Empowering New Product Launches with Data Acquisition and Data Science

Empowering New Product Launches with Data Acquisition and Data Science

By Stiliyan Neychev

December 15, 2023

In the wake of the global digital conference hype, one of our colleagues recently presented the topic of Empowering New Product Launches with Data Acquisition and Data Science at the Lindholmen Software Development Day. It’s one of the biggest tech events that take place in Sweden, and it’s a fantastic avenue for sharing and acquiring cross-industry knowledge. We were quite honored to learn that our very own Stoyan Terziev was among the presenters, and now we thought we’d share with you his appearance.

presentation Stoyan

The modern-day challenge …

It’s no secret that data is being generated at an exponential rate, and it’s becoming more apparent that moving forward, we’ll need to take advantage of advanced analytics and algorithms or risk falling behind the curve. There are plenty of companies, however, that still go about using the traditional data flow process and relying mainly on their internal data. It’s possible that going forward, we may not have that option for very long.

So, companies that have matured and embraced the advanced analytics approach have already started adopting a different data flow process, in which systems are working alongside the developers to acquire and mold the necessary data and provide better insight. This way, companies are empowering their product launches and a more optimized path to success. But what does it mean to empower a product launch? Well, Stoyan argues that if you were to ask a marketing person, they’d probably respond something similar to “Get them talking. Make it personal. Reach further. Keep the hype.”

But what does this exactly mean? Generally, you’ll be spread the word about your product, usually through social media and ads, then presenting the product to key people in the field and looking for partnerships, and finally, you’ll want to maintain a sense of anticipation in your audience.

… requires a modern-day solution!

But what if you only have limited resources? Well, in that case, your solution is simple – transform your issue into a data problem. Let’s take the abovementioned quotes, for example. The part where you “get them talking” could correspond to you narrowing down the most vocal entities on the market and “make it personal” could translate to learning more about them and presenting them your product in a more personal presentation. For this, you need salespeople that can investigate someone’s work in a relatively small timeframe, and luckily we got the article just for that.

Continuing onward, the “reach further” and “keep the hype” points could easily be covered with the help of Open Data, and fortunately, we’ve got a helpful article on that as well. So, as you can see, the solution is easily within anyone’s grasp all you really need is to be aware of the possibilities.

If you wish to delve deeper into this rabbit hole, then we suggest you check it out on YouTube. There are some very interesting takeaways within, including some very helpful algorithms that you can use to enhance your solution. We guarantee that you’ll be intrigued at the very least, and we’d love to hear your opinion on the ideas Stoyan proposed there.