was required to write a press release for Amazon Marketplace — a business that accounts for over 50 per cent of all units sold at Amazon today. Rossman wrote his press release a full six months before launching the new business.
This is the list of rituals for making a press release before launching anything:
Set it in future: A "future" press release means just that — it should be written as if the product has already been launched. More importantly, the product is already a success in the marketplace, according to the story you write.
Begin with the customer: The press release should explain why the product improves the customer’s experience, what it does better than any other product in its category, and how it delights the customer.
Articulate clear goals: According to Rossman, a future release must contain "clear, measurable results you’ve achieved, including financial, operating and market share results."
Elaborate hurdles you’ve overcome: Rossman says, "Discuss the issues that needed to be addressed to achieve success." This is where the future press release gives your team clarity on the problems they will have to solve to reach the goal.