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Recognizing trends early on and using them for your own business models

12/06/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Recognizing trends early on and using them for your own business models can be the key to long-term success. There are a few different ways that companies can identify trends early on.

First, companies should evaluate various data sources to gain a better understanding of current industry trends. These include industry reports, market research reports, economic forecasts, social media and other Internet resources. This data can then be used to identify patterns and provide early warning of potential trends.

Second, companies should also analyze the opinions and experiences of their customers. By analyzing customer feedback, surveys and other data, companies can identify early trends that are developing among their customers.

Third, companies should also develop innovative solutions to existing problems. By developing new technologies and ideas, companies can identify trends early on and use them to their advantage.

Finally, companies can also monitor the competition. By monitoring developments in the industry and the competition, companies can identify trends early on and use them for their own success.

Identifying trends early on and using them for one's own business models can be an important factor in a company's long-term success. By using data analysis, customer feedback, innovations, and competitor monitoring, companies can identify trends early on and use them for their own purposes.

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What are the biggest mistakes in customer acquisition?

12/06/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Not defining a clear goal: It is important to be clear and concise about what you want to achieve in customer acquisition. If you do not have a clear goal, you are unlikely to be a successful canvasser.

2. Not listening: You should take the time to understand the customer and find out what they really want. If you don't listen, you will miss out on important information that can help you win him as a customer.

3. Inadequate time frame: If you spend too much time on customer acquisition, it can lead to a loss of time and money. Therefore, make sure you set a reasonable time frame at the beginning to ensure your acquisition efficiency.

4. Don't think about customer retention: if you are only looking to sell, you may lose valuable customers. Customer retention is an important part of the customer acquisition process and you should not neglect it.

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Test your business idea - Check the buying interest in advance with a free landing page and online advertising

12/05/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
This is a good idea to test the business idea. With a landing page you can directly inform potential customers about what you offer. You can also use different forms of advertising to see how many people are interested in your product or service. With a landing page, you can also create a form where customers can leave their contact information to get more information or order a quote. Last but not least, you can also use online advertising to test the business idea. With online advertising, you can target specific audiences and see how many people respond to the ads. This is an effective way to test interest in your business idea.
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Google Maps for Business - Your business listing and integration on your website

12/04/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Google Maps for Business is a simple and inexpensive tool to create and manage your business listing and enable the inclusion of maps on your website. With it, you can easily let your customers find the way to your business. Moreover, using Google Maps API, you can also embed interactive maps on your website where customers can see your location and the direction to your business. This way you can help your customers find you, which can lead to more sales.
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Viral marketing and the network effect - What sheep have to do with it

12/04/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Viral marketing is a strategy designed to spread like wildfire. It refers to the spread of information through social networks, passing the information from person to person. The network effect occurs when someone recommends a product or service through word of mouth, so there is an exponential increase in awareness and popularity. Sheep are related to viral marketing and the network effect because they exemplify a natural network effect. When one sheep leaves the area, the other sheep will follow it because they have become familiar with the behavior of the first sheep. When the network effect is applied, it can have a powerful effect as customers are encouraged to recommend a product or service to others. This allows you to reach a large number of people that you would otherwise not be able to reach.
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