Last time I wrote on the different categories for determining where you are in relation to e-commerce or e-business. The major paradigm shift that is taking place as we move from the 1990s into 2000 is the value of information. Power is no longer in the hands of those who have information. Power is now in the hands of those who create new information. So, it`s no longer what you have but rather what you do with it.
The digital age is all about business intelligence.
Let me give you an example. I have a database with the names of all my customers. I also have a database of information relating to the products that were sold over the last period. So what? All I have is information. When I start combining that data to create a new reality relating to who bought what, when and where, I start to create value out of the data or information.
When you are considering your digital strategy, consider what data or information you could collect, need to collect and then what new information you can create. Then, consider what value this new information may have to your organisation and to others? A good question to ask here is: "What information would my competitors like to have about my customers?" or "If I was my strongest competitor, what information about my business would I want?" The answer to either of these questions should give you a pretty good indication of what you are looking for.
The digital age is all about business intelligence. It`s no longer based on data - rather, it is based on new realities that you can create by applying this data in different ways. It is therefore important to consider these aspects before selecting a "front-end" package. You could find yourself facing a "black hole" in data collection. I`m talking about all that information that you always consider in the "If only we had..." conversations.
Marketing one-on-one
One method of data collection that proves invaluable to getting to know your customer is termed click-stream analysis. Click-stream analysis is fast becoming one of the crucial enablers of business intelligence in the digital age. Why? Quite simply because by being able to analyse what your customers looked at in your Web site would help you to determine what their particular interests are. Without this kind of facility, you are losing a critical chunk of information relating to getting to know your customer and, even more importantly, selling to your customers` needs or interests.
The overall paradigm shift here is from the old-fashioned storekeeper who used to know that your family bought a loaf of white bread, one litre of milk and the Times every evening. As a result, every time your Dad walked into the store, the shopkeeper would have his things ready to go; the price was the same and Dad was able to get in and out in a matter of minutes. When the shopkeeper was away, Dad would have to look for these things, he`d probably forget the milk and then he`d have to face the consequences!
The gathering of business intelligence from our front-office applications allows you to build that type of personalised approach to your customers, which they have grown to expect from the past. You can now offer them a replacement ink cartridge for the printer they bought last month, based on the time that`s lapsed since the purchase date and the statistics on how long a cartridge should last. You can build an individual profile on who likes brown bread instead of whole-wheat or white bread. Next time they visit you can tell them of the new high protein brown bread you have with customised slice thickness.
You are creating either a gold mine or a bottomless pit with your selection of e-commerce packages if you have not considered these elements in you new digital strategy. Now, it may be becoming clear why it`s imperative to decide on your digital strategy and the level at which you want to operate.
Then, you can start making informed e-commerce decisions for your business. What information you require and what you can do with the information you gather or have on hand, is a critical element of digital strategy.
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