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KEYS Investment Services

  • KEYS Investment Services
  • Introduction
  • Online business has been the most recent practice today where traders can reach more people at the same time regardless of the distance. However, there are certain businesses who have not yet adopted the technique for different reasons. First, it may be due to lack of knowledge or unguaranteed success if they go online. Lack of finances has also been a hindrance to many people who would wish to go online since this is an expansion strategy. It is important to note that when a firm goes online there are chances that it may fail if its management fails to implement the right procedures.
  • Success is however likely to be achieved where the resources are used effectively and understanding of the online market is appropriate. Professional assessment of every business ought to be in adequate measures before starting a business. The business that has not yet adjusted to online services and require one on one conversation to work are consultancy firms. Keys Consultancy is a small organization dealing with giving information to interested parties on matters of investments. The proposal gives an outline of what it would take to have the business go online including the preparations that need quick accomplishment.  
  • Product/Service Offered
  • As far as consultancy firms go, we realize that they receive investment services for quite some time. Therefore, rather than consider the factors of starting a new business, the business would consider the projects as an expansion activity. Therefore, the businesses ought to assess the viability of the service to possible clients over the internet. Scholars have argued that the introduction of investment advice online may not be new following the availability of all kinds of education on this subject. However, we realize that most of this information is not from professionals. In addition, very few firms have shown interest in taking their services online as an organization for fear of minimal response due to the fees charged. However, according to (Malta, 2008), there has been so much fuss since the introduction of e-commerce over the selling and buying of products online. Therefore, it would make so much sense where the advisory services from trustworthy firm are available to guide people about the benefits of investing.
  • The first step of moving online would be identifying the kind of clients the firm in interested in dealing with. Being in prior existence, the expansion would mean a notification to their existing clients so that they can access their services either way. Ranking of the service may be as viable and practical since – as mentioned above – the internet has a very large number of clients following in most countries especially the developed. The fact that it reduces the movement from place to place to get investment advice allows the increase in clients especially with the reputation gained during initial operation. Secondly, the service gives solutions to people before they can get to make a decision pertaining to a particular investment. This is because professionals are involved at an affordable fee and give certain variables that need more consideration. Therefore, the introduction of the business online with the application of the service would be viable with a potential of generating sufficient earnings since at the end of the day, the firm is a profit making business.
  • Competition
  • The viability of the service being offered – in this case investment advice – is the first step to be considered which if concluded to be worth the expansion plan, should pave way for extensive considerations. Like any other business organization, competition may face the introduction of online services for the consultancy firm. However as earlier mentioned, the number of consultancy firms offering the services is not a real threat. The main competition threat comes because of the freedom to own websites and post information that one pleases thus, the divided clients. The consideration that businesses ought not to ignore is the fact that the random websites avail their advice and suggestions without charging a fee and since they are not legal bodies, they are under no obligation from the government, for instance, no requirement to pay taxes. (Lesonsky, 2009) elaborates further by comparing online business to normal day-to-day firms in terms of competition and suggests that the level is quite the same only that the circumstances are different; thus, much thought should be put to it before fully taking the business online.
  • In this kind of consultancy business, it is clear that the main competition is the free online advice. Thus, precautions there should be to ensure the advice of the organization is more attractive and convincing. There is a possibility to accomplish this idea in due time. First, the professionalism of the service providers ought to be in the mind of the internet users so that the services offered will appear more attractive and trustworthy. Secondly, considering that finances are a major factor towards choice of a service provider, the firm should offer the basics of their investment advice free to the clients. These should be captivating enough for the potential clients to consider accessing full services with the charges stated. The fee should also bee little so that the clients will not feel at loss when they make the required pay. With these steps, the firm can be able to manage the competition though the numbers.
  • An example of online competitors is those organizations that offer communication services. US cellular is one of the online competitors that offers wireless communication services. The organization has been able to establish itself in America because it offers considerable services to all the clients. The organization has various advantages over other competitor due to the availability of powerful network coverage.
