Jaiprasad Naidu Summary of learning outcomes To achieve this unit a learner must: Describe how the internet can be used for promotion Explain order processing through the internet Explore customer relationships management through the internet Examine the use of the internet for marketing research. Chapter 1: Introduction to Internet Marketing © Prentice Hall 2003 The Google story shows: Markets always welcome an innovative new product providing customer value. Customers trust good brands. Well-crafted marketing mix strategies can be effective in helping newcomers enter crowded markets. Key questions for corporations: How to use information technology profitably ? How to understand what technology means for their business strategies? How time-tested concepts by marketers can be enhanced by the Internet, databases, wireless mobile devices, and other technologies? What’s next after the rapid growth of the Internet and the dot-com bubble has marketers wondering ? What is E-Marketing? E-Marketing is the application of a broad range of information technologies for: Transforming marketing strategies to create more customer value (more effective segmentation, targeting, differentiation, and positioning strategies) More efficiently planning and executing the conception, distribution, promotion and pricing of goods, services, and ideas Creating exchanges that satisfy individual consumer and organizational customers’ objectives. What is E-Marketing? Alternative definition: E-marketing is the result of information technology applied to traditional marketing. E-marketing affects traditional marketing in two ways: ○ Increases efficiency in traditional marketing functions ○ The technology of e-marketing transforms many marketing strategies. Results: new business models that add customer value and/or increase company profitability. What Is E-Business? E-business “is the continuous optimization of a firm’s business activities through digital technology” Digital technologies = information technology are things like computers and the Internet, that allow the storage and transmission of data in digital formats (1’s and 0’s) The Big Picture - Easy, inexpensive, and quick access to digital information transforms: economies, - societies, governments, - businesses. Digital information enhances economies through: more efficient markets more jobs information access communication globalization Uneven impact of the Internet across the globe: 530 million users connected to the Internet worldwide = 8.5% of the global population, Developed nations = 15% of the world’s population = 88% of all Internet users, U.S. Internet users = 182 million = 64% of the population, Indigenous peoples in remote locations gaining health, legal, and other advice, or selling native products using the Internet. Important e-business benefits according to U.S. top executives: Building better quality customer relationships, Finding more business partners development opportunities, Building better brand visibility. and other Benefit % Mentioning Better quality customer relationships More business development opportunities Better brand visibility Efficient supply chain Reduce (time-to-market) Increase customer quantity 61 50 50 42 33 25 The Most Important Benefits of E-Business to U.S. Executives Source: “Key Business and Marketing...” (2002) E-Marketing in Context: Where does e-marketing fit into this picture? Visibility U.S. Recesssion Dot-com peak Technology Peak of Trigger Inflated Expectation 1990-1996 1999 Equity times 2000 Trough of Disillusion 2001 2002 Debt Times E-Business becomes “just business” Slope of Enlightnment 2003 Plateau of Profitability 2004 2005 2006 Positive Cash Flow There is Hope After the Trough of Disillusion Source: Adapted from Raskino and Andren of Gartner Research (2001) Internet Properties and Marketing Implications Marketers who grasp what Internet technologies can do will be better poised to capitalize on information technology. Internet properties: - Create opportunities beyond those possible with the telephone, television, postal mail, or other communication media, - More effective and efficient marketing strategy + tactical implementation + change the way marketing is conducted. E.g. The idea of digitizing data (bits not atoms) has transformed media and software delivery methods + created a new transaction channel. Internet Properties and Marketing Implications Internet technologies have changed marketing in a number of critical ways: Power shift from sellers to buyers, Death of distance, Time compression, Knowledge management is key, Interdisciplinary focus, Intellectual capital rules. traditional E-Business Markets Once marketers identify appropriate markets, information technology facilitates relationships before and after the transaction with: Prospects, Partners, Customers, Supply chain members. There are three important markets that both sell and buy to each other: Businesses, Consumers, Governments. Initiated by Business Initiated by Consumer Initiated by Government To Business Business-to-Business (B2B) FreeMarkets www.freemarkets.com To Consumer Business-toConsumer (B2C) CDNow Www.cdnow.com Consumer-to-Business (C2B) Better Business Bureau site www.bbb.org Government-to-Business (G2B) Small Business Administration site www.sba.gov Consumer-toConsumer (C2C) eBay www.ebay.com Government-toConsumer (G2C) California state site Www.state.ca.us Exhibit 1 - 1 E-Business Markets Source: Marian Wood (2001) with minor adaptation (p. 2) To Government Business-toGovernment (B2G) Western Australian Government Supply www.ssc.wa.gov.au/ Consumer-toGovernment (C2G) GovWorks www.govworks.com Government-toGovernment (G2G) GovOne Solutions http://www.govonesol utions.com/ Business Market - It is huge: more businesses are connected to the internet than consumers. It is transparent to consumers: it involves proprietary networks that allow information and database sharing. E.g. FedEx, the package delivery firm: - Its customers can schedule a package pick-up using the Web site, - Track the package using a PC or handheld PalmPilot, - Pay the shipping bill online. Consumer Market E-marketers must understand consumers in potential geographic segments: Iceland and Denmark = 2 of the most wired countries in the world = 60% Internet penetration, Consumers in many countries pay by the minute for local phone access = determine the kind of casual surfing practiced by Internet users. Consumer Market The consumer market is huge and quite active online: 28% of consumers said they have shopped online or plan to shop online in the next six months, 15% purchased offline as a direct result of online information, U.S. consumers are the biggest online shoppers, spending US$53 billion in 2001, an increase of nearly 20% from 2000. Revenge of the Consumer The rebellion started with television channel surfing using the remote control. Consumers did not seem to appreciate that commercials pay for broadcast TV programs. At the start of the 21st century, consumers have control via the mouse. When television, radio, print media, entertainment, and shopping all converge seamlessly on a computer-like device, consumers will truly have information on demand. Consumers are more demanding and more sophisticated, and marketers will have to become better at delivering customer value. Consumer Needs What do customers want in the information economy? Privacy: Customers want marketers to keep their data confidential + don’t want to be bothered by sales calls at home during dinner, To safeguard children from objectionable sites, Want marketers to ask permission before sending commercial e-mail messages, Want e-commerce to provide convenience, self-service, speed, good customer service, personal attention, and value. Consumer Needs Fortunately, e-marketing can meet all these needs: With mass customization individuals can contact firms over the Internet and receive responses tailored to their needs, Business can also customize and personalize products and communications to strengthen long-term relationships with customers. E.g. Amazon.com presents personalized Web pages to users Exhibit 1 - 1 Amazon.com Uses Mass Customization to Personalize Web Pages Source: www.amazon.com Amazon.com is a registered trademark or trademark of Amazon.com, Inc. in the United States and/or other countries. © 2000 by Amazon.com. All rights reserved. Government Market The U. S. government is the world’s largest buyer, purchasing over $200 billion in goods and services every year (see www.isbdcorp.org/gmag). Add to this the purchasing power of U.S. states, counties, cities, and other municipal agencies, and this makes for a huge market. Small and large businesses usually have an equal chance of selling to governments + government Web sites announce their buying needs in advance of the bidding process. Government Market Businesses wishing to sell to challenges unique to this market: governments face Follow rules regarding qualifications, paperwork, etc., Must compete to be on the government list of approved suppliers + compete for specific contracts through a bidding process, Have to conform to very particular timely delivery of quality products at reasonable prices. What’s Next? Regardless of the current disillusion with e-business, many solid successes exist today and exciting new growth areas will soon emerge. Seven trends that will help businesses move forward into e-marketing : Integrating IT software, Boom in Web services, Collaboration software, Dealing with too much data, Data security, Wireless is here to stay, Growth in portable computing. Review Questions 1.Define e-business and e-marketing. 2.As a technology, how does the Internet compare with the telephone? 3.What are some of the marketing implications of Internet technologies? 4.What are the three main markets of e-business, and how do they differ? 5.In the context of e-marketing, what does “revenge of the consumer” mean? Discussion Questions 1. As a marketer, do you agree with the U.S. executives who say “better quality customer relationships” is one of the most important e-business benefits? Why? 3. Some economists suggest that the increase in e-commerce within the B2B market will lead to greater competition and more goods and services becoming commoditiesthat is, solely competing on price. How do you think this is likely to affect buyers within the B2B market? How would it affect sellers? 