What do Sherlock Holmes and data-driven marketing have in common?
Aside from pretentiousness, they both look for clues to make deductions and solve mysteries. Just like the Baker Street resident had to observe the crime scene, marketers have to observe the audiences they want to “figure out”. Sherlock would use his genius to deduct solutions, while analysts use their skills to go through the data and produce insights. You get the gist.
Marketers don’t have the luxury of taking their time, though. They have to solve one mystery after the other, and it takes time and energy.
The biggest issue with data is always the same, and we all know it: it’s super hard to manage and analyse. Not all companies can hire a Market Research team/agency or a Data Science team for analysis. The result is that too many marketers don’t ever “leverage the power of data”.
Here’s the harsh reality: there are many companies offering tons of data, but they let you deal with the analytics yourself. They don’t give you answers, they give you the data you have to use to figure out the answers by yourself.
But not anymore.
Welcome to Qudo, the martech tool that doesn’t give you more work, but straight answers. We believe the power of market research can only be unleashed for the masses with a disruptive approach. Let’s talk about that for a moment.
Qudo’s proprietary research & analysis methodology
Qudo’s secret sauce is not exciting nor groundbreaking: we design and execute market research of the highest quality, thanks to a team of International Lecturers, published researchers and PhDs. The results of our research are then analysed and processed by our Data Science team, which continuously develops and refines internal algorithms necessary to our work.
In the immortal words of Sherlock Holmes, “Data! Data! Data! I can’t make bricks without clay!” The first we need is the data and the best way to get it is to produce it yourself. We exclusively rely on zero-party data (here’s an article explaining zero-party data) we produce.
Our algorithms are the master builders, turning that clay into marketing masterpieces.
In real-life terms, that means that our Reserach and Data Science teams work together to define the connection between market research (that we execute) and data analysis. From beginning to end, they evolved a custom and proprietary process that starts with the most significant questions paired with effective formats.
We execute research through more than 310 data panels (thus smoothing out any pre-selection bias – really important and something that not many data providers do especially the big ones!), then collate the data and serve it to our algorithms. We use internally developed systems to execute the analysis.
The result? A comprehensive map of an industry, through the eyes of its consumer clusters.
Section 2: The Process of Identifying Patterns and Segmentations
Now that you’re acquainted with our algorithms, let’s dive into the thrilling process of pattern detection and segmentation. Qudo’s algorithms sift through heaps of data, searching for clues that reveal consumer preferences, behaviours, and trends. By identifying these patterns, you can group your target audience into useful segments.
Imagine you’re solving a mystery like the great detective himself. You need to piece together the evidence to identify the culprit. In our case, the “culprits” are your potential customers, and the “evidence” is their behavioural data. Elementary, isn’t it?
Take for example our Finance Study.
After completing the surveying, we got about 1500 answers from each respondent. Once our algorithms have done their job, some top-line segmentations emerge. In other words: we notice that we can group those people in different ways. Depending on how much people save, we identified the “Savers” segmentation, which is like a “lens” we can use to look at the financial consumers’ market. Now we look at how people save. Later we can look at how people borrow money (Borrowers), how do they deal with money (Financial Attitudes), all the way down to the overarching, all-encompassing “Panoptic” segmentation.
Each of those segmentations, those clusters, includes several segments, or personas. For example the Borrowers cluster includes personas like “Cautious Borrower”, “Relationship-oriented Borrowers”, “Interest-Free Balance Transfer Seekers”, and more.
Section 3: Fine-Tuning the Algorithms for Optimal Results
But wait, there’s more! Our algorithms aren’t just one-trick ponies. They’re constantly learning and adapting, fine-tuning their processes to provide you with even more accurate results. The more data you feed them, the more they grow, and the better your marketing strategies become.
In the spirit of Sherlock Holmes, we believe in continuous improvement, relentlessly seeking the truth amidst the chaos of data. And as our algorithms evolve, so do your marketing strategies, ensuring you’re always one step ahead of the competition.
That is why we keep a feedback cycle open with our users. We have completed our Alpha test phase with great success, and we are now in closed beta as I write (end of April 2023). We are looking for beta testers to run some campaigns using our insights, and help us improve, refine, and augment Qudo.
Which includes the Qudo Innovation community. We want to gather marketers, campaign creatives, company leaders and agencies and create a community where we can improve our market research quarter after quarter. It’s a sort of crowdsourcing of market research: each quarter the community will agree on which areas of consumer behaviour we should add to Qudo.
Section 4: Understanding Your Target Audience with Qudo’s PersonaGPT Feature
Last but certainly not least, let’s unveil Qudo’s pièce de résistance: the PersonaGPT Feature! This innovative tool generates detailed customer personas, providing you with an in-depth understanding of your target audience.
Look, we get it: ChatGPT and other AI chatbots are taking the world by storm. Everyone will soon have access to these virtual assistants who never sleep, are never tired, and have infinite patience. But if that’s true, what is going to differentiate one company from another? It’s all about the data you use to prime your chatbot.
Everyone can use ChatGPT, but only Qudo’s customers can use PersonaGPT, which is like ChatGPT but trained on the results of our own research.
Imagine being able to sit down with Sherlock Holmes and ask him about markets and help you figure out your ideal customer. Now imagine that Sherlock Holmes will introduce you to an actor impersonating your ideal customer.
That’s what PersonaGPT will be: like your personal marketing detective, it will ask you questions to determine its “case” (which is your business case) and then propose the ideal segmentations and personas for you. It will then let you chat directly with your target persona so that you can ask it what it thinks of your next campaign idea, or comment on the copy, or even creatives (coming with the upcoming multi-modality of GPT4).
In short: PersonaGPT will find the persona profile that best suits your marketing needs, and let you talk to it to get to know them and pre-emptively test your campaign ideas and creatives. What a time to be alive!
And there you have it, a whirlwind introduction to data science in marketing with Qudo! We hope you’ve enjoyed this journey into the world of algorithms, pattern recognition, and customer personas. Remember, as Holmes once said, “The world is full of obvious things which nobody by any chance ever observes.” With Qudo, you can break through the noise and discover those hidden insights that make all the difference in your marketing efforts.
So, are you ready to unleash your inner Sherlock Holmes and revolutionize your marketing strategies? Let Qudo be your guide and embark on a thrilling adventure of data-driven deductions today!