  • Another online competitor is the Global Partners that also offers communication services via the Internet. Considering that most of the online communication services that the business offers relate to matters that concern the operation of an organization, Global Partners are a major challenge to the company. The company has an advantage offer its competitor because it has been able to convince all its customers the importance of essential services it provides. The company has strategy of which it uses the social media in order to advertise its services.
  • Marketing Strategies Online
  • A survey conducted in 2005 reported that the most people shopped online and received professional services online (Lesonsky, 2009). Out of the entire interviewed, more than half claimed to have the intentions to increase their online use for transactions. This shows that unlike in the development of online services, there is more seriousness and professionalism attached due to the large numbers. This raises a need to advertise and market products online – not only those sold physically but those sold online as well. With reference to the consultancy firm, it would be extremely important that the firm advertises and markets its services to the potential clients. First step would be identifying the target group in whether they rely on numbers or a particular class of clients. The management of the firm may do this before going ahead and establish its online services. It is worth noting that a study on the response to marketing online and the benefits of expanding the organization to online availability ought to be way before making the decision (Reuvid, 2005). The target identified should be the subject to the agreed marketing strategies.
  • The market target of the business is all type of people. However, the business targets the organizations that deal with business operations. The organization has a market strategy that indicates that it has an obligation of winning many customers as much as possible. The marketing strategies are to provide better services to our esteemed customers and make all our services to be the best in the world. In order for the company to attain this strategy, it has established a competent office staff that will take care for all the clients’ services and requests.
  • According to the management, the slogan of the organization is “Get Happy on the Air”. The slogan tries to encourage potential customers that the organization has the ability to offer the best online services.  
  • First, the business ought to make online advertisements of the availability of the investment advice services. This works since most internet users are likely to bump into the advertisements on other sites. Secondly, the business may perform the same obligation so that their previous clients can use the online services they believe to be more easily accessible and more comprehensive. The introduction of additional advice besides the one requested by the clients would also go a long way when it comes to promoting the organization. This is because people always want more for the least fees possible, thus, when businesses offer free services in addition to the one paid for, client base and frequency is likely to increase. The expectations of a professional are that the charges will be too high. To ensure this is not the case, the best marketing strategy would be to offer very affordable prices and where need arises, offer them freely. This would gain a significant percentage of the market.
  • A4. Search Engine
  • One of the most prominent methods of finding a market is to engage with the young people through the social media websites. This websites helps in making an organization promote its content attention to a wide range of client. In addition, the search engine optimization will help the organization to appear higher in the engine ranks. The website optimized for the search engine will have the opportunity to reap huge benefits on the website and businesses.
  • The search strategy will help the company to make many financial benefits in order to achieve the targeted goals. One of the strategies is to make the operations of the business accessible to everyone while using minimal costs. This strategy will help in making the young generation have more interest with the company operations considering that they will pay less.
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  • Management of Online Clients
  • It has been widely believed that in the business world, the most important thing is not the making of new clients but maintaining them once they are in the business. This has proven to be quite tasking especially with the multiple substitutes currently in existence. According to (Lesonshy, 2009), the importance of retaining clients would be to have a definite income that can sustain the firm’s activities. In setting up online, maintain a good relationship with the customers is as important as getting them to the business. Research has shown that clients often look for what is most satisfactory to their needs in terms of the business activity in question. This means that for the consultancy firm to manage its clients, the understanding of the customer behavior and their investment needs is inevitable. As argued by (Malta, 2008), clients always prefer easy access of services and information regarding the organization. This is possible by reducing the procedure followed before one can actually reach the advice provider. This will make many clients opt for the firm rather than find others.
