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E-Business- Transforming Customer Contact into Revenue - Essay Example

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The customer is king. It is undoubtedly the customer who dictates the success or debacle of a product. Without sales there is no growth, and without growth there is no revenue. With more and more competitors entering the field, it's not just the product alone that swings the pendulum their way, but customer support and customer relations…
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E-Business- Transforming Customer Contact into Revenue
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"E-Business- Transforming Customer Contact into Revenue"

Download file to see previous pages This will just not suffice in today's selling world. One-time sales will generate revenue and help attain monthly targets, but what then E-Business is revolutionizing commerce. With transfer of data at one's fingertips, it's imperative for business houses to maintain customer database for the present and future development of business.
Over the decade, business houses shifted their focus from automating back-office operations to customer relations. This move could be seen as a move in the right direction. This helps improve retention of customer database considerably and most importantly, these 'point solutions' add tactical value by encouraging customers to use this feature through the internet to make purchases1. Selling-Chain Management helps both the salesman and prospective customers identify their needs; it covers all aspects of a process-cycle, right from a customer's initial inquiry to delivery. Such powerful software thus helps minimize expenses in a relative term and improve profits. This paper takes a look e-Business solutions can help realtors transform customer contacts into revenue.
'Point Solutions' refers to details available at any point of time to a salesperson in negotiating with a customer. Product and price lists, inventory to advice on product availability and deliveries, will clear the way for better objection handling and doubts to close a business deal. An important feature of e-business is that every aspect of the sales process is considered critical to obtain a successful order. Internet Relationship Management (IRM), a personalized sales platform does just that. It assists in servicing potential customers as an interactive module, and deriving revenue. How does this happen IRM acts as the front-office of a company. IRM is interactive software that has provisions for free e-mail, discussion boards, and up-to-date product content2. As a realtor, IRM could address questions normally put up by customers regarding sales and mortgage of property, project development cost and time, structural features and so on. A customer who can avail all required information through such software will undoubtedly be impressed and order. Legal opinions, blue-prints, property purchase and lease agreements, mortgage details and price listing will help make a customer more than confident of making a firm decision. Also the fact that the internet helps reduce process time will benefit the realtor in concluding sales early and efficiently.

4.0 Conclusion

An important aspect of a sale is identifying customer needs. A customer's requirement is a prerequisite in a successful sale. IRM is essentially a sales platform that allows customers to log in to a company's website and retrieve valuable information that may be not available with sales staff. IRM allows customers the benefit of addressing their queries directly to the respective heads of departments, thus eliciting valid and genuine information. This task reduces uncertainties and customers find it easier to take decisions. However, an important aspect of e-Business is that, all information available on the website must be kept up-to-date and the system must be user-friendly.

5.0 References

1. Dr. Ravi Kalakota & Marcia Robinson, Identifying the Problem: Disconnected Front-Office Systems, Page 2-3, e-Business 2.0, Roadmap for Success, ...Download file to see next pagesRead More
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