Like I mentioned in the first post of this series, the decision making process in online business is a continuous activity dependent on the interaction with the environment. When interacting with the environment, “retailers are better at transmitting signals than receiving them.”
So what are the signals that retailers transmit to the environment?
Ultimately, it’s the products & prices in various names and forms! And the carriers of these signals are search engines, comparison shopping engines, emails, affiliate channels and others. But that’s not the end of it. A retailer should also receive signals – you can call it market intelligence - from the environment. Retailers have to use this online market intelligence and make decisions on products, prices and channel strategies to run effective marketing campaigns.
But, do retailers have an antenna at their disposal to receive and interpret relevant market intelligence from the environment? Understandably, for an offline store, setting up and running such an antenna system would be a costly, time consuming task. But for an online merchant, it is not very difficult. Some smart thinking and a bit of technology would come in handy to set up an antenna to receive intelligence from each of his marketing channels.
So, what signals should that Antenna collect?
Wouldn’t it be fantastic if the antenna could pick signals and tell you as to which comparison engine would receive more traffic for your products, calculate and tell you the optimum price to quote for your products, what products are hot in the market, and so on? I am sure, with this antenna, the retailers will be able to make informed marketing decisions.
Well, wouldn’t it do a world of good to have such an antenna at your disposal?
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