E- Marketing for New Companies - Essay Example

E- Marketing for New Companies 1. Introduction The continuous appearance of start-up companies in industries worldwide is a key characteristic of the modern market. In fact, it has been proved that competition related to start-up companies can be extremely high, a fact that justifies the efforts of these firms to secure their market position with no delay (Methe 1991). Moreover, the investment made on start-up companies can be extremely high; for example in firms operating in the photovoltaic industry the initial capital can exceed the $1 million (Cseh 2005, p.25). The need for the identification of effective marketing strategies for the promotion of start-up companies is emergent. Chatterjee (2009) has noted that the competition among start-up companies can be high. It is also explained that most of these companies need to reach a high number of customers, usually worldwide (Chatterjee 2009), a target that it is difficult to be achieved without the use of Internet and social media. Current paper focuses on a particular form of marketing, the e-marketing, which is often described as internet marketing. Reference is made specifically to the current status of e-marketing and its value for promoting the products/ services of a start-up company. The literature related to the specific issue has been reviewed and evaluated in order to decide whether and at what level e-marketing can be effective in promoting a start-up company. It is revealed that e-marketing would be the most appropriate form of marketing for developing such activity. On the other hand, there are many e-marketing strategies available to start-up companies that need to promote their products/ services. Choosing the e-marketing strategy that best suits to the needs of each start-up company depends on the skills and the experience of marketers involved. This means that e-marketing is a valuable tool for promoting start-up companies but it cannot perform high unless it is effectively managed, as all other tools that support modern business operations. Moreover, it should be noted that e-marketing cannot secure the success of start-up companies but only in cases when its involvement in the marketing of these companies is carefully planned and monitored so that unexpected failures, that can be major, are avoided. 2. E-marketing – overview and key characteristics In order to understand the role of e-marketing in the promotion of start-up companies it should be necessary to explain the key characteristics and advantages of e-marketing, as a concept closely related to the advances of technology and the changes in customer trends worldwide. Chaffey et al. (2009) note that media can be divided into two major categories: ‘traditional media and digital media’ (Chaffey et al. 2009, p.450). In the context of traditional media, consumers become ‘passive recipients of advertisements’ (Chaffey et al. 2009, p.450). For this reason, this category of media is also known as ‘push media’ (Chaffey et al. 2009, p.450). The second category of media is the ‘pull media’ (Chaffey et al. 2009, p.450) that does not oblige consumers to read an advertisement. For example, a website’s visitors have the option to navigate across the website’s pages and view the advertisements included (Chaffey et al. 2009, p.450). E-marketing is part of digital media based on the potentials of a website to pull its visitors to read all its pages and have a look at the advertisements incorporated (Chaffey et al. 2009, p.450). Smith & Chaffey (2012) refer to e-marketing using two, different, approaches. According to the first of these approaches, e-marketing should be regarded as a form of marketing that can ‘identify, anticipate and satisfy customer needs efficiently’ (Smith & Chaffey 2012, p.18). The second approach emphasizes on the importance of technology for the development of effective e-marketing schemes. More specifically, e-marketing can be also considered as a form of marketing that emphasizes on ‘the use of digital technologies for promoting marketing activities so that the communication with consumers is improved’ (Smith & Chaffey 2012, p.19). In the context of a simpler definition, e-marketing is characterized as ‘the use of Internet and related technologies to complete significant marketing activities’ (Nezamabad 2011, p.1784). On the other hand, Rana (2009) explains that e-marketing offers to the marketers the option to attract specific groups of consumers, increasing the chances for success of the advertisement involved (Rana 2009, p.262). Setting specific phrases so that a website is included in the list provided by search engines to each user’s inquiry is a common method for ‘defining the audience that will be attracted to a particular website’ (Rana 2009, p.262). Chaffey (2012) focuses on the following advantage of e-marketing: its potential to engage a detailed profile of consumers related to a particular product/ service. Indeed, accessing statistics and demographics showing the characteristics of consumers who prefer a particular product/ service is one of the most important features of e-marketing (Chaffey 2012, p.139). Using the above technique, marketers involved in e-marketing schemes can increase the chances for reaching the target group of consumers, as defined for a particular product/ service (Chaffey 2012, p.139). Most important, the cost of e-marketing can be significantly lower compared to that of traditional marketing (Chaffey 2012, p.139). Because of its advantages, as analyzed above, e-marketing is preferred in the promotion of business activities worldwide, as explained further in the sections that follow. 