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More Sales = More Turnover? How to find the optimal Product Price

10/19/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

The question of the optimal product price for the own offer drives many founders and entrepreneurs around. If you do not have a comparable product or service, i.e. no direct competition, the price is not formed on the market by competition, but primarily through your pricing and thus according to your internal calculation.

When pricing, always keep in mind: The lower the price, the higher the probability that you will sell to problem customers. Because: You can never please customers with a cheap-is-hungry mentality.

Keep away customers who can't afford your products or services or don't value your time.

Generally, B2B prices must be higher than retail because the volume, i.e., the number of customers you can acquire in a month or year, is much lower.

Customers who look at three- or four-digit product prices with their "consumer glasses" quickly consider you overpriced or usurious and are quickly put off by them, but completely disregard the fact that the cost of acquiring a new B2B customer, the so-called customer acquisition cost, e.g. through high online marketing costs for advertisements or a telephone sales team is usually several hundred euros or dollars. At the same time, the number of potential customers is limited, but the number of competitors fighting for the potential deals is not.

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How to write a press release?

10/14/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

When writing a press release, there is a lot to consider. This includes both structural and formal as well as legal aspects. For example, it is necessary to provide the contact details of a specific contact person. At the end of the press release it is advisable to insert a short portrait or a short description of the publishing company, in which relevant key figures and information such as number of employees, market position, turnover or year of foundation are mentioned.

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How to build a press distribution list at low cost

10/07/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

The easiest and, above all, most cost-effective way to build up a press distribution list is to start with a list of all media such as newspapers, magazines/magazines, radio and TV stations, and news agencies. Only those who have a good overview of the currently relevant media channels can be sure not to overlook any major players. Google will not help you with this, as the time required to get this market overview from scratch on your own runs into the hundreds of hours.

That's why the Media & PR Database exists. It offers you firstly an excellent overview of the German-speaking media market and secondly represents an efficient research tool for the identification of suitable editorial offices and journalists, in which you can deposit further contact data at any time.

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How to compile your own specialist distribution lists

09/27/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Define your target group. Who should get the information?

2. Collect contact details that correspond to your target group. This includes name, email address and possibly phone number.

3. Link your mailing list to your other online marketing channels for maximum reach.

4. Send regular emails to your mailing list. Provide valuable information to your contacts and offer attractive deals.

5. Check your mailing list regularly and update the data if necessary.

6. Use tools like MailChimp to manage your mailing list efficiently.

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Living Frugally - Retirement at 40 How to Finance?

08/27/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

It's difficult to retire at 40 if you haven't saved enough money. Some factors to consider are:

1. Save early. It is important to start saving as early as possible to build a nest egg for the future. The best way to start is by creating a budget and setting aside a monthly amount.

2. Invest in your future. Invest in a retirement account to protect and grow your savings. This can be a 401K, IRA or other investment account.

3. Increase your value. In addition to saving and investing, you can also increase your value through education and other means. This can help you get a higher salary or a better position, which in turn increases your savings.

4. Avoid excessive spending. If you are trying to retire early, it is important to avoid excessive spending. This means spending only what you can afford and spending less than you earn.

5. Consider alternative sources of income. If you don't have enough savings to retire early, you can also consider using alternative sources of income to increase your income. This can be a side business or a part-time job.

It is possible to retire at age 40, but it takes creativity and discipline to make it happen. It is important to compromise and build a nest egg for the future.

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