ON TRANSPARENCY
JEFF BEZOS
The Sam Walton of the 21st Century: Founder, Amazon

We’re in the midst of a gigantic transition, where customers have incredible power as a result of transparency and word of mouth. It used to be that if you made a customer happy, they would tell five friends. Now with the megaphone of the internet, whether online customer reviews or social media, they can tell 5,000 friends. In the old days, an inferior product could prevail in the marketplace with superior marketing. Today customers can tell whether product and service is good because there’s so much transparency. They can compare it to others very easily, and then they can tell all their friends — the customers will do part of the heavy lifting, marketing-wise. Rather than inferior products shouting louder, we have sort of a product meritocracy. It’s very good for customers, it’s very good for the companies that embrace it — and it’s very good for society.

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