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Virtual Marketplaces

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Business Leaders, Entrepreneurs, Internet Service Providers and Developers, ... Land's End LL Bean. Options for Getting Online with a Webstore ... – PowerPoint PPT presentation

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Title: Virtual Marketplaces


1
Virtual Marketplaces
  • Discussion led by Bruce Brorson
  • June 19th, 2002

2
About this Workshop
  • Intended Audience
  • Business Leaders, Entrepreneurs, Internet Service
    Providers and Developers, Individuals interested
    in the Internet as a business platform.
  • This session will examine
  • Internet Marketing Services
  • ..including a discussion on website design,
    registering, and scoring with the search engines
    of the Internet. Are the rules changing?
  • Business to Consumer Webstore Catalogs
  • Partnerships with Online Giants such as
    Amazon.com and eBay.com
  • Business to Business Intranets, Extranets, and
    Portals
  • Getting business ready for your entry into a
    virtual marketplace.

3
Will the Internet really offer us opportunities
to reach distant markets?
  • Yes, but only with a carefully considered
    marketing and technology enabled strategic plan,
    that includes
  • Traditional - personal contact marketing,
  • Traditional - mass media promotion,
  • An information rich website,
  • Email marketing tools,
  • Possibly a privately operated webstore intranet,
    extranet,
  • Internet sales and marketing collaborations,
  • .and more

4
Internet Marketing Components
  • The Website. Your website should be a centerpiece
    in your overall marketing program. Build a great
    website and then begin driving traffic to your
    site.
  • The domain name. www.yourname.com. Should be
    the same as your company name or product name,
    easy to remember and easy to guess, no
    punctuation, no alphabet soup. When choosing a
    new name, don't count on finding a name that has
    not already been reserved. Pick a good name then
    find out who owns the name and see if they would
    be interested in selling it.
  • Check with The International Corporation for
    Assigned Names and Numbers for an official list
    of domain registrars.
  • Network Solutions, now owned and operated by
    Verisign, Inc. was the original registrar and
    still considered by many to be the best.

5
Internet Marketing Components
  • Metrics. When a new user arrives at your site,
    you can know where he came from from a search
    engine, which search engine, from a banner ad,
    which ad, from a link in your newsletter. You can
    then track that user's subsequent behavior which
    pages does he look at, what products does he buy.
    In this way Internet marketing shares the
    characteristics of direct mail advertising. You
    can calculate cost of customer acquisition, cost
    of leads, and cost of sales. Webtrends software
    provides excellent tools for log analysis and
    report presentation.
  • Privacy. Because we can track every aspect of a
    user's behavior on our website, we inherit a
    special responsibility to respect that user's
    privacy. Every business website should have a
    privacy statement created under P3P publishing
    guidelines.
  • Cross Promotion. Print your URL everywhere, on
    all your printed promotional literature and
    traditional advertising.

6
Internet Marketing Components
  • Coordinated Campaigns. Make sure that your
    Internet advertising is coordinated with your
    traditional media advertising. Traditional media
    include broadcast TV, cable TV, radio,
    newspapers, magazines, outdoor, and direct mail.
    Most advertising agencies specialize in either
    traditional media or internet advertising, and
    they partner with each other.
  • Circular Promotion. Martha Stewart bakes a cake
    on her TV show, and refers you to her website to
    see the list of ingredients. Once on the website,
    you find a schedule of her upcoming TV shows. You
    are lead in a circle from TV to website back to
    TV again.
  • Viral Advertising. Advertising that spreads from
    person to person on its own. An email newsletter
    that offers rewards for referrals, for example,
    encourages recipients to forward the newsletter
    to as many of their friends as possible. Hotmail
    is the classic Internet example of an Internet
    business that grew with from a viral marketing
    effect. Email this article to a friend applets
    on a page increase the impact or viral marketing.

7
Thoughts on Assessing Your Informational Website
  • For what purpose was the site prepared?
  • Marketing
  • Sales
  • Customer Service
  • Does you site include the basic information
    expected by site visitors?
  • Basic Company Info
  • Sales / Service Info
  • News Releases
  • Opt-in Email Options
  • Job Postings
  • Frequently Asked Questions
  • Does the site reflect the marketing image as used
    in your organizations traditional media?

8
Website Design Suggestions
  • Know the Competition Does their website offer a
    competitive advantage? Todays designers should
    help companies with an analysis of current market
    conditions.
  • Evaluate your work, or that completed for you,
    against a established set of criteria
  • From a message standpoint examine the Best
    Practice Briefs content suggestions.
  • Technically examine the World Best Websites
    pages for a comprehensive list that might be
    helpful.

9
Is a listing, and being indexed by a search
engine, really that important?
  • Yesand No!!!!
  • Yes, if you would like your website to be located
    by strangers. No, if you dont.
  • Yes, if you feel your customers dont know how to
    access information about your company by typing
    in a URL address. No, if the address is widely
    publicized and shared with your customers through
    traditional and other Internet channels.
  • No, if your website was created for a very
    targeted and specific audience, such as
    registered customers only, your dealership
    network, or your employees.