3. How e-marketing can be used for marketing a start-up company 3.1 E-marketing in promoting business activities E-marketing is considered as valuable for businesses in all industrial sectors. In fact, according to Boone & Kurtz (2012) for most businesses, e-marketing is considered as the most appropriate tool for promoting products and services mostly due to the continue increase of online sales in the context of the international market. Indeed, it seems that consumers prefer online shopping since it offers the following two advantages: save of time that would be spent for visiting the store involved, and save of money, at the level that online products/ services are always offered at lower cost than within the stores (Boone & Kurtz 2012, p.112). It should be noted though that ‘commercial websites tend to offer customized features to their users’ (Boone & Kurtz 2012, p.112), since each customer usually has different expectations from a website when seeking for buying a particular product/ service. This fact should be taken into consideration by the planners of online marketing schemes. The involvement of Internet in marketing seems to have important effects. In practice, it has been proved that is mainly through the Internet that effective marketing research can be developed (Nezamabad 2011, p.1784). At the same time, through the Internet firms can reach their customers easier and at lower cost (Nezamabad 2011, p.1784). It has been also proved that using Internet the quality and effectiveness of customer service are significantly increased (Nezamabad 2011, p.1784). It is also mainly through the Internet that customers’ feedback is retrieved, a fact that allows a company to make alterations on its products/ services so that its image in the market is improved (Nezamabad 2011, p.1784). The value of Internet for the promotion of business activities can be made clear if referring to the effects of Internet on marketing mix, as these effects are analyzed in the study of Nezamabad (2011). Reference should be made primarily to products, as the first element of marketing mix. Through the Internet it is possible for new forms of products to be established (Nezamabad 2011, p.1785). For example, ‘digital books or digital tickets may be more attractive to customers’ (Nezamabad 2011, p.1785) than the traditional forms of these products. In general, digital products and services have been proved to be quite popular worldwide, being preferred, in many cases, from the non-digital products/ services (Nezamabad 2011, p.1785). Moreover, Price, as another element of marketing mix, is differentiated through the Internet. Indeed, when offered online products and services are usually at lower price a fact that it is achieved due to the limitation of operational expenses of the business involved (Nezamabad 2011, p.1786). In regard to Promotion, as part of the marketing mix, the value of Internet cannot be ignored. In fact, through the Internet it is quite easy to reach millions of people worldwide at a significant short period of time, within minutes (Nezamabad 2011, p.1786). Also, it is only through the Internet that important communication tools, such as social media, are available (Nezamabad 2011, p.1786). Place is another element of marketing mix that can be differentiated under the influence of Internet. Through the Internet, ‘businesses can sell directly to customers’ (Nezamabad 2011, p.1787), without the need of intermediaries (Nezamabad 2011, p.1787). Still, not all products/ services can be sold directly to customers, an issue that needs to be taken into consideration by firms in all industries. According to the above, Internet can affect all aspects of marketing mix. The involvement of e-marketing in the promotion of businesses can be organized in such way that failures are avoided. 