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What are common sources of error for startups?

12/29/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. not investing enough time and resources: Many startups underestimate how much time and resources it takes to be successful. One mistake that is often made is to plan beyond the most important elements of a business instead of focusing on the most important tasks.

2. Insufficient funding: without sufficient funding, a startup cannot survive. Many startups try to get by on a limited budget, but it's important to have enough money to develop and grow the business.

3. Lack of market research: market research is an essential part of a startup's success, but many companies don't take it seriously enough. They need to know who their target customers are, what they want, and what they value in order to improve their product or service.

4. Faulty products or services: If a startup offers a bad product or service, they will not be able to convince their target customers. Therefore, startups need to make sure that their products and services are of the highest quality before launching them.

5. Lack of communication: a startup needs to reach out to their target customers in order to succeed. However, to do so, they need to develop a strong communication strategy and ensure that they stay in touch with their customers.

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Why you're better off investing in content production instead of an ad budget

12/14/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Content production is a cost-effective and efficient way to bring your brand to the attention of consumers. Unlike investing in an ad budget, content production can help you improve your branding by creating high-quality content that is relevant to your target audience. It can also lead to more organic traffic to your website and a higher conversion rate.

Content production is a long-term investment that usually pays off in the long run. By constantly updating your content and keeping it current, you can build an ever-growing readership that will help you strengthen your brand and increase sales.

Content production is one of the best ways to build an engaged, loyal customer base. By offering content that is relevant to your target audience, you can build a connection with them that will translate into an ever-increasing conversion rate.

In conclusion, investing in content production is a much more effective and cost-efficient way to strengthen your brand and generate organic traffic to your website. It can also help you build a loyal customer base that will help you increase your sales.

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What is the Customer Acquisition Cost (CAC)?

12/09/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
The Customer Acquisition Cost (CAC) is a key figure that indicates how much it costs a company to acquire a new customer. It includes all costs spent on reaching and acquiring new customers, such as advertising, sales promotion, selling costs, and customer service. This helps companies to review the efficiency of their marketing budget and evaluate whether they need to cut or increase their costs to attract more customers.
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What are common problems with customer acquisition?

12/09/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Inadequate target group analysis: most companies have difficulty in correctly identifying their target group. As a result, they do not know how to address their customers.

2. Unclear advertising message: if companies cannot define very clearly what advertising message they want to convey, it becomes difficult to connect with potential customers.

3. Insufficient reach: if companies are not able to send their advertising to the widest possible audience, they will attract fewer customers.

4. Insufficient budget: if companies do not have the necessary funds for advertising activities, customer acquisition will be more difficult.

5. Lack of advertising friendliness: if companies are not able to respond to the needs and expectations of their target group, they are likely to be less successful.

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What are common problems in marketing?

12/09/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Insufficient market research: Insufficient market research is a common problem in marketing. It is important to know who your customers are, where they are, what they are buying and why they are buying it. If you don't do enough research, you won't know which strategies and campaigns will be most effective.

2. Unclear goals: Without clear goals, you can't effectively plan and implement your marketing strategies. Set clear goals, such as an increase in the number of customers or an increase in sales.

3. Insufficient budgets: a tight budget can be a problem when implementing marketing campaigns. If you do not have sufficient funds, you will not be able to provide the necessary resources, such as advertising and personnel.

4. Inappropriate advertising: if your advertising is not tailored to the right target market, it may be ineffective. Therefore, it is important to tailor your advertising to the needs of your target audience.

5. Inadequate customer care: customer care is an essential part of any successful marketing. Good customer care will help you retain your customers, attract new customers and increase your brand awareness.

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