Post by account_disabled on Nov 30, 2023 5:08:26 GMT
The shift in power dynamics between customers and brands has reshaped the traditional purchase path. The modern purchase path, driven by technological advancement and multiple information sources, has taken products out of store shelves and put them inside the digital ecosystem, transcending geographical barriers to make transactions seamless and intuitive.
Moengage modern purchase pathSource: MoEngage Buyer’s Guide to Customer Engagement
The above image illustrates how the consumer journey cycle has gone through a massive paradigm shift, one that has changed the customer-brand relationship from supply driven to demand driven.
Considering the above points on how brands are aiming to become more customer centric in their operations, it is increasingly important to address the build vs buy dilemma. But it isn’t that straightforward. Before deciding if it Country Email List is better to build a platform from scratch or acquire an existing technology, here are a couple of factors that you need to consider.
The cost involved in building or buying: Building something from scratch is going to be huge depending on the size of the team/company and you will need to account for the man-hours, infrastructure, and maintenance cost, all of which are difficult to estimate accurately. Meanwhile buying a solution to cater to different needs within a team, one might need to have to consider license fees which vary based on active user count and services used.
Accompanying risks while buying or building: The main risks involved with buying are limited control and access over the software, source code, and bug, meanwhile with building a solution the major risk lies with the capability to deliver by the development team which could result in increased expenses.
Moengage modern purchase pathSource: MoEngage Buyer’s Guide to Customer Engagement
The above image illustrates how the consumer journey cycle has gone through a massive paradigm shift, one that has changed the customer-brand relationship from supply driven to demand driven.
Considering the above points on how brands are aiming to become more customer centric in their operations, it is increasingly important to address the build vs buy dilemma. But it isn’t that straightforward. Before deciding if it Country Email List is better to build a platform from scratch or acquire an existing technology, here are a couple of factors that you need to consider.
The cost involved in building or buying: Building something from scratch is going to be huge depending on the size of the team/company and you will need to account for the man-hours, infrastructure, and maintenance cost, all of which are difficult to estimate accurately. Meanwhile buying a solution to cater to different needs within a team, one might need to have to consider license fees which vary based on active user count and services used.
Accompanying risks while buying or building: The main risks involved with buying are limited control and access over the software, source code, and bug, meanwhile with building a solution the major risk lies with the capability to deliver by the development team which could result in increased expenses.