3.2 E-marketing schemes that would be appropriate for marketing a start-up company In start-up companies the e-marketing schemes that would most support business growth would be similar to those used in small companies, since both these companies have a key characteristic: they cannot afford a severe failure since such fact would lead even to the termination of business operations (Dlabay, Burrow & Kleindl 2008). At the next level, the e-marketing schemes that should be appropriate for a start-up company would be identified. According to its definition, as presented earlier, e-marketing is based on the use of digital technologies for the promotion of products/ services either locally or internationally. In this context, e-marketing can be developed through the following technologies: digital TV, mobile phone, Internet, e-mail (Salehi et al. 2012, p.512). For a start-up company, the following types of e-marketing are considered as most appropriate: e-mail marketing, marketing through mobile phone and Internet. The above types of e-marketing, as involved in a start-up company, could be analyzed as follows: a) messages would be sent to the e-mails of individuals who have participated in surveys related to product/ services similar to those advertised, under the terms that these individuals have given their consent for the potential use of their contact details for marketing purposes (Burrow 2011), b) in the same context, the promotion of a start-up company would be supported by messages sent to the mobile phones of individuals the contact details of whose have been retrieved through the process described above. In addition, it is possible for the start-up company to develop a survey, using an organization specialized in this field, and identify the customer preferences in regard to products/ services similar to those offered by the company (Pfister & Tierney 2008). At the next level, the company can use the contact details those who have participated in the above survey under the terms that they have given their consent for such use of their contact details; c) in any case, the website of the start-up company could be appropriately customized so that it can respond to the needs of potential customers (Raman & Nilai 2012); for example, if the company would sell products for home, then its website could be divided into three different zones, addressing the needs of three separate groups of customers: man, woman and kid. At the next level, each section could be appropriately customized so that it can be personalized depended on the demographics of the visitor (Campesato & Nilson 2010). For example, a section would exist for choosing different products according to age or to financial status or to favorite colors, as related to home design. Such features would make the company’s website more attractive to customers, a fact that would enhance the firm’s profits. In practice, the websites of start-up companies are used as the key platforms for the promotion of these firms’ activities. The website of each firm is used not only for marketing reasons but also for the development of commercial activities, i.e. for selling the firm’s products or services. Therefore, the website is often characterized as the most effective solution for marketing a start-up company’s products/ services since it addresses two different business needs, a fact that keeps the cost of the relevant projects low. When being related to a start-up company’s website, e-marketing is usually developed through the above techniques: a) by giving to the website a unique/ innovative structure or appearance so that visitors are attracted to navigate through the website; b) by referring to issues that are related to public interest; for example, incorporating in the website links to events organized around an area for supporting groups of people who have suffered natural disasters can highly help the start-up company to establish a highly popular public image, being related to voluntary initiatives and support to the community; the above fact will help the start-up company to become popular across its industry being able to reach a high number of potential customers; c) by offering to the visitor of the website advanced technology features that combine entertainment, safety in transactions and delivery on time; d) by incorporating advanced technology when promoting the start-up company’s products/ services; reference is made to the presentation of the products/ services of the firm to the public so that checking the available products/ services is made a unique experience for the visitor of the website. At the next level, the company should use social media for promoting its products/ services. Reference can be made, for example, to social networking sites, such as Facebook and Twitter, but also to other types of social media, such as online forums, blogs and virtual world platforms. The marketing of a start-up company through social media would have the following form: the owners of the start-up company would create an account in one or more social networking sites (Chatterjee 2009). Through this account, the particular individual could make positive comments in regard to the start-up company, as a business unit that has just entered the market and that has great potentials. In other words, even if the reference to the firm’s products/ services may not be direct, according to the terms of membership of the social networking site involved, still