12/09/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Customer Lifetime Value (CLV) is a measurement that provides information about the value of a customer to a company. It measures the total expected revenue that the company can expect from a customer throughout the customer relationship. This includes not only the value of a single purchase, but also the value of recurring purchases a customer makes during their relationship with a company. CLV can help a company optimize its marketing strategy by prioritizing its investments in customers who have a higher CLV.
12/09/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A co-founder is a person who, together with the founder of a company or project, helps shape its development. Co-founders often take on tasks such as start-up and financing, leadership and strategy, product development, marketing and customer support. They often work closely together to make the company or project a success.
12/09/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A business framework is a framework that helps companies develop and implement strategies and processes. It is a flexible system that helps organizations comply with industry standards, meet regulatory requirements, and achieve their goals. For example, a business framework may include a set of policies and procedures to support the development and implementation of a business plan. It may also include a guide for developing internal control policies and procedures. A business framework can help organizations identify, assess, and manage risks to ensure the success of the business.
12/09/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
1. Insufficient market research: Insufficient market research is a common problem in marketing. It is important to know who your customers are, where they are, what they are buying and why they are buying it. If you don't do enough research, you won't know which strategies and campaigns will be most effective.
2. Unclear goals: Without clear goals, you can't effectively plan and implement your marketing strategies. Set clear goals, such as an increase in the number of customers or an increase in sales.
3. Insufficient budgets: a tight budget can be a problem when implementing marketing campaigns. If you do not have sufficient funds, you will not be able to provide the necessary resources, such as advertising and personnel.
4. Inappropriate advertising: if your advertising is not tailored to the right target market, it may be ineffective. Therefore, it is important to tailor your advertising to the needs of your target audience.
5. Inadequate customer care: customer care is an essential part of any successful marketing. Good customer care will help you retain your customers, attract new customers and increase your brand awareness.
12/09/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A market report is a summary of current market conditions for a particular industry or product. It may include information such as prices, supply and demand, competition, and market trends. A market report may also include an analysis of the market environment, market potential, and other factors that affect business decisions. Market reports are often prepared by market research firms, economic research institutes, government agencies, and other groups to help companies make decisions about their investments, marketing strategies, and products.