10
What steps should I take to get indexed by a
search engine?
  • Make sure your website metatags are correctly
    crafted and the textual content of your page will
    allow your pages to be indexed under your terms.
  • Page title, description, and keywords must be
    identified in your webpage code. Use the view
    source command in IE to see what you currently
    have specified in your website code.
  • Invest in a basic Internet promotion software
    package that can assist you in analyzing your
    website, identifying and notifying search engines
    of your existence, and completing the actual
    promotion of your website.
  • AddWeb from CyberspaceHQ is the leading promotion
    package in 2002.
  • ..another option http//www.selfpromotion.com
  • Once the promotion is complete, check often on
    the impact of your promotion and consider making
    changes to your website to improve listing
    performance

11
Demonstration Time
  • AddWeb from Cyberspace HQ
  • Is your website coded for promotability?

12
E-Mail Marketing
  • Email is both the most under utilized and over
    utilized component of an Internet Marketing
    Strategy.
  • If you consider best practices for operating a
    business in 2002, creating an email list, that
    will allow a company to quickly communicate with
    customers, should be considered an essential
    requirement. Lets look at Nordic Needle..
  • A key element in any e-mail marketing strategy is
    to obtain customers approval before sending them
    any e-mail that includes a marketing,
    promotional, or even a service message.
  • Finally be careful, industry analysts have
    severely criticized some companies for sending
    e-mail messages to customers or potential
    customers. Buying an email list or opting in to
    a mass marketing email collaboration could be
    more detrimental than beneficial.

13
Business to Consumer Webstores / WebCatalogs
  • The web catalog model is a revenue model of
    selling goods and services on the web, that is
    based on the mail order catalog revenue model.
  • In the web catalog model, a website replaces or
    supplements print catalog distribution with
    information on its website.
  • Examples of catalogs that have supplemented with
    webstores quite nicely
  • Lands End LL Bean

14
Options for Getting Online with a Webstore
  • Working with an ASP (Application Service
    Provider), webstore hosting company.
  • One that provides web catalog posting and order
    email service.
  • One that provides catalog posting, web order
    administration, shipping calculation and payment
    processing services.
  • One that provides catalog posting,
    administration, and financial systems integration
    services.
  • Acquiring, Installing, Setting Up, and Operating
    Off the Shelf Webstore Software.
  • Numerous packages are on the market. Many are
    used by website developers to provide
    individualized services.
  • Carefully examine the feature set to see that the
    package will meet your needs. Turn to your
    workbook and well examine the feature set of
    Actinic and Line9.com.

15
Suggested Guidelines for Operating a Webstore
  • Accept credit cards and as many other forms of
    payment as possible. There is little to be gained
    if you launch a great site and then ask for
    payments to be mailed to you in the form of a
    check or money order. It is better to wait for
    your merchant account to be approved before going
    live prematurely.
  • Carry as many items in stock as possible to avoid
    backorders. Often convenience goes hand-in-hand
    with timeliness and customers want to know right
    away if they have to wait three days or three
    weeks for an item.
  • Send an e-mail confirmation for all orders. Some
    sites state on the final transaction screen,
    "Print this page for your records." Well, what if
    the customer doesn't have an accessible printer
    at the time of the order?
  • Only ask for the basic information required for
    order processing - shipping address, billing
    address, e-mail address, payment data. You can
    follow-up with your market research questions
    another time.

16
Suggested Guidelines for Operating a Webstore
(cont)
  • Offer a variety of shipping options including
    overnight express. You don't want to eliminate
    orders from last-minute shoppers because the only
    form of shipment constitutes a five-day wait for
    delivery.
  • Your site should be searchable by keywords or
    phrases. Many customers want to get in, find the
    item, checkout and get out.
  • Post all the company's contact info visibly.
    Sometimes a customer just needs a quick question
    answered before making the final click that
    processes the order. Don't run the risk of
    abandonment because a shopper couldn't find your
    toll-free number.
  • Make sure all the components of the site load
    quickly. That includes all text, graphics and
    interactive elements. In this instance, time is
    definitely money. Customer frustration starts to
    build as they wait for pages don't load.

17
Partnering with the Online Giants like Amazon.com
and eBay.com
  • Numerous opportunities to increase the number of
    product impressions you place on the Internet
    exist. The two leader leader online eTailers
    have much to offer. Lets look at each
  • Amazon.com will help you sell used items, new
    items and even participate in online auctions.
  • eBay has been the single most successful
    implementation online technologies with an
    understanding of how customers may want to
    interact with each other online. Their website
    offers more than just auctioning functionality.
    The eBay webstore is especially compelling and
    affordable.

18
Business to Business Intranets and Corporate
Portals
  • Becoming increasingly important as a key resource
    strategy in providing customer service.
  • Requires a username and password to access.
  • Does not support 2-way exchange of data. The
    customer, dealer, business partner must provide
    data back to the community portal provider.
  • A couple examples TV Resource Thief River
    Falls Linen
  • Numerous firms are offering commerical packages
    and hosting services for b2b intranets and
    corporate portals. A few inexpensive options to
    review include
  • http//www.ultraapps.com http//www.metadot.net
    http//www.infostreet.com

19
Next Generation of Business Partnership
Integration on the Web -Two-way Data
Interactivity through Web Services
  • Will we really see the Internet replace EDI?
  • Many systems have been developed and implemented
    but the creation of standards based solutions
    that allow for systems to seamlessly interoperate
    may still be a future technology for most small
    businesses.
  • Where do the technologies of web services come
    in?
  • Web services technologies being advanced by
    Microsoft with their .NET initiative and Sun with
    J2EE, as well as standards organizations like
    RosettaNet will provide the means for developers
    to write and market software that is Internet
    enabled and functional without the need of a
    gateway.

20
Additional Information
Bruce Brorson University of Minnesota,
Crookston Center for Business and Technology
Information Technology Management Dowell Hall 217
2900 University Avenue Crookston, MN 56716 On
the Web http//www.brucebrorson.net By phone
at 1-218-281-8196 Fax at
1-218-281-8457 Bruce Brorson Email Address
mailtobbrorson_at_umn.edu
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