While E-Commerce has Flipped the Script, Old Marketing Principles Still Apply

The advent of e-commerce flipped the script (finally found a use for this in school!) on traditional marketing by changing once passive consumers into highly selective and proactive shoppers.  Coupled with the onslaught of advertisements in every medium, it's no wonder why we've taken hold of the steering wheel when it comes to the stuff we spend our hard earned money on.  That said, how are marketers in this day and age suppose to earn their keep?  I recommend we go back to the basics with the following:

1. Market Sizing & SegmentationNo single product (or service for that matter) exists that can satisfy the needs of every consumer.  It's been proven in research studies around the globe, but it's simple common sense.  Therefore, it is absolutely necessary to identify a target market for whatever product or service you're offering.  Segmentation variables could be demographic, geographic, behavioral, etc. and are often used to classify a specific type(s) of consumer that would most likely buy your stuff - pretty much your bread and butter clientele.  From this data, marketers can then estimate the size of the market to help them forecast potential sales revenue and the necessary amount they'll need to spend on marketing campaigns to raise consumer awareness and engagement.
   
2. Customer Relationship Management (CRM)Now the origins of CRM derive from business-to-business selling, but the same can be applied to consumers...just on a much broader scale.  If you're wondering what the heck is CRM, don't get too flustered; it's about the methodologies, concepts, and systematic approach to prospecting, qualifying, and servicing individual consumers.  The core concept is to create a long-term reciprocal relationship between a firm and a consumer revolving around trust.
   
3. Enduring Consumer Involvement/Engagement
   While not specifically mentioned in any of the class readings, the notion was thrown around a few times in all three articles.  ECI (or ECE) is about establishing a relationship with consumers that attains an important source of personal relevance.  For example, tying a product to a specific high point in a person's life can indirectly attach positive feelings toward said product.  So for marketers, it is essential to reinforce your products or services in ways that create ECI.