I know what you’re thinking
One thing that is certainly common as well as an important aspect of any big company or even a small startup is, ‘customers’. And when it comes to giving your best service to the users, to feed their insatiable needs; understanding their mindset can be really helpful. If you could decipher, know what they’re thinking, then that’ll for sure give you an edge over your competitors. And today, you can achieve all this with the help of data science. The popular term used to refer this is: ‘consumer analytics’.
Consumer analytics, aims at analyzing the customer data produced from various sources such as,
- social media posts
- from previous shopping or buying behaviors
- from their product reviews or feedbacks
- from online or offline surveys
- from their online browsing history (FYI that’s how Google floods you with ads)
Data obtained from these sources is going to be in enormous quantities and it’ll not be analysis ready at first. But after performing some data pre-processing or data cleaning steps, you can feed it to sophisticated machine learning & deep learning algorithms to extract patterns or insights. These results will then guide you in answering business problems, in developing personalized products and hence to increase your user base, which could ultimately lead to enhanced profits. The most popular example of this we have today is Amazon & deep pockets of Jeff Bezos.
So, this was one of the many data science use-cases we’ve today. And though they all are from different domains but still they all have one thing in common i.e. their aim is to uncover hidden patterns from underlying data to guide us towards a more brighter & successful future.
By: Amit Bishnoi