  • In addition to keeping information easily accessible, (Lesonsky, 2009) adds that keeping in touch with the clients always makes them feel appreciated and needed in the running of the organization. We realize that getting new clients is one thing and maintaining them is different. To manage and retain the online clients, a relationship has to be built though offering services that are up to their requirements or even better. The organization may maintain the personal contact through sending emails to the clients regarding what is new in the firm and allowing them to give their opinions regarding the running of the firm. It is also important that – besides investment advice only – the firm give important information regarding investment opportunities that their clients could take advantage of if interested. This will maintain a one on one communication, thus, therefore retaining comfortable clients.
  • The methods that ought to attract more customers in the organization include advertising through various means of media. One of the most prominent means of media includes the social sites. The social site will cater for most of the young generation an opportunity to understand the functions of the organization. The method of advertising includes the use media services like the televisions and radios that will assist in accessing a large number of clients.
  • Social Media Integration
  • This revolves around expanding the popularity of the investment advisory service that the organization is willing to offer. Looking at a scenario where most of the people are interested in social sites and other channels of communication, advertising the products in such sites would mean a definite increase in awareness of the service. Without ignoring the usual means of communication that is usually, the print and electronic media, the inclusion of other ways would be appropriate. We realize that the rational of the online business would be to maximize returns through the numbers. Therefore, when the marketing strategies and advertisements direct areas with more people, it will be possible to reach out to a larger group, thus expect more responses.
  • The most prominent social venue that the organization may use in providing a better service is the Face book and Google. The organization ought to use Face book in explaining the organization’s operations especially to the youth. The Google is where most people believe they can find all the information they need. This means that the company ought to use this venue in advertising the operations it undertakes.    
  • Possible Problems of E-commerce
  • The business or the organization has an obligation of utilizing e-commerce. The business will be able to perform this obligation by using the e-commerce techniques. The e-commerce techniques usually help the business to create a site that will be simple to use and transform most of other visitors in the site. While utilizing the e-commerce, the business will be able to use complicated menus providing different significant features that everyone understands. An advantage of using the e-commerce website is that pages often load quickly. The shopping cart system is an appropriate method that the business may use to deliver this service. The software is flexible and convenient to use. The best type of gateway method that ought to be used while making payment is pay pal. The advantage of using this method is that it is convenient and provides reliable software for processing the required obligation.            
  • We realize that the introduction of online services would require adequate understanding by the existing staff to operate and use the internet well. However, the case has been different as it is not most people who are aware of deeper computer and internet requirements. This especially happens because the creation of a website is mandatory for effectiveness and availing of sufficient information. It therefore ends up as a major problem because either new or trustworthy staff would have to get all the sources or the existing ones would need to receive training. Similarly, the initial costs of maintenance may be higher than usually since online services become obsolete quite fast and need consistent updating part of maintenance but is costly. We realize that unlike previously where cash or cheques used to make payments, the online payment would require building of trust where the firm trusts the client to make payment upon issue of certain information. This however has high likelihood of fraud where the client can falsify information.
  • There are several problems associated with e-commerce that will affect the online consultancy firm before they can actually stabilize. Generally, the whole concept of going online has the same facts as e-commerce since it will be a trade for the two parties involved – exchange of investment advice for money. The organization ought to consider these problems in advance and the necessary measures put in place to minimize the effects. The main inevitable issue will be finances. This is a form of capital investment since it is expansion of the firm. The firm may have some trouble raising the finances that will aid in effectively running the business. Another major issue according to (Revved, 2005), would be getting a stable customer base that would be loyal to the organization. This becomes more of a challenge where the team involved has no logistics on the requirement of the clients and their needs regarding investment advice are. The organization may conduct a business study that requires a rather substantial amount of investment.
  •             The shopping cart and the PayPal methods may be integrated in the through the development of various software that the company has established. The company has invented the software in order to help the clients to access all the necessary services.
  • International Considerations
  • The website will have a significant impact to different clients worldwide. The business will opt to focus more on the global consumers comparing with the local consumers who access the services of the website. The competition that is in the market is the result of opting to focus more on the global consumers. It is possible to convince the local consumers the advantage of using the services of the website than the global consumers.
