Whilst observing the product part of the marketing mix, an Internet portal can substantially strengthens you’re firm’s current product offering. Ways that a web site can enhance your product offering are many, ranging from offering new web related products through to establishing outgoing affiliate programs. Giving customers better services that bolster the appeal of the core product is a great way to effectively relate products to customer needs. This usually involves the creation of secondary or ancillary products that can either be sold or provided for free. These additional offerings can help to generate higher, sometimes passive, earnings as well as increase a firm’s potential differentiation. Ways in which your firm can do this include:
- Setting up a knowledge base that your clients can have access to that includes a FAQ or query function allowing your clients to query you for information. This helps them to use the service better or more efficiently.
- Using a feedback form where clients can offer their input as to their needs and product suggestions can help you to determine valuable information about your customer’s needs
- If you have a product that is hard to operate, providing free or subsidized training can assist your customers to overcome difficulties.
Many firms actually charge their clients for the support component you will have to refer to the existing competition situation to determine whether this is something that you can implement. Either way product enhancements could include increasing the availability of products and services by putting order forms and support forms on your website.
Price
The automation of some of the firm’s functions using web technology usually equates to a significant saving of operational costs – that’s if you are doing it right of course! For instance having an effective inbound ordering form can reduce sales staffing costs. Because ordering online doesn’t require a sales representative to take the call and then effectively turn it around this costs the firm a certain amount per enquiry in staff time. Encourage clients to use the web form as opposed to other methods of product ordering may be an effective means of reducing these costs. Ways that a firm may wish to do this is to reflect the reduced staffing cost in the price by offering a “better deal” to Internet customers. Also, this can help to establish a pattern of online behavior in your customers that can sometimes be translated to other online firm functions such as support pages.
These are just a few of the ways in which an effective online strategy can turn your small web site into a virtual cost saver and income-generating machine. I challenge you to make the most of what is available and remember that constant revision of new web technology is always beneficial if you decide that it may or may not be for you. Naturally, not all web technology is suitable for every firm and it is important that you are conscious that ongoing development can be costly both in terms of time and other development and infrastructure expenditure. Effective development research as well as cost, change and market analysis is paramount to ensure that the benefits of any change out way any given realistic investment cost.
