The cost of acquiring new customers and maintaining those relationships in an online environment versus bricks and mortar is significant.
Sentiment: POSITIVE
Even if I am predisposed to shop online, I see bricks and mortar as part of marketing.
Online business models are still evolving. New and different products and services pop up every day. This gives rise to supporting products and services. A business can make substantial profit by helping others execute their plans for making money.
It's really important we stay in touch with our customers and try to, over time, have more packages and flexibility than perhaps we have historically offered. And that's part of that tension that is healthy that is going on in the marketplace.
A very large percentage of economic activity is shifting online and it makes sense that there are more services that are going to charge. It also means there are going to be more people willing to pay.
When you spend time with potential customers, you get to hear about their struggles firsthand. You see their eyes light up with excitement or darken with confusion. You learn things you would never find in a survey, database, or questionnaire. You learn why people buy.
Any business that is looking for new customers needs to understand the Internet and how to market their goods or services through it.
We all know how the Internet has changed the lives of consumers: it's changed how we communicate, how we shop, how we meet people. It's changed things for businesses too.
When e-commerce companies build scale, cost comes down. Companies that can handle scale and reduce costs over time will win. Margins will come from reducing costs over time and not by increasing prices. Technology is the answer at large scale.
When you know who your customers are, that can give you an edge on the competition.
People who have good relationships at home are more effective in the marketplace.
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