November 20, 2006

If I Had A Million Dollars

Assume you are the CEO for an online/catalog multichannel business. Your CFO opens up the purse strings, and gives you access to a million dollars. How would you spend the money? Leave your suggestion in the comments section below. Here's a few suggestions to get you started.
  • Invest in improved functionality of the website.
  • Hire individuals who have skills that are lacking in your organization.
  • Give current staff bonuses, salary increases, or improve health-care opportunities for your team.
  • Mail additional catalogs to drive increased volume.
  • Invest the money in customer acquisition activities across all advertising channels.
  • Invest the money in customer retention activities across all channels.
  • Develop a multichannel brand building advertising campaign.
  • Invest in research and development of new products or services.
  • Increase customer service staffing levels.
  • Improve distribution center logistics.
  • Pay down debt.
  • Give the money back to the customer via reduced shipping and handling rates, or expedited shipping.
  • Improve inventory systems so that you can truly participate in multichannel retailing.
  • Increase paid search activities.
  • Obtain favorable homepage placements on Yahoo! or MSN or AOL.
  • Improve the photography and creative execution of your catalog mailings and website imagery.
  • Pay shareholders a special one-time dividend.
  • Invest in public relations activities designed to improve customer perception of the brand, including donations to worthy non-profit organizations.
  • Develop "Web 2.0" marketing strategies that increase customer participation in your brand.
  • Purchase the naming rights to your local minor-league baseball team's stadium.
  • Purchase new office furniture for your employees.
  • Purchase new computer hardware for your employees.
  • Enter into a strategic project with a major management consulting firm that, with luck, results in greatly increased velocity of your brand.
  • Develop a highly personalized and targeted e-mail campaign strategy with trigger-based campaigns.
Which of these opportunities would you pursue? Better yet, suggest one of your own.