Ever since mankind learnt the art of trade, it suffered from ‘Customer Acquisition Dilemma”. But now, through modern technology; mainly computers and mobile phones, a new global market for the business enterprise, has finally been staged and customers are literally just a 'click away' from them.
Just as books have evolved into e-books and mails into e-mails, business also has become E-business. E-business means to internationalize your business. E-business offers so incredible prospects that this looks to be the right time for business entities to go one step ahead, and jump into the bandwagon. Undoubtedly, any further delays in shifting up to e-business would eventually lead to desolation from global market.
Through computers or even mobile applications, customers can buy their desired products anytime and anywhere. Internet has made them omniscient and ubiquitous. A little appreciation for modern e-business can lead to unprecedented expansion in any company’s revenue. Facts and statistics show that companies working with internet have exponentially higher rate of return on investments as compared to the companies’ with traditional approach.
Few things are needed to be kept in mind for achieving e-business success. Porter’s critical analysis of modern challenges faced in global market, offers some valuable insights. Some points in the study are:
- Every company on the earth can join e-business. This makes it obvious that competition offered in e-business is ever increasing and stimulating.
Bargaining power of customers has increased. Customers know the intensity of competition and have always other manufacturer to be replaced with.
With greater number of new entrants, number of available substitutes also increases.
So in order to meet above challenges successfully, marketing management philosophies should be carefully adopted. Product, production or selling philosophies have now been challenged by modern e-business market. Ongoing research in the subject is offering new proposals every day.
Modern marketers need to understand that targeting fewer fertile customers has far reaching affects on the business. Sales driven strategies at the cost of customers’ satisfaction should be avoided. Rather than always looking for new customers, the focus should be now shifted to keeping current customers and building lasting relationships based on superior satisfaction and value. Similarly, long-term profits need not to be sacrificed at the bait of short-term profits. In simple words, the sooner business entities realize the role of customers, the better their prospects would get.
In order to get desired results in business, it has become imperative to tune up with modern technology. Once moods and trends of modern technology are better understood, more and more doors to global market will open up.