4. What concerns about consumer privacy are raised by the increased use of wireless computing and handheld devices outside the home or workplace? Chapter 1 : The Internet and the marketing mix The marketing mix – widely referred to as the 4 Ps of Product, Price, Place and Promotion – was originally proposed by Jerome McCarthy (1960) The 4 Ps have since been extended to the 7 Ps, which include three further elements that better reflect service delivery: People, Process and Physical. The elements of the marketing mix Product The product element of the marketing mix refers to characteristics of a product, service or brand. Product decisions are informed by market research where customers’ needs are assessed and the feedback is used to modify existing products or develop new products. There are many alternatives for varying the product in the online context when a company is developing its online strategy. Internet-related product decisions can be usefully divided into decisions affecting the core product and the extended product. Implications of the Internet for the product aspect 1 options for varying the core product; 2 options for changing the extended product; 3 conducting research online; 4 velocity of new product development; 5 velocity of new product diffusion. 1 Options for varying the core product 1 Can I offer additional information or transaction services to my existing customer base? [For example, for a bookseller, providing reviews of customer books, previews of books or selling books online. For a travel company, providing video tours of resorts and accommodation.] 2 Can I address the needs of new customer segments by repackaging my current information assets or by creating new business propositions using the Internet? [For an online bookseller, creating an electronic book service, or a DVD rental service as has been achieved by Amazon.] 3 Can I use my ability to attract customers to generate new sources of revenue such as advertising or sales of complementary products? [Lastminute.com which sells travel-related services has a significant advertising revenue; it can also sell non-travel services.] 4 Will my current business be significantly harmed by other companies providing some of the value I currently offer? [Considers the consequences if other companies use some of the product strategies described above.] 2 Options for changing the extended product When a customer buys a new computer, it consists not only of the tangible computer, monitor and cables But also the information provided by the computer salesperson, the instruction manual, the packaging, the warranty and the follow-up technical service. These are elements of the extended product. Internet for varying the extended product: These examples of how the Internet can be used to vary the extended product: endorsements awards testimonies customer lists customer comments product. warranties guarantees money-back offers customer service (see people, process and physical evidence) incorporating tools to help users during their selection 3 Conducting research online The Internet provides many options for learning about products. It can be used as a relatively low-cost method of collecting marketing research, particularly about customer perceptions of products and services. But How ? Online focus group. A moderated focus group can be conducted to compare customers’ experience of product use. Online questionnaire survey. These typically focus on the site visitors’ experience, but can also include questions relating to products. Customer feedback or support forums. Comments posted to the site or independent sites may give information on future product innovation. Web logs. A wealth of marketing research information is also available from the web site itself, since every time a user clicks on a link this is recorded in a transaction log file summarising what information on the site the customer is interested in. Suchinformation can be used to indirectly assess customers’ product preferences. 4 Velocity of new product development Internet can also be used to accelerate new product development since different product options can be tested online more rapidly as part of market research. Companies can use their own panels of consumers to test opinion more rapidly and often at lower costs than for traditional market research Network effect of the Internet enables companies to form partnerships more readily to launch new products. 5 Velocity of new product diffusion The implication of the Internet and concomitant globalization is that to remain competitive, organizations will have to roll out new products more rapidly to international markets. The Tipping Point explains the three simple principles that underpin the rapid spread of ideas, products and behaviors through a population’. 1 The law of the few 2 The stickiness factor 3 The power of context 1 The law of the few This suggests that the spread of any new product or service is dependent on the initial adoption by ‘connectors’ who are socially connected and who encourage adoption through word-of-mouth and copycat behaviour. In an online context, these connectors may use personal blogs, e-mail newsletters and podcasts to propagate their opinions. 2 The stickiness factor Typically, this refers to how ‘glued’ we are to a medium such as a TV channel or a website, But in this context it refers to attachment to the characteristics and attributes of a product or a brand. There are key cross-category attributes which are key drivers for product success Cross-category attributes Excellence: perceived as best of breed Uniqueness: clear one-of-a-kind differentiation Aesthetics: perceived aesthetic appeal Association: generates positive associations Engagement: fosters emotional involvement Expressive value: visible sign of user values Functional value: addresses functional needs Nostalgic value: evokes sentimental linkages Personification: has character, personality Cost: perceived value for money. 