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What do I need to consider before starting a business?

07/10/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Check the market opportunities and do research on your target group.

2. Familiarize yourself with the legal framework of your start-up.

3. Draw up a realistic business plan.

4. Check the financing potential.

5. Inform yourself about legal regulations, taxes and insurances.

6. Determine your personal time and cost requirements.

7. Take advantage of the consulting and support services for founders.

8. Look for suitable employees.

9. Develop an efficient marketing and sales concept.

10. Plan a continuous development of your company.

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Costs press distribution list - You have to reckon with these costs

07/06/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Press distribution lists are an important tool for distributing your press releases to journalists, editors and other relevant media representatives. They enable you to communicate your messages effectively and reach a wide audience. However, when using press distribution lists, you should also consider the associated costs. In this article, we'll take a look at the various cost aspects that may be involved when using press distributors.

Basic fees: Most press distribution companies charge a basic fee for their services. This fee can vary depending on the provider and the scope of the service. Some providers charge a monthly or annual membership fee, while others charge a per press release fee. It is important to compare the fee structure of different providers and choose the one that best fits your needs and budget.

Target audience segmentation: another factor that can affect cost is audience segmentation. Some press distribution lists offer the ability to target your press releases to specific audiences or specific members of the media. This can help target your message to relevant recipients, but it also often increases costs compared to a broader distribution list. Carefully consider which audiences are relevant to your press releases and whether the additional cost is worth it.

Additional Services.

Additional services: In addition to sending out press releases, some press distribution lists offer additional services that may also involve costs. These may include media list building, professional press release writing, or the ability to manage media contacts. These services can support your PR efforts, but should be carefully evaluated for need and viability.

International Distribution: If you want to reach an international audience, consider the cost of distributing your press releases internationally. Some press release distributors offer worldwide distribution, while others specialize only in certain regions or languages. The cost of international distribution can vary widely depending on the target region and the scope of the service.

Analysis and reporting: monitoring and evaluating the results of your press outreach is critical to measuring the success of your efforts. Some press outlets offer analytics and reporting tools to give you insight into the reach and impact of your press releases. However, these tools may come at an additional cost. When choosing a vendor, also consider the analytics and reporting capabilities.

It is important of the selection of a press distributor not only to pay attention to the cost, but also to consider the quality of the service. A low-cost provider is not necessarily the best if it does not provide the desired reach and audience segmentation, or does not ensure reliable distribution of your press releases.

Compare different providers in terms of their track record, their reach in relevant media channels, and the satisfaction of other customers. Read reviews and testimonials to gain insight into the quality of the service.

Advance your service by reading reviews and testimonials.

In addition, consider your PR strategy and goals. If you send out press releases regularly and want to reach a broad audience, a membership with a monthly fee may be more beneficial than paying per press release. However, if you only send out press releases occasionally, the fee-based option might be more cost-effective.

In summary, the cost of a press release distribution list depends on several factors, including base fees, audience segmentation, additional services, international distribution and analytics tools. It is important to carefully weigh your specific needs and budget to select the appropriate press distribution list for your PR efforts.

Remember that an effective PR strategy depends not only on using a press distribution list, but also on other activities such as contacting journalists directly, building media relationships and carefully crafting your press releases. A well-thought-out PR strategy combined with an appropriate press distribution list can help you successfully spread your messages and reach your desired target audience.

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What are common sources of failure for female founders?

07/06/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Insufficient financial knowledge: Many female founders do not have sufficient financial knowledge to make the right investment decisions.

2. Insufficient network resources: female founders often have less access to information sources, support networks and financing opportunities than male founders.

3. Insufficient market knowledge: Female founders often have less experience dealing with customers and little knowledge of the market in which they offer their products or services.

4. Inadequate work-life balance: female founders often have less time for their families and their own health because they invest more time in their business.

5. Inadequate business management skills: Female founders often have less experience in dealing with employees, budgeting and business management.

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How to get testimonials as a service provider or agency?

06/30/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

As a service provider or agency, it's important to get testimonials from satisfied customers to gain the trust of potential clients and strengthen your company's image. Here are some steps you can take to get testimonials from your clients:

Request feedback from your customers:

After completing a project or service, you can ask your customers for feedback by email or phone. Make sure to ask open-ended questions that allow your customers to respond in detail and explain their feedback:

Survey your customers.

Create a survey: create a survey with closed and open-ended questions to get feedback from your customers. You can post this survey on your website or email it to your customers.

Encourage your customers to write testimonials: Directly ask your customers to write a testimonial that you can use on your website or other platforms. You can also give them instructions on how to write the testimonial to make sure it's meaningful.

Use social media platforms: Ask your customers to post a testimonial on your social media channels, and tag your business to make sure it is seen by others.

Use social media to share your testimonial.

Use a review platform: use review platforms such as Google My Business or Trustpilot, where your customers can write a testimonial.

It's important to ask your customers about their experience once the project is complete to ensure the experience is still fresh in their minds. Make sure you showcase the testimonials you receive on your website and other platforms to gain the trust of potential clients.

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What is a competitive edge

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

A competitive edge is an advantage a company has over its competitors that enables it to be successful in a particular market or industry. Such a lead can be based on various factors, such as:

Uniqueness: A company may offer a product or service that is unique and cannot be duplicated by its competitors.

Cost Leadership: A company can offer its products or services at a lower price than its competitors, which allows it to gain larger market share.

Technology: A company may have more advanced technologies than its competitors, allowing it to work faster, more efficiently and create more innovative products.

Reputation: A company can have a good reputation in the industry, which makes it easier for them to attract new customers and retain existing customers.

Know-how: A company may have specialized knowledge or skills that enable it to offer unique products or services that cannot be replicated by its competitors.

A competitive advantage is usually an important factor in a company's long-term success, as it helps it to secure its market position and increase its profitability.

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