Professors Amit and Zott have created the “eValue framework” that presents four “key value drivers” that every e-business plan should have for potential success: Efficiency, Complementarities, Lock-In, and Novelty.
First Impression - With any e-business, its website is its front door and it’s the one opportunity an online business has to make a good first impression. I think that it’s essential to design a powerful and effective website that is highly interactive, easy to navigate, user-friendly, bandwidth economical, and intuitive. Most of all, an e-business should have a sticky website that encourages click-through; conversion; and promotes repeat visitors and in turn repeat business, and have search engine visibility with excellent SEO.
Clear Position - There are multiple types of e-commerce business models* including B2B; B2C; C2C; P2P; and even m-commerce, and e-revenue models, including advertising; subscription; transaction; sales; and; affiliate. Because of this it’s important for an e-business to establish a value proposition and identify specifically what type of e-commerce business it intends to be and how it intend to earn revenue. This also needs to be extremely clear to the customer who visits the website (see First Impression).
CS & CRM - It’s imperative that any e-business emphasize its vehicles for Customer Service in its business plan. According to AJ Consulting, there’re two main elements of CS, Transparent Availability and Interactivity. “Transparent Availability” means that customers “should always be able to contact you immediately and in turn you must be able to access them” as well. Interactivity means a way for customers to exchange information, and the easier this is the more likely customers will submit needed information. A CRM system, in tandem with CS, will help an e-business build a database about its customers to segment customers, match customers’ needs with product plans and offerings, remind customers of products/services, know what other products a customer has purchased and to make further recommendations for others, among many other benefits.
What do you think? Can you suggest any others?
Sources:
*E-Commerce (6th Edition), Chapter 2, Kenneth Laudon, Carol Guercio Traver
e-Marketing: The essential Guide to Online Marketing (2nd Edition), Rob Stokes
e-Marketing: The essential Guide to Online Marketing (2nd Edition), Rob Stokes
CRM is huge - great point! I wish I would have added that to my blog post as well. There are CRM solutions (software and consultants) out there that costs tens of thousands of dollars to implement...clearly it's a big deal! With an efficient CRM chain, companies can effortlessly integrate shareholders, consumers, suppliers, citizens, etc. into their business plans. By doing so, a company can be better positioned to meet everyone's needs and ultimately become a better business.
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