Digital transformation is on the way!
Everybody struggles during the pandemic. It is the hardest time for small businesses during the lockdown. Small businesses tend to live only with a few months of cash flow and very limited ways to get financial support, compared to the big companies. so when something as significant as this hits, it could be devastating.
When we are in a booming economy, we might have a fistful of goals and KPIs to measure our business. Growth, Revenue, Profit, and so on. But in an economic crisis or a downturn stage, cash is always the king.
Do not garble Profit and Cash Flow.
Profit describes the financial benefit realized when the revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question. Cash flow statements provide a straightforward report of the cash available. It determines problems with a business’s liquidity.
Being profitable does not necessarily mean being liquid. It is very possible that a company is profitable but not be able to grow, secure financing, or attract investors. …
A few months ago, I wrote several articles about customer segmentation, which can help businesses precisely reach customers with specific needs and wants. Recently, some business owners asked me about methods for improving operational efficiency and revenue. Despite spent tons of money on the marketing campaign and acquired many new customers, they are disappointed in the sales performance.
Everything we do today can be marked as data, which has had a profound impact on our lives and business. More and more companies are putting their bets on big data and expecting to dig more business insights from it. However, compared to the enthusiasm of big companies, small businesses seemed a bit shilly-shally. Limited budgets to collect data and inadequate skills to understand complex scenarios are the leading causes of setbacks.
In my experience, small companies still have budget-friendly ways to deal with data and to thrill their business.
Yes, big is good. But how big is big enough？
Recently I heard many “big news” about German politicians. For example, Thuringia Election, and CDU Leader Resignation. Anything involved in politics is always complicated and full of changes. However, I am intrigued by the basic ecology of German political parties, AKA, the players.
The data is from Federal Returning Officer on the 2017 Bundestag election. There is also an official document of the election. Of course, it’s written in German and has 456 pages. If you don’t have time to read so much info, this article is right for you.
In total, 61 million people attended the election. The population of Germany in 2017 is 82.52 million. The attend rate is 73.9%. It seems that Bayern state has the highest voter density. …
Nobody knows since when it’s becoming utterly difficult to find a flat in Berlin at a proper price. Even your SCHUFA score is above average, you still need to spend lots of time and energy on the searching and waiting. For example, although I’m running my own business and my credit record is perfect. I only got two replies out of my 58 applications on ImmobilienScout24. And it is even not from the real landlord who owns the property, but from the person who has the main contract and wants to sublet one room.
Therefore, many people choose the compromise solution: WG(Wohngemeinschaft), several people living in an apartment or a house. But it is leading to new problems: Is it the contract legal? Is it allowed to register an address? Is the WG-price acceptable? The Berlin government heard the complaints and tried a lot to solve the issue, which has been discussed for a long time. For the majority of common people, who don’t have enough time, skills or unlimited resources to collect information and data, but still are keen to figure out what happened to the market, I made this analysis. …
No matter small companies or big companies, businessman always try their best to acquire as many customers as possible. I appreciate the ambition and respect for the hard-working attitude. However, Not all customers are equal. You might not believe this number, even just a small family business, 30% of customers are unprofitable.
Very simple to understand, unprofitable customers consume more resources than they pay for. On the other side, even though you spent a lot to attract new customers and they tried you once, they still have the big chance to leave you. As a manager, you must understand how crucial to figure out your best customers and others. …
After reading the last chapter, I bet you must have a feeling about the online retail business and be more familiar about the retailer’s business.
Let’s start with a quick refresh :
- Business Type : Online Retail/ E-commerce
- Normal Price Range : 0.1 - 16.7
- Normal Quantity Range : 1 - 12
- Total Unit StockCode: 2834
- Market Area: Europe
-- Main Market: UK
Now consider yourself as a marketing manager or performance manager, what do you want to dig out from the transaction data? A good outcome always comes with a good question. I will list some very common ones. …
In 1898, E. St. Elmo Lewis developed a model which mapped a theoretical customer journey from the moment a brand or product attracted consumer attention to the point of action or purchase. It often referred to as the AIDA-model, an acronym which stands for Awareness, Interest, Desire, and Action. This staged process is summarised below:
In the article “ How to find reasons why customers leave you” we discussed how to use data to dig insights. To find what happened and to understand what drives things happen are always better than doing nothing. Could we go further to prevent or reduce the customer churn? When people decide to leave, they just leave. A good retention strategy should work before leaving happens.
We assume you have already collected, cleaned, and preprocessed data. After the preparation work, we can move to the prediction procedure.