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What are the founding steps?

06/29/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

There are various founding steps that are important when founding a company. Here are the key steps:

Develop a business idea: The first step in founding a company is to develop a business idea. The idea should be based on market analysis and be unique.

Create a business plan: The next step is to create a business plan. The business plan includes a description of the business idea, a market analysis, financial planning and a description of the organizational structure.

Choose legal form: An important decision when starting a company is the choice of legal form. There are various options such as sole proprietorship, GmbH or AG.

Secure financing: Starting a business usually requires financing. There are various financing options such as equity, debt or subsidies.

Registration with the trade office: Before founding, the company must be registered with the trade office. The tax identification number and the sales tax ID are also requested here.

Building a business: After registering with the trade office, the company can be set up. Here you have to rent, hire employees and find suppliers.

Marketing and sales: Once the business is built, marketing and sales activities must be started to attract customers.

Controlling: Controlling is necessary to monitor the success of the company. Key figures such as turnover and profit are monitored here and appropriate measures are taken to keep the company on track.

The exact steps may vary by industry and legal entity, but these are the basic steps when starting a business.

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How high should the CPM be in online marketing?

06/28/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

The CPM (thousand-contact price) in online marketing can vary greatly depending on various factors. There is no set rule or standard amount for the CPM, as it depends on many different variables. Here are some factors that can affect the CPM:

Target audience: the type of audience you are trying to reach can affect the CPM. For example, it may be more expensive to target a specific and high-value audience.

Ad format: the ad format you choose also plays a role. Different formats such as display ads, video ads, search engine advertising, or native advertising have different cost structures.

Platform: The choice of advertising platform influences the CPM. Well-known platforms such as Google Ads, Facebook Ads, or LinkedIn Ads have different pricing models and price ranges.

Demand and supply: the CPM is also influenced by the demand and supply in the advertising market. When demand for advertising space is high and supply is limited, this can lead to higher CPM prices.

Seasonal fluctuations: In some industries, there are seasonal fluctuations that can affect CPM. Prices may be higher during peak periods or at certain times of the year.

It is important to note that CPM is not the sole measure of the success of an advertising campaign. Other factors such as campaign objectives, targeting, and ad effectiveness also play an important role.

It's best to conduct a comprehensive analysis of your specific requirements, target audiences and budgets, and then set an appropriate CPM accordingly. It can be helpful to consult with experts in online marketing to make an informed decision.

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What is the CPM (thousand contact price) and how much is it (examples)?

06/28/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

The thousand-contact price (CPM) is a key figure from the field of marketing and advertising. It indicates how much money an advertiser has to pay to reach a thousand people with his advertising message. The CPM is often used in media planning to evaluate the costs of an advertising campaign and to compare different advertising media with each other.

The exact CPM depends on several factors, including the advertising medium chosen, the target audience, the reach, the type of advertising and other factors. There is no set amount for the CPM, as it can vary greatly.

Here are some examples of possible CPM values in different advertising media:

Television: The CPM for commercials on television can vary widely depending on the station, the time of broadcast and the target audience. For example, it can range between 10 euros and 100 euros.

Print media: For print ads in magazines or newspapers, the CPM can also vary greatly. It can range from a few euros to several dozen euros, depending on the print run, placement and readership.

Online advertising: In online advertising, CPM values are often lower than in traditional media. They can range from a few cents to several euros, depending on factors such as the type of ad, the platform, the target audience, and the ad format.

In online advertising, CPM values are often lower than in traditional media.

It is important to note that these are only rough estimates and actual CPM values can vary widely in practice. The exact costs should be determined in consultation with the advertising marketers or agencies, as they know the current prices and conditions best.

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What should be considered when starting a business?

06/21/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

There is a lot to consider when starting a business. Here are some important points:

Business idea and market research:

A good business idea and a thorough market analysis are the first steps to starting a successful business. It is important to ensure that there is a demand for your product or service and that you have a meaningful strategy to differentiate yourself from the competition.

Business Plan: A well-thought-out business plan is essential to attracting investors, obtaining loans, and keeping your business strategy on track. A business plan should include a summary of your business idea, market analysis, finances, marketing and sales strategies, and your goals and plans for the future.

Business Plan.

Legal Form: The choice of legal form in which you start your business will affect your liability, tax obligations and other legal matters. There are several options, including sole proprietorships, partnerships, limited liability companies, or corporations.

Finances.

Finance: Solid financing is critical to the success of your business. You need to carefully calculate how much start-up capital you will need, what your ongoing costs will be, and how you can make your business profitable. You should also develop an accounting and tax strategy.

Permits and licenses: Depending on your business and legal form, you may need permits and licenses to operate legally. These can vary widely by location and industry, so it's important to do your research in advance.

Permits and Licenses.

Personnel: If you are looking to hire employees, you will need to learn about labor laws, social security, insurance, and other legal issues. You should also develop an application process and create clear job descriptions and employment contracts.

Personnel.

Marketing and sales: to attract customers and make your company known, you need a strong marketing and sales strategy. Here you should consider which target group you want to address, which channels are best suited for this and how you can stand out from the competition.

Marketing and Sales: To attract customers and make your company known, you need a strong marketing and sales strategy.

There are many more aspects to consider when starting a business, but these seven points should give you a good overview. It's important to do your research thoroughly and, if necessary, seek professional help from tax advisors, lawyers or business consultants to maximize your chances of success.

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How can I promote and sell complex products or products that require explanation?

05/24/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Promoting and selling complex products or products that require explanation can be challenging, but requires a focused strategy. Here are some steps that can help you:

Target audience analysis: analyze your target audience and understand their needs and requirements. Also consider how they prefer information and how they respond to different marketing methods.

Storytelling: an effective way to promote complex products is to use storytelling techniques. Tell stories that focus on your product and show how it can solve your target audience's problems and needs.

Use of videos: Videos are a great medium to explain complex products. You can create step-by-step guides or tutorials to demonstrate your product. Using animations or infographics can help illustrate complicated technologies or processes.

Expert opinions: Use expert testimonials to persuade your target audience. Publish testimonials or case studies that show how your product can solve problems and add value.

Customer feedback: Show feedback from satisfied customers to convince potential customers of your product. Use platforms like social media to collect and share customer feedback.

Personal contact: Offer potential customers a face-to-face consultation or demo to help them understand your products and answer questions.

Content marketing: create relevant content that appeals to your target audience and provides useful information. Use blogs, infographics, podcasts, or white papers to explain complex topics and engage potential customers.

Promoting and selling complex products or products that require explanation can be challenging, but with the right strategy and a well-thought-out plan, you can succeed.

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