3 The power of context like infectious diseases, products and behaviours spread far and wide only when they fit the physical, social and mental context into which they are launched. It can be suggested that products should be devised and tested to fit their context, situation or occasion of use. Activity 1 Assessing options online to vary product using the Internet Purpose To illustrate the options for varying the product element of the marketing mix online. Activity Select one of the sectors below. Use a search engine to find three competitors with similar product offerings. List ways in which each has used the Internet to vary its core and extended product. Which of the companies do you think makes best use of the Internet? Computer manufacturers Management consultants Children’s toy sector Higher education. Chapter 1 : Promotion The promotion element of the marketing mix refers to how marketing communications are used to inform customers and other stakeholders about an organisation and its products. Promotion is the element of the marketing mix that is concerned with communicating the existence of products or services to a target market Burnett (1993) defines it as: The marketing function concerned with persuasively communicating to target audiences the components of the marketing program in order to facilitate exchange Promotional Mix The main elements of the promotional or communications mix can be considered to be (as stated by, for example, Fill (2000)): 1 advertising; 2 sales promotion; 3 personal selling; 4 public relations; 5 direct marketing. These are different approaches for looking at how the Internet can be used to vary the Promotion element of the mix: 1 Reviewing new ways of applying each of the elements of the communications mix 2 Assessing how the Internet can be used at different stages of the buying process; 3 Using promotional tools to assist in different stages of customer relationship management from customer acquisition to retention. In a web context this includes gaining initial visitors to the site and gaining repeat visits through these types of communications techniques: Reminders in traditional media campaigns why a site is worth visiting, such as online services and unique online offers and competitions; Direct e-mail reminders of site proposition – new offers; Frequently updated content including promotional offers or information that helps your customer do their job or reminds them to visit. Investment in site promotion 1 Investment in site promotion compared to site creation and maintenance 2 Investment in online promotion techniques in comparison to offline promotion. 3 Investment in different online promotion techniques. Investment in site promotion Since there is often a fixed budget for site creation, maintenance and promotion, the e-marketing plan should specify the budget for each to ensure there is a sensible balance and the promotion of the site is not underfunded. Investment in online promotion techniques A balance must be struck between these techniques. Typically, offline promotion investment often exceeds that for online promotion investment. For existing companies traditional media such as print are used to advertise the sites, while print and TV will also be widely used by dot-com companies to drive traffic to their sites. Investment in different online promotion techniques For example, how much should be paid for banner advertising as against online PR about online presence, and how much for search engine registration? Communications mix for increasing visitors The Internet and branding What constitutes a successful online brand? Is it an e-commerce site with high levels of traffic? Is it a brand with good name recognition? Is it a profitable brand? Or is it a site with more modest sales levels, but one that customers perceive as providing good service? Although sites meeting only some of these criteria are often described as successful brands, we will see that a successful brand is dependent on a wide range of factors. Branding Branding seems to be a concept that is difficult to grasp since it is often used in a narrow sense. Many think of branding only in terms of aspects of the brand identity such as the name or logo associated with a company or products, but branding gurus seem agreed that it is much more than that A brand is described as an identifiable product or service augmented in such a way that the buyer or user perceives relevant unique added values which match their needs most closely. Furthermore, its success results from being able to sustain these added values in the face of competition. To summarise, a brand is dependent on a customer’s psychological affinity for a product,and is much more than physical name or symbol elements of brand identity. Brand promises to build successful online brands the promise of convenience – making a purchase experience more convenient than the real-world one, or that with rivals; the promise of achievement – to assist consumers in achieving their goals, for example supporting online investors in their decision or supporting business people in their day-to-day work; the promise of fun and adventure – this is clearly more relevant for B2C services; the promise of self-expression and recognition – provided by personalisation services such as Yahoo! Geocities where consumers can build their own web site; the promise of belonging – provided by online communities. Traditional vs online measures of brand equity Case Study Mini Case study 5.1 – Page 255 (Refer to your text book )