- 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.
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.
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