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In the world of business, setting the right price for your products or services is crucial. It is a delicate balancing act between maximizing your profit margin and optimizing your total revenue. An ancient Chinese proverb says that smaller margin brings much more sales (薄利多销), while another states that earning 10 thousand times your cost (一本万利).  These two represents two drastically different business goals. One is to maximize the revenue, the other is to maximize the profit. Where is the optimal point between total revenue and profit margin? How much should you price your product or charge your clients for your service? Let's dive into the key factors to consider when developing your price strategy. What are Profit Margin and Total Revenue Before we discuss strategy, let's clarify these two important concepts: Profit Margin:  Profit Margin is the percentage of sales that turns into profit after all costs are accounted for. It is literally how much profit you make per sale....

  Product Lifecycle:  What Marketers Should Know As a marketing leader, understanding the product lifecycle is crucial for developing effective strategies and making data-driven decisions. It allows you to align your analytics efforts with the different stages of a product's life. Let's dive into the key aspects of the product lifecycle that every marketing expert should be familiar with. Understanding the Product Lifecycle The product lifecycle has four stages: Each stage presents unique challenges and opportunities for marketing analytics. Proper design of key metrics and analytic solutions plays a pivotal role in its impacts on the business results. 1. Introduction Stage 2. Growth Stage 3. Maturity Stage 4. Decline Stage Essential Analytical Tools and Techniques Marketers will benefit from: Throughout the product lifecycle, marketers can benefit from below data-driven analytic approaches: 1. Predictive Modeling: Use historical data and market trends to predict future perfor...

Claude's Artifacts: A Fairyland For Prototyping Claude just released a powerful feature - Artifacts. What is it? Where is it? How to use it? Read this post  for a dive into the new feature, and gain a firsthand experience! Hanna Analytics is a data science consulting service. Visit  Hanna Analytics' website for more AI and Data Science related topics. What is Artifacts Artifacts is a feature introduced by Anthropic to its AI assistant - Claude. It transforms your conversation with the AI assistant tool into a dynamic visual dashboard in a separate window. Instantly, you can see your ideas come to life!  Where to locate and How to use Artifacts in Claude The feature was a preview in June and now it's available to all users including those on Free plans. The new feature has been communicated to the users via email only; however, the feature is nowhere to be found on Anthropic's release notes, or in the Claude website interface itself. So, where is it and how to u...