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Effective press & media relations - from hidden champion to well-known brand

09/12/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

The path to greater visibility and recognition

Effective press and media relations is an important investment for any company to make its brand known and increase customer recognition. But how do you go from being a "hidden champion" to a well-known brand?

The first step is to develop a clear and appealing corporate brand. A strong brand will enable you to stand out from competitors. This includes defining a memorable brand, developing a brand image, brand strategy and brand identity.

After your company has established a strong brand, it's time to begin press and media relations. It's important to define a clear goal, such as more brand awareness, more customers or more sales. To achieve this goal, you need to have a good understanding of who your target audience is and how best to address them.

Good press and media relations requires an effective communications plan that will help you access known channels. This includes issuing press releases, attending events and trade shows, reaching out to journalists and bloggers, setting up a social media account, and participating in industry forums and webinars.

To achieve the greatest possible success, you should also invest in search engine optimization (SEO). This will help you appear on the front pages of search engines when your target audience searches for your business.

Finally, you should also consider your approach to negative reviews. It is important to respond to negative comments in order to maintain a positive image of your business.

By following the above steps, you can transform your company from a "hidden champion" to a well-known brand and increase your customers' recognition.

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Customer acquisition - Why your sales force is the most important element for their success

09/11/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Customer acquisition is a key element to the success of your business. With a successful sales force, you can increase your sales, generate more leads, and achieve higher customer retention. With effective customer acquisition, you can increase your reach and attract new customers that will help you expand and grow your business.

A strong sales force is not only important for new customers, but also for existing customers. It helps you provide a better customer experience and helps you retain your customers and keep them informed about new products and services. Effective sales also helps you increase your brand awareness and market your products and services.

A professional sales force can also help you reduce your costs. With a professional sales force, you can generate more revenue by making your advertising and marketing more efficient. You can also negotiate better with your customers and increase your sales by setting the right prices.

Sales also helps you improve the way you work. You can streamline your processes and procedures to achieve greater productivity and efficiency. A professional sales force can also help you improve your customer service by responding to and taking care of customer needs.

Sales is an important part of any business, and an effective sales force is central to your company's success. It can help you increase sales, attract new customers, and improve customer retention. With a professional sales force, you can succeed and grow your business.

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What are no-go's in sales?

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

No-go's in sales are behaviors or practices that should be avoided because they can have a negative impact on the sales process and customer relationships. Here are some examples of no-go's in sales:

Aggressive Selling: Pressuring or aggressively persuading customers to buy a product or service can lead to negative reactions and damage customer trust:

Aggressive selling can lead to negative reactions and damage customer trust.

Unprofessional appearance: An ill-prepared, unprofessional demeanor can give the impression that you don't care about the customer's needs. This includes inappropriate language, poor choice of dress, or lack of knowledge about one's product or service.

Unprofessional appearance.

Inadequate product knowledge: Customers expect salespeople to have extensive knowledge about the products or services they offer. If sales staff cannot provide sufficient information or make false statements, this creates uncertainty and can lead to rejection.

Inadequate knowledge of the product or service offered.

Unreliability: Failure to meet commitments or deadlines, late deliveries or lack of communication with customers are no-go's in sales. Reliability is an important factor in building trust and long-term customer relationships.

Missing customer focus: a sales representative should be responsive to the customer's needs and requirements and provide customized solutions. If the focus is only on selling and there is no real customer focus, this will frustrate the customer and lead to rejection.

Poor communication: clear and effective communication is critical in sales. If a salesperson has difficulty articulating their thoughts clearly, listens poorly, or does not adequately address a customer's questions or concerns, it can lead to misunderstandings and affect trust.

These are the no-go's.

These no-go's should be avoided in order to succeed in sales and build good customer relationships. Instead, salespeople should focus on professionalism, customer orientation, reliability and clear communication.

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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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What are the biggest mistakes when selling a business?

08/01/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Insufficient preparation: sellers who do not invest sufficient time and effort in researching and preparing for the sale of the business are prone to making mistakes.

2. Unclear price expectations: If the seller doesn't have a clear idea of how much they want to get for their business, it can be difficult to get a realistic price.

3. Lack of expertise: A seller who does not have the expertise needed may not be able to ask the right questions to close a successful deal.

4. Insufficient documentation: a seller who does not provide all relevant documents and records may have a hard time closing a deal.

5. Lack of communication with investors: If a seller is unable to communicate convincingly to investors or answer important questions, it can slow down the sales process.

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