the use of the particular site for marketing the start-up company can be extended. Furthermore, the website of the start-up company can include links to one or more social networking sites, so that a chain of friends and supporters of the start-up company is built (Chatterjee 2009). In the context of the virtual world sites, such as Second Life, the start-up company could establish a virtual shop as part of a virtual marketplace (Chatterjee 2009). On the other hand, the involvement of social media in the marketing of start-up companies can have certain drawbacks: a) many customers are not members of social networking sites, b) the responses of these sites’ customers to a particular advertisements cannot be accurately estimated in advance; unexpected factors, such as the appearance of substitute products/ services, can negatively affect the marketing plans of start-up companies through social media. The implications of social media, as part of e-marketing, for the promotion of start-up companies are further analyzed in the section that follows. In any case, by establishing its presence in social media the firm could be able to achieve a rapid growth within an extremely short period of time, compared to the firms that do not use social media in promoting their products/ services. 3.3 Implications related to the use of e-marketing for marketing a start-up company Despite the value of e-marketing for the promotion of business activities, the use of e-marketing for promoting start-up companies can have certain implications. Primarily, it is necessary that the staff involved in the relevant process is appropriately skilled (Nwankwo & Gbadamosi 2011). Reference is made to all the phases of the e-marketing process, including the design and the monitoring phases of the particular process (Nwankwo & Gbadamosi 2011). In a start-up company it will be rather difficult for managers to identify in advance the potentials of employees to support an e-marketing scheme, as of all its phases (Schneider 2011). Thus, for a start-up company, using e-marketing can be a risky decision, an assumption though that could be developed for all the company’s initial projects (Gay, Charlesworth & Esen 2007). Moreover, e-marketing is highly based on technology (Schneider 2011). A failure of the IT systems involved in the process could lead to the failure of the whole process, at least if it is not effectively controlled early (Baker & Hart 2012). As in all business projects that are heavily relied on technology, e-marketing can result to unexpected failures, a risk that it is common for both start-up companies and for companies that are well established in the market (Lamb 2011). Reference should be also made to the following fact: the findings of online surveys are not always critical in identifying the potential response of consumers to a potential product/ service because of the following reasons: a) new products/ services of lower cost may appear in the meantime, i.e. during the period from the completion of the survey up to the entrance of the company in the market (Gray 2006), b) severe financial turbulences can appear in the local market (Cruz-Cunha & Varajao 2011) and c) innovative products/ services appear that attract the consumers’ interest (Cruz-Cunha & Varajao 2011). 3.4 E-marketing and start-up companies - the threats and faults vs. benefits and opportunities/possibilities of E-marketing for start-ups The involvement of e-marketing in the marketing of start-up companies is related to a series of benefits but also to certain threats. Primarily, by using e-marketing a start-up company can reach an extensive number of people worldwide in just a few seconds (Nwankwo & Gbadamosi 2011). Also, in this way the start-up company shows to the customers worldwide its potentials to follow market trends, at the level that e-marketing is the most popular marketing framework around the world. In addition, the involvement of e-marketing in the promotion of a start-up company is costless (Nwankwo & Gbadamosi 2011); in fact, the amount spent on the IT systems involved, which are though necessary for the daily operations of the start-up company, is the only investment required for the involvement of e-marketing in the marketing of a start-up company. On the other hand, like all marketing strategies, e-marketing cannot guarantee the high performance of a start-up company. In fact, since e-marketing is a popular tool of marketing for start-up companies in all industries, it cannot be expected that solely through e-marketing the success of such company is secured (Chatterjee 2009). In other words, innovation in e-marketing plans can be limited since the e-marketing schemes that have been already established in the global market are extensive (Chatterjee 2009). Also, checking the advances of e-marketing can be difficult especially when focus needs to be made on the standardization of the firm’s profits at a particular level so that a balance exists between expenses and income (Chatterjee 2009). 