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Benefits and Opportunities to the Business of Using Internet Marketing

In: Business and Management

Submitted By david23skool
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Benefits and opportunities to the business of using internet marketing
Data Collection
Every time a customer transacts with the company online, that transaction is captured. The firm can use this data in a number of ways. Firstly information can be analysed to find out most popular products/services sold. Secondly the data can be used to assist in segmenting their customers, profiling them and sending customers promotional material based on past buying habits.
There has been much controversy over the amount of information that is being collected online by various companies’ in particular social networking sites and whether customers should be able to give out of that information being shared to third party users.
Personalisation of the Web Experience
When customers log into their accounts businesses can make their web experience almost unique. From offering special offers to that particular customer, offering add on to their recent purchase, much like Argos.com does, or by allowing the customer to personalise their own products, like Nike does with their trainers . Personalisation allows the firm to form stronger bonds online with customers and form long term online relationships ensuring customers come back regularly. Businesses like Argos might use these details to recommend some items that may or may not be bought but they can use this information.
Competitor Analysis
The internet allows businesses to analyse their competitor’s online strategy. A business can keep track of new products that are released, react to price changes, or use the internet to discover secondary data on their competitors. The internet allows a firm to react quickly to a change in their competitor’s strategy, and try to provide a service that allows them to match or beat their competitors.
Cost Reduction
One of the major benefits of setting up or moving a business online is the…...

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