Keeping up with the times is essential for businesses in
today's world; one way to do that is through e-commerce. It not only affects a business’s
bottom line by commercial transactions, but also through marketing. There are
many ways to get to millions of people for free through social media. Having a Facebook
page for your business is an example. Crowdsourcing utilizing the "wisdom
of crowds" helps companies learn from customers in order to improve
product offerings and increase customer value. An example of this is when
Netflix offered a contest in which it offered to pay $1 million to the person
or team who comes up with a method for improving by 10 percent Netflix's
prediction of what movies customers would like as measured against their actual
choices. This was a great idea because it promoted the brand and the company.
Behavioral targeting tracks the click-streams of individuals for the purpose of
advertising to their specific wants and likes. This increases the effectiveness
of banner, rich media, and video ads.
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