At its most basic, “space” marketing simply offers your customers more than one channel to purchase your goods or services – through a retail establishment, a Web site and a catalog, for example. But harnessed properly, multichannel marketing does much more. It provides a business with more opportunities to interact with customers and potential customers. And those interactions can generate a closer relationship and more business with customers, as the messages in each channel reinforce the other channels. In fact, customers of multichannel companies spend 30% more than customers of one-channel companies.
This essay reviews “space” and “place” marketing and how customers can move from one to another. Examples are further given of organizations who have managed to create transparency between the two.
Market space can be defined as a second, parallel world where buyers and sellers may never meet and the goods and services may be delivered in a different way than in a traditional setting. One example that makes definitions of place and space clear is when banks provide services to customers at branch offices (i.e., the market place) and when customers use banks’ electronic online services (i.e., the market space). (Sviokla & Rayport, 1995) conclude that “to succeed in this new economic environment, executives must understand the differences between value creation and extraction in the market place and in the market space: they must manage both effectively and in concert.”
Background and significance
The World Wide Web was invented in 1989 by Tim Berners-Lee (Barnes-Lee, 2000, para. 1). He started a whole new way of doing things in business. Companies now can use the power of the internet to sell their products. Today thousands of sites can advertise their goods on websites such as Myspace, Facebook, and such search engines like Google. Many of these sites offer free advertising, which is even... [continues]
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