We set out to use the Virtualitics AI Platform to find the best unknown True Crime Podcasts, and Intelligent Exploration didn’t let us down! We even drew back the curtain on our analysis to show you the knowledge graphs and NLP features that helped us in our detective work. Now that we’re happily listening to our new favorite pods, we asked a new question: How could a business use the data we found to boost its own strategy?
Intelligent Exploration helped us to find a great new product, but if we were working to develop or improve a product we could definitely use the same processes to learn more about our customers, our competitors, our product performance, the market, or the results of our marketing and customer service efforts. The possibilities are almost endless, but let’s look at three ways to use Intelligent Exploration to put your data to work in your organization.
Competitive Analysis and Market Research
Businesses that find a competitive edge do it by leveraging their data to understand their market. Our podcast research looked at the big picture—who was already popular, who wasn’t, how they were similar, and how they were different. That exploration gave us valuable insights into the behaviors and preferences of listeners, and similar data exploration can easily be applied to other businesses and users.
Learning about others in your industry helps you to develop more effective marketing strategies, refine product offerings, and stay ahead of competitors. Additionally, data analytics can be used to conduct competitive analysis, which involves analyzing data on competitors to identify their strengths and weaknesses. By understanding the competitive landscape, businesses can develop more effective strategies for differentiating themselves, winning customers, and building loyalty. Overall, data analytics plays a crucial role in competitive analysis and market research, enabling businesses to make more informed decisions and gain a competitive advantage.
Customer Segmentation and Retention
We know that “one size” almost never fits all, so it’s important that a business be able to strategically divide a customer base into groups of individuals with similar needs, characteristics or behaviors. This was especially evident in our podcast research, where we saw a massive spread in interest and topics. By analyzing data related to customer behavior, demographics, and feedback, companies can identify communities within their potential or current customer base and tailor their marketing, product development, and customer service strategies accordingly.
This data-driven approach leads to increased customer satisfaction, loyalty, and profitability, as companies can better meet the specific needs of each customer segment, improving retention. In addition, businesses can use customer segmentation data to identify untapped market opportunities, improve product positioning, and optimize pricing strategies.
Opportunity Identification and Selection
Intelligent Exploration and advanced data analytics allow teams to identify opportunities and prioritize them based on their potential impact on a business. In the case of our podcast data, we can see topic areas where there are loyal fans but not many podcasts, suggesting that some topics were ripe for new content. We also noticed that there was such a strong following in one geographic area that we would advise podcasters to investigate crimes that might be especially interesting to those listeners.
By analyzing data from various sources such as sales, marketing, customer feedback, and market trends, businesses can identify areas where they can improve their products, services, and customer experience. This helps businesses to identify emerging market trends, new customer segments, and potential new revenue streams.
Once these opportunities have been identified, advanced data analytics can help businesses to prioritize them based on their potential impact, feasibility, and resource requirements. This process helps businesses to make more informed decisions and focus their resources on initiatives that are most likely to have a positive impact on their bottom line.
Every Sherlock Deserves a Watson
We know that data scientists and analysts are overwhelmed and overworked as they work to solve complex and pressing business questions with their data. The Virtualitics AI Platform is overflowing with patented technology designed to help teams find value in their data. You can see how our platform acts as a helpful (and speedy) assistant in our webinar about unlocking the secrets of customer churn, or we would be happy to set up a 1:1 demonstration.
