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What is a no-go when starting a business?

08/07/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

A startup "no-go" refers to an action, decision or condition that should generally be avoided because it has the potential to jeopardize the success or sustainable development of a business. Here are some examples of startup no-gos:

Inadequate market analysis:

If you don't have enough information about the market, the target group and the competitive situation, you run the risk of offering a product or service that does not have sufficient demand or is already saturated by other companies.

Inadequate financial planning: inadequate financial planning can result in not having enough capital to start the business or keep it going for the first few months or years. It is important to create a realistic budget and have adequate capital to cover unforeseen expenses.

Poor team management: an ineffective or inappropriate team can severely impact the success of a business. It's important to hire the right people with the right skills and attitude and create a collaborative and productive work environment.

Ignoring the legal framework: not paying attention to legal issues can lead to significant legal problems. It is important to be aware of all relevant laws and regulations, such as tax rules, business formation rules, labor laws, and intellectual property.

Failure to comply with legal requirements can lead to significant legal problems.

Failure to focus on customers: failing to pay sufficient attention to the needs and wants of customers can result in the company being uncompetitive. Customer feedback should be taken seriously in order to continuously improve products and services.

Missing flexibility: A lack of flexibility can lead to a lack of competitiveness.

Failure to be flexible: A rigid business plan or inability to adapt to changing market conditions can hinder the growth and development of the business. It is important to be flexible and ready to respond to change.

Neglect of marketing: even the best product or service will not be successful if people do not know about it. A poor marketing strategy or neglect of it can lead to low awareness, weak sales, and a lack of customer loyalty.

Marketing is the most important part of a business strategy.

It is important to note that the above items should not be considered absolute no-go's, but potential risk factors that should be avoided or minimized to maximize the chances of success when starting a business. Every business is unique, and there are no hard and fast rules that apply to all situations.

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How do I become successful as an agency?

07/31/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Provide professional service: Professional service is the key to make agencies successful. Make sure your clients receive a smooth and efficient service that meets their needs.

2. Build a network: Building a network is an important step to being successful as an agency. Connect with other agencies, clients and experts to increase your brand awareness and discover new business opportunities.

3. Use social media: social media is an effective tool to market your brand and attract new clients. Use the various social media platforms to provide information about your services and make new connections.

4. Develop a clear strategy: a clear strategy will help you achieve your goals. Define exactly what you want to accomplish and put a plan in place to achieve your goals.

5. Be creative: Creativity is the key to stand out from the competition. Be creative in developing campaigns and ideas to attract new customers and strengthen your brand.

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The importance of influencer marketing for your business

07/19/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Influencer marketing has become one of the most important online marketing strategies in recent years. It involves getting people with a large following on social media platforms to promote products or services. But why is influencer marketing so important for your business? Here are some reasons:

Trust and credibility

Influencers have built a strong connection with their followers and are often considered experts in a particular field. By working with an influencer, your business can gain the trust and credibility of your target audience. An influencer's recommendation can play a big role in convincing potential customers to try your product or service.

Reach and visibility

Influencers often have a large number of followers on various social media platforms. By working with an influencer, your business can leverage that reach to gain more visibility. Publishing posts about your business can lead to increased traffic to your website and more exposure for your business.

Target your audience

Influencers often have a specific audience that they target. By working with an influencer, you can ensure that your product or service is targeted to the right audience. By doing so, you increase the likelihood of reaching potential customers who are interested in your product or service.

Creativity and innovation

Influencers are often very creative and have a good sense of what works with their followers. By working with an influencer, you can benefit from that creativity and innovation. An influencer can help your business come up with new ideas for marketing campaigns and products.

Conclusion

Influencer marketing can be a very effective online marketing strategy to promote your business. By working with an influencer, you can gain trust and credibility, increase reach and visibility, target your audience, and benefit from the influencer's creativity and innovation. Before you decide to work with an influencer, however, make sure the influencer is a good fit for your business and your values.

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Why is no one signing up for my lead form?

07/17/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

There are several reasons why no one is signing up for your lead form. Here are some possible causes and solutions:

Too many fields: If your form has too many required fields, it can deter potential customers. Try to ask for only the essential information and keep the form short and simple.

Unclear message: if the benefits of your offers or information about your products or services are not presented clearly enough, it can be difficult to capture the interest of potential customers. Review your landing page and ensure that key benefits and information are presented clearly and compellingly.

Lack of credibility: if your landing page doesn't appear trustworthy, it may cause potential customers to avoid filling out the form. Make sure your landing page is professionally designed, emphasizes the trustworthiness of your brand, and includes customer reviews and third-party ratings.

Technical issues: If your form has technical issues or doesn't function properly, customers may be prevented from completing it. Verify that the form is loading smoothly and that it is working correctly.

Incorrect offer: If the offer on your landing page is not relevant or attractive enough to potential customers, it may prevent them from filling out the form. Check if the offer on your landing page is relevant and appealing, and adjust it if necessary.

Lack of reach: if your landing page is not getting enough traffic, this can lead to no one filling out the form. Improve your reach by using targeted online marketing to drive more traffic to your landing page.

By considering these factors and making adjustments to your lead form where necessary, you can increase the likelihood that more potential customers will sign up.

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What are typical mistakes in customer acquisition?

07/14/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

There are some typical customer acquisition mistakes that companies can make. Here are some examples:

Lack of target group analysis: if companies do not know exactly who their target group is, it can be difficult to understand their needs and requirements. Therefore, a thorough audience analysis is essential in order to target marketing efforts to the right customers.

Unclear or wrong message: If the marketing message is unclear or wrong, it can cause potential customers to lose interest or not take the company seriously. A clear and compelling message that highlights the benefits and added value of the offering is therefore essential.

Poor customer experience: A poor customer experience, for example due to slow or unfriendly customer service, can lead to potential customers not recommending the company or even giving it bad reviews. A positive Customer Experience is therefore important for gaining customer trust and building long-term customer relationships.

Incorrect priorities: If companies invest too much time and resources in marketing activities that are not focused on the needs of the target group, this can lead to waste. A targeted marketing strategy that is focused on the needs of the target group is therefore necessary.

Lack of continuity: a one-off marketing campaign may attract potential customers, but long-term customer relationships require a continuous and consistent marketing strategy. Companies should therefore conduct marketing activities on a continuous basis to build long-term customer relationships.

Lack of analysis and optimization: Without regular analysis and optimization of marketing activities, it can be difficult to make improvements and measure the success of the marketing strategy. Companies should therefore regularly analyze and optimize their marketing activities to ensure that they are aligned with the needs of the target group and achieve positive results.

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