After the dot-com downfall, the new-economy mantras appear to have lost their luster. But to dismiss Web marketers entirely is short-sighted.

In the past few years, the Internet has quietly emerged as a potent marketing channel that few industries can afford to ignore. But, so far, customers have reaped most of the benefits. The challenge now is to harness this channel, placing customer experience and relationships at the center of strategy to create value for marketers as well as customers.