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Branding has emerged as a corporate strategy in the recent times. All business organizations in all sectors have embraced the strategy of building their identity through their corporate brands besides the product related brands. Branding is definitely a marketing strategy. However the strategy of investing into brand building and managing the reputation of the corporate […]
The Argument for Sweatshops
The term “sweatshops” has been used a lot by the American media or the media in developed nations at large. The sweatshops refer to subcontracting arrangements that big multinational firms like Nike and Adidas have with subcontractors in third world countries like Bangladesh. The provisions are made to exploit the low cost of labor present […]
Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies
Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]
PESTLE Analysis of the Global Aviation Industry
Introduction When we think of airlines, we usually think of luxury and opulence as well as comfort and convenience. However, beneath the veneer, the airlines worldwide are caught in a cycle of higher operating costs, lower profits, and decreasing margins because of the various factors discussed in this article. Though the passengers might not notice […]
Myths about Customer Retention
Customer retention is a crucial factor for organizational success in business. Many companies have misconceptions about customer retention in regard to assessing customer satisfaction in order to enhance business. Following are the most prominent myths in business world today. An organization should endeavor a perfect 100 % customer retention: The philosophy that an organization should […]
Whenever one talks of E marketing strategy or plan, they normally include online selling, online promotions and advertising. However this could be a very narrow view or definition as applied to E marketing. Planning for Customer Relationship Management is as important as paying attention to online selling efforts.
Let us look at understanding some of the consumer trends and behaviour and apply it to the E Commerce platform. Every marketing professional and businessman knows that selling to a repeat buyer or an already existing customer is far easier than the effort required in developing a new customer. Secondly the cost of selling to an existing customer can be only 15% of the cost of selling to a new customer. In the overall sales target, repeat customer sales do figure as a major portion. Now let us look at the Customer Relationship Management angle.
Customers are won over not by the product and price alone but by the service and happy experience too. Any customer who has been happy with the service received is likely to be loyal to the Company and most probably he will be ready to compromise or over look certain defects over superior quality of service. This is not all. When you have one happy customer, you can be sure that in good time he will refer many more customers from his social friends circle as well as family too. This can be a double edged sword. In case a customer is not happy with his experience or the product, he can spread talk ill about the Company as well as the product to his friends and family too.
When you create an E Commerce platform and choose promote your products and services, paying attention to Customer Relationship Management becomes that much more important. Using E Commerce as your sales engine, you are going to focus on wider markets and volume of prospects and customers too.
For one thing, with increase in volume of sales, you will need to create the necessary backend process and E enabled System infrastructure to cater to After Sales Service as well as Customer Relationship Management.
The internet has changed the consumer behaviour. Customers today expect superior service and immediately. The delivery and service expectations have gone up. Servicing a larger customer base in a short span of time calls for robust CRM system and process backup.
It is important to remember that the internet customers have the power of instant communication across the world wide web. What does this mean to your business? It means that you cannot afford to have any lacunae in your product, service or CRM processes. You have got to walk the talk. The customer can influence the entire market with his perceptions and experience.
Integrating CRM with your promotional strategy would go well hand in hand. Along with boosting sales, the marketing managers would need to focus on building brand loyalty and using promotional activities to engage with the Customers as well as delivery enhanced value in the relationship. Every Marketing Manager needs to ask this question - If his/her Business is equipped and ready for E commerce platform.
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Mapping Customer Behaviour and Pattern is the starting point of E Marketing
February 12, 2025