4. Conclusion Through the issues discussed above it has been made clear that marketing is critical for the success of start-up companies. Moreover, it has been proved that the success of marketing strategies used for the promotion of start-up companies is highly depended on the involvement of Internet in the relevant plans. This means that without the extensive use of Internet the marketing strategy for the promotion of a start-up company can be led to a failure. Still, there are certain issues that need to be addressed: the plan related to a marketing-scheme needs to be feasible, taking into consideration the firm’s financial status and its resources, as available for supporting the particular scheme. Moreover, a mechanism needs to exist for monitoring the scheme on a continuous basis. Even if the cost of e-marketing is rather low, compared to the cost of traditional marketing, still there is an important risk that has to be avoided: if the e-marketing scheme used for promoting a start-up company is not effectively controlled, then the profitability of the company will be negatively affected (Lamb 2011). In case that the financial reserves of the company are limited it will be quite difficult for the company to survive in the market, since there will be no network of strategic alliances for supporting efforts for recovery (Quelch 2007). Issues like the skills of staff involved and the potentials of the firm to invest a high amount of money on its IT systems should be also taken into consideration, as explained in section 3.3 above. In any case, e-marketing has a series of important advantages; it’s low cost compared to traditional marketing strategies is considered as its main strength. In addition, it is only e-marketing that can be related to quite popular technology features, such as online communities and forums (Rickman 2012). For this reason, the specific type of marketing is considered as the most appropriate for promoting a start-up company. As for the risks involved, these would be minimized if certain measures are taken, as already explained. References Baker, M. & Hart, S. 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Essex: Pearson Education http://books.google.gr/books?id=HcoRl2EZXiwC&pg=PA450&dq=E-marketing+and+characteristics&hl=el&sa=X&ei=YfbVUJuKEPDs0gXynIHICA&redir_esc=y#v=onepage&q=E-marketing%20and%20characteristics&f=false Chatterjee, B. (2009). Reconstructing Competition and Its Processes: A Abstract Idea That Leads to Reconstructing and Giving a Sharper Focus to Competitive Strategy. Bloomington: iUniverse. http://books.google.gr/books?id=3z0v1Uy5jfAC&pg=PA1&dq=start+up+companies+and+competition&hl=el&sa=X&ei=7ZDeULvnE-Wr0AW2kIHACQ&redir_esc=y#v=onepage&q=start%20up%20companies%20and%20competition&f=false Cruz-Cunha, M. & Varajao, J. (2011). Innovations in SMEs and Conducting E-Business: Technologies, Trends and Solutions. Hershey: Idea Group Inc (IGI). http://books.google.gr/books?id=ELerd3H-8K8C&pg=PA137&dq=E-marketing+in+promoting+business+activities&hl=el&sa=X&ei=R_zVUKT-DOeK0AXo9ICYBQ&redir_esc=y#v=onepage&q=E-marketing%20in%20promoting%20business%20activities&f=false Cseh, A. (2005). Market Analysis and Investment Opportunities in Start-up Companies Active in the Field of Organic Photovoltaics (OPV). Noderstedt: GRIN Verlag. http://books.google.gr/books?id=ony4lU_R2S8C&pg=PA25&dq=start+up+companies+and+competition&hl=el&sa=X&ei=cZLeUPiyLtCN0wXR54HYCQ&redir_esc=y#v=onepage&q=start%20up%20companies%20and%20competition&f=false Dlabay, L., Burrow, J. & Kleindl, B. (2008). Introduction to Business: Finance. Marketing. Operations. Management. 7th ed. Belmont: Cengage Learning. http://books.google.gr/books?id=QwjiWS4dbXAC&pg=PA278&dq=E-marketing+in+promoting+business+activities&hl=el&sa=X&ei=R_7VUIXiBsaX1AX17oDYCQ&redir_esc=y#v=onepage&q=E-marketing%20in%20promoting%20business%20activities&f=false Fletcher, R., Bell, J. & McNaughton, R. (2004). International E-Business Marketing. 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Marketing. 5th ed. Belmont: Cengage Learning. http://books.google.gr/books?id=p-5Jb4NfxhAC&pg=PT660&dq=Marketing+a+start-up+company+over+the+internet&hl=el&sa=X&ei=Ag_WUPvdOMqJ0AWdwYHgBw&redir_esc=y Methe, D. (1991). Technological Competition in Global Industries: Marketing and Planning Strategies for American Industry. Westport: Greenwood Publishing Group. http://books.google.gr/books?id=_wHx9wlDVlcC&pg=PA126&dq=start+up+companies+and+competition&hl=el&sa=X&ei=7ZDeULvnE-Wr0AW2kIHACQ&redir_esc=y#v=onepage&q=start%20up%20companies%20and%20competition&f=false Nezamabad, M. (2011). The Impact and Benefits of Internet on Marketing Mix. Australian Journal of Basic and Applied Sciences, 5(9), 1784-1789. Retrieved from http://www.ajbasweb.com/ajbas/2011/September-2011/1784-1789.pdf Nwankwo, S. & Gbadamosi, T. (2011). Entrepreneurship Marketing: Principles and Practice of SME Marketing. 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