An Overview of Relationship Management and Why it is Important for Corporates
Introduction: Why is Relationship Management Important? If you are working and have a bank account, chances are that you would have heard of the term Relationship Manager who is tasked with the responsibility of attending to your banking needs as well as proactive account management. Further, if you are working for a corporate and are […]
Sales Management Strategies
The art of meeting the sales targets effectively through meticulous planning and budgeting refers to sales management. Sales Management helps to extract the best out of employees and achieve the sales goals of the organization in the most effective ways. Let us go through some sales management strategies: Identify goals and objectives of the sales […]
Service Product Management: An Oxymoron or a Reality?
Till now, we have considered how product management is done in companies that have different product lines and brands. Now, in this article, we would consider whether the term service product management or the process of managing the entire lifecycle of services is an oxymoron or is indeed a concept that is realistic and feasible. […]
Qualities of a Good Response – What a response must provide ?
An organization should understand that response is the key towards creating quality relationship with customers and nurturing the future business depending upon the customer’s perception and senses determined from the response. Response creates a channel of interaction that can enhance business relationship which will be mutually beneficial. This is only possible when the responses from […]
Evolution of Relationship Marketing
Marketing Management has evolved to become a multi faceted and all embracing science over a period of time. Studies in Marketing do not involve the 4Ps anymore. The markets, geographies, the consumer segments have changed leading to multi tier and complex networks and relationships. Marketing Managers of today are no longer following the same rules […]
We are living in the Information Age. Internet has changed our lives and these changes are irreversible. Slowly every home is being taken over by Internet. People have switched over to paying all their bills online, banking online and even shopping online. Internet is being used by people for various purposes. The more people get on to internet and search for information, the more opportunities begin to develop for e commerce.
Over the years internet has become the highway for online business transactions. From Banks offering online banking to online bookings with airlines, hotels and travel to insurance sectors, all business to customer types of business have hitched on to the highway for accessing millions of customers through the internet. These are not the only businesses that are transacting via e commerce. Most of the large business houses have gone the E Commerce way to do online procurement as well as manage sales orders and Customer management. ERP systems have managed to integrate and bring online, all modules of business operations on web mode. Millions of dollars are being spent by business organisations in upgrading their IT infrastructure, Application platforms as well as re engineering their business processes to be able to get on to the highway of using E Commerce platform for their business operations.
There is no choice for businesses but to get on to the E Commerce way. At various levels from the simple mom and pop shop to the global corporations, all businesses have got to adapt to E Commerce for this is the way the future is going to be.
E commerce brings its own unique advantages and contribution to the businesses. First and foremost internet being a world wide web, opens up the world as a market to the businesses. Businesses can reach out to millions of customers in an instant which is not possible in any conventional mode of marketing. One of the most significant advantages that E Commerce offers is the cost. The cost of marketing online across the globe is miniscule when compared to the actual cost of marketing in the conventional ways. The cost per transaction works out to be very cheap. More over E Commerce promotes paperless offices and processes thus contributing to savings in terms of resources too. These and many more advantages make obvious business sense for Companies to market their products and services online.
In the last few years the speed of internet as well as the applications, software and hardware supporting E Commerce have developed and integrated to make E Commerce a real time business process. Online financial transaction capability has given a significant push to E Commerce. E commerce has not only caught the imagination of B to B and B to C businesses but today we have online trading which has perhaps changed the way stock markets, financial markets and commodity exchanges across the world function.
Today’s customers are net savvy and know what they want. In essence today’s customers are not willing to wait. No matter how good the product may be, speed is the essence here. From online shopping to online dating and searching for life partners, all of the individual’s needs are being addressed by businesses via the web.
Looking at E Commerce from a marketing perspective brings the product or the service closer to the customer. It enables the customer to view, read, download and experience the product. The other significant difference from conventional marketing is that the online marketing enables the marketing company to customise its sales pitch or product offering to the customer. As against the conventional modes which target consumers and markets at large, with internet marketing and E Commerce it is possible to target every single individual making it more personalised and customised offer. E Commerce is just catching up. How E Commerce will develop and grow and its future impact on the way business is carried on cannot be imagined and every business small or big has no choice but to jump on to the E Commerce bandwagon.
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Mapping Customer Behaviour and Pattern is the starting point of E Marketing
February 12, 2025
