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How Do I Develop an E-Business Strategy?
When developing an e-business strategy it is important to determine how to best represent the company in an online setting. The key factors of a typical strategy include gathering knowledge about customer needs and developing a plan for building an online framework that meets those requirements. It can also be helpful to understand industry trends, the online practices of competitors, and the state of e-commerce overall.
One of the core pieces of a successful online presence is an interface that meets customer needs. In order to determine how to build the framework, it is wise to gather information about customer needs, desires, and habits. The goal is to determine what the customer’s ideal website would look like. This can include the presentation of information, the manner in which products and services can be purchased, and how much interaction with the company is desired.
Familiarity with industry trends can be another important part of a strong e-business strategy. By understanding current activity, a plan can be made to accommodate market demand. It is also advisable to forecast changes in order to create a system that will be able to adjust to new trends.
A thorough understanding of competitors can also be a useful part of e-business strategy. By studying the online framework of similar businesses, a company can determine how to maintain a competitive edge. There may be areas where other companies in the field are lacking, and a company can pick up the slack in the areas and get ahead. A company can also determine the areas in which it would not be wise to compete. Overall, the practice will typically help a company to build an online presence that suits the nature of the organization while distinguishing it from other businesses.
Another important element of an e-business strategy is the development of the technology associated with the site. Knowledge of customer behavior and skill levels can be useful in determining what kinds of features would be most beneficial. It is also wise to know precisely what needs the site must fulfill before attempting to implement any technical elements.
A strong e-business strategy will typically also include plans for promoting the company’s online presence. Possible strategies could include plans for ads, the use of social media, and offline promotions for drawing attention to the company site. Some companies may be able to boost their online presence by joining industry groups that can aid with promotion.
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By: bloomuaSome e-commerce businesses may require shopping cart software.
Discussion Comments
For those looking to develop an e-business strategy one of the most important things to consider is how much of a role social media will play in your business launch. You would be surprised how important your friends and contacts become when it comes time to gather interest in your newest business endeavor.
Setting up fan pages and Twitter feeds can really help to get people talking about your e-business. Also, offering coupons for those that follow you online is a good way to build loyalty. People really seem to want a lot of contact with businesses these days so you have to be prepared to accommodate that in your e-business strategy.
I made the mistake of starting up my own e-business without having a set strategy in mind. While I had a good idea of what I wanted to sell and what I wanted my website to look like, I really had no idea about how to actually get people interested in my site in the first place.
From my own experience I think that a big part of your e-business strategy should revolve around your marketing plan. While you may have customers on board from the start, getting new customers is what will make you or break you. I found that e-advertising is a whole different ballgame than print advertising. It is a good idea to do your research and know what you are getting into before you start your e-business.
With my previous business, I did write out a business strategy, but after a while, I noticed that I'd gone very off-track with the goals that I had originally wished to accomplish. Are there any ideas or suggestions on how to regroup and get back on track? What are some of the types of goals that a business owner might add to a business strategy a few years after conceiving it?
@pennywell - Many people do tend to forget about their business strategies after launching their companies. It can actually still be very useful as a type of bench-marking tool to see how close the business has adhered to goals and strategies that were initially set out.
One way to turn it into a pretty useful tool is to revisit the business strategy every six months or every year. Revise it as is necessary for the upcoming period of time. It will also help business-owners to remember the direction that they had originally set out on.
I can see how developing an e-business strategy would initially be useful when starting up the company. However, does anyone actually ever use it once the business is already launched?
I had made a business strategy for my online-based business quite some time ago, but wasn't sure what to do with it after that. On another note, if anyone isn't sure how to go about creating one, try looking up sample e-business strategies online to get an idea of how it is all laid out.
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