  • In order for the business to be friendlier to the international views, the business ought to put more features on the website. The business ought to include the reasons why it deserves to be the best among other organizations that offer the same service. The business also ought to include the payment features that show a low amount comparing to how other organizations charge. The business also ought to include other advantages features like offering of discounts to the clients.
  • The company will be able to venture in to various strategies that address possibility of the customers accessing the website. In the global level, the company will be able to establish highly competent websites that will offer accessible services all the times. The local customers will be able to access the company’s service with new integrated internet mechanisms. The mechanisms include the introduction of new Internet providing services with a set geographical area.    
  • Web Development and Maintenance Costs
  •             When running a website of a certain feature, the business incurs various costs. Most of the costs that occur to every website business include the two inescapable costs. The first cost is the domain name costs. This type of costs is paid depending on the extension of a particular website business. When a business manages to pay the domain cost for several months within one time, it will be of less cost compared to paying the within several months.
  •             The company may use various projects cost strategies in maintaining the organizations costs. One of the cost strategies may include the domain registration. Through the domain, the company will give its clients the opportunity to search for available services that the company offers.
  •             Solutions
  • The taking of the consultancy firm business online is very beneficial and in the end saves on many expenses as well as add on the revenue. Therefore, the problems faced should not act as a discouragement for the expansion project of the organization. The organization can ensure this by studying the likely problems and challenges in advance so that the business can identify adequate solutions. First, about the financing issue, the management has an obligation to put all the financial requirements to perspective and find adequate sources of raising funds. First, the the business has the opportunity to plough back the profits earned, and where this is not sufficient, credit funds could be used that will be paid back later. There is almost a guarantee of effective payback if when following the right strategies. The other problem raised is the sourcing of clients and identifying those that are likely to benefit from the investment advice that the firm offers. To solve this issue, the firm can conduct an adequate research of the people who invest the most and those who are interested in the advice that the company can offer. In addition, the target should be towards the clients who have access to the internet and can consistently access their services. To avoid losses, the business ought to do this before the establishment of the online services so that it can pick up immediately.
  • The creation of the website prior to the establishment of the online business would solve the issue of marketing as well. This will ensure that the users understand the basis of the business internet that will be keener when launching the actual services. In addition, to consider the costs of the creation of the website and the maintenance, the firm should offer training to the existing employees so that they can create the required sites. This will end up being much cheaper that would be if the firm hired new web designers. In addition, the existing employees understand the vision of the organization and might be more willing to create a workable system as part of their job description. This will therefore be much cheaper and save on finances. Lastly, the issue of fraud that clients spread and a concern for online businesses finds a solution by maintaining good contacts with banks and other financial institutions. This way, it will be possible to assess the form of payment used to ensure it is not fraudulent and in case it is a form of fraud, the government might capture the culprits.
  • Conclusion
  • It is quite clear that the expansion of a business to take it online requires much more than just setting up a website. It is equally important to ensure that the employed strategies in reaching out to the clients are in place. To avoid any inconsistencies in future, all the logistics ought to be in place before the actual set up such that when operations begin, the results will be as expected. In the end, the results of online services for the consultancy firm will yield to reduced costs and much more revenues.
  • References
  • Lesonsky, R. (2009). The Entrepreneurs’ Guide to doing business Online. Entrepreneur Magazine. Retrieved from http://www.entrepreneur.com/uploadedFiles/images/pdf/paypalbusinessonlineguide.pdf
  • Malta, C. (2008). Starting Your Internet Business Right. Worldwide Brands. Retrieved from http://wbi3.worldwidebrands.com/ebook/pdf/start%20Your%20Internet%20Business%20RIGHT.pdf
  • Reuvid, J. (2005).The Secure Online Business: E-Commerce, IT Functionality and Business Continuity. London: Kogan Pag


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