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Customer loyalty - How to avoid that your customers "defect" to the competition

03/10/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Offer attractive discounts and offers on a regular basis.

2. Provide excellent customer service to your customers.

3. Make sure that your product or service meets the requirements of your customers.

4. Keep your customers informed about new developments and products.

5. Familiarize your customers with new technologies and features.

6. Encourage your customers to share your business with others.

7. Build a community that allows your customers to communicate and share ideas.

8. Allow customers to submit feedback on your product or service on an ongoing basis.

9. Provide an easy and convenient way for your customers to contact you.

10. Take steps to provide a unique experience for your customers.

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How to find customers for your products and services

03/09/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

There are several ways to find potential customers for your products and services. Here are some steps you can take:

Define your target audience: Identify your potential audience by considering demographic and psychographic characteristics. Who are your ideal customers? What problems do they have that your products or services can solve?

Create a marketing strategy: Determine which marketing channels you want to use to reach your target audience. This can include, for example, social media marketing, email marketing, search engine marketing (SEO and SEA) or influencer marketing.

Use social media: Use social networks such as Facebook, Twitter, LinkedIn or Instagram to reach your target group and draw attention to your company. Create a company page and post interesting content regularly.

Offer Free Trials or Trials: When you launch a new product or service, offer free trials or trials to attract potential customers.

Publish customer reviews: Publish customer reviews on your website and social networks. Positive reviews can convince potential customers to try your products or services.

Network: Attend industry events and connect with other companies.

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BWA - How to create a business management report

03/09/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

A business management analysis (BWA) is an important tool for assessing the economic situation of a company. A BWA provides information about the current operating income and expenses, the financial situation and the profitability of the company.

Here are the steps to create a BWA:

Data collection: gather all relevant data such as sales, costs, expenses, payments, loans and other financial data.

Selecting the BWA form: There are several types of BWAs, including basic BWA and advanced BWA. The choice depends on the complexity of the business.

Calculation of key figures: Calculate key ratios such as gross profit, net profit, operating profit margin, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), liquidity ratio, and equity ratio.

Interpretation of Results: Interpret BWA results to understand the company's financial position. Identify weaknesses and opportunities and derive appropriate actions.

Reporting: prepare a report on the results of the BWA. This report should be easy to understand, clearly laid out, and include key findings and recommendations.

It is advisable to prepare a BWA on a regular basis in order to keep an eye on the economic situation of the company and to take measures for improvement if necessary.

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Starting a business - you should consider this in advance

03/09/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

If you are planning to start a business, there are a few important points that you should consider beforehand. Here are some aspects to consider:

Business Idea: Think about what products or services you want to offer. Do a market analysis to see if there is demand and how tough the competition is.

Target group: Determine your target group and analyze their needs and expectations. Think about how you can best achieve them and which marketing strategies you can use to achieve this.

Financing: Create a business plan to calculate your costs, income and financing needs. Consider whether you can contribute equity or whether you would like to use external financing options.

Legal form: Decide on a suitable legal form, e.g. as a sole trader or as a GmbH. Pay attention to tax, legal and organizational aspects.

Official registrations: Find out about the necessary official registrations and permits, e.g. business registration, tax registration and IHK contributions.

Insurance: Check which insurances are necessary for your company, e.g. liability insurance, business liability insurance and health insurance.

Schedule: Create a realistic schedule that includes all necessary steps and milestones. Also note buffer times for unforeseen events.

Network: Build up a network, e.g. through contacts with potential customers, business partners, suppliers and consultants.

It is important that you take sufficient time to plan your business start-up and that you have the support of experienced consultants in order to minimize possible risks and start your company successfully.

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How to write an e-book?

03/08/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Writing an e-book requires some preparation and planning. Here are some steps you can follow:

Choose a topic: choose a topic that you know well and that is of interest to your target audience. It should be a topic that you can cover in a few thousand words.

Define target audience: Define your target audience so you know how best to write your book. Think about who will read your book and what needs and interests that audience has.

Write an outline: Create an outline for your book. Think about what chapters you will write and what topics you will cover in each chapter.

Write the content: Write the content for each chapter of your book. Make sure the text is well structured and that the information is clear and understandable.

Revise and edit: Revise and edit your book to make sure it is error-free and easy to read.

Format: Format the book for e-book format. You can do this yourself or hire a professional formatter.

Publish: Publish your book on an e-book platform such as Amazon Kindle or Apple Books.

Promote: Promote your book through social media, email marketing, and other channels to get the word out to your target audience.

If you need help with one or more of these steps, consider a writing coach or self-publishing company to help you.

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