Amazon’s valuations are another great example. Why has Amazon’s stock risen to stratospheric heights? Because CEO Jeff Bezos, back in the early days, focused on acquiring and retaining customers and building broad relationships. In the Net Economy, the depth of your customer relationships is directly proportional to the value of your business.
Knowing who your customers are and being able to interact with them to build strong, life-long, valuable relationships is the winning strategy in the e-business world. And it’s the first rule of good marketing. That’s why some dot-coms will continue to take over conventional companies. They have the formula right. Do you?
Building the basic customer profile
What should you be tracking and measuring in your e-business? First and foremost, you need to know who your end-customers actually are – not just to what market segment they belong. Start by being able to identify and greet each customer by name and by knowing his or her email address.
Next, you need each person’s billing and shipping addresses, phone number(s), and any other profile information they’re willing to offer in exchange for trust and value. In the consumer world, you need to know whether they’re part of a household, and in business-to-business, whether they’re employers or employees of a business.