Ah, Valentine’s Day. There’s a lot that springs to mind when it comes to 14 February; flowers, chocolates, impossible-to-book restaurants and just about every Hugh Grant movie ever made being just a few examples. But, as far as we’re concerned, nothing quite screams romance like a bit of artificial intelligence and machine learning, right?
Before you get the wrong idea: no, we’re not talking about those kind of robots. We’re talking about using highly sophisticated machine learning algorithms to help bring people together. That’s right, actual human beings. Not robots. Clear?
As love is in the air right about now, we felt that there was no better time to share with you one of our more romantic case studies…
We worked closely with Free Dating Platform, a company that powers over 500 of the most well-known dating apps and websites out there. We concentrated on one platform in particular – FreeAndSingle, a dating app which has over half a million members across the globe.
The team at FreeAndSingle came to Peak with an overwhelming amount of data that they simply didn’t know what to do with; they needed to get a better picture of how and where they should be spending their advertising budget, and wanted a clearer understanding of their user base in order to improve the matchmaking platform itself and reduce customer churn.
We sat down with FreeAndSingle for a series of workshops, gaining a better understanding of their company, their product and their data. Streaming their datasets through the Peak platform, our in-house data science team then built bespoke algorithms that identified and segmented FreeAndSingle’s eight most important types of user. This allowed them to monitor and track the activity of these users, work out which of their favoured activities increased the company’s revenue, and enabled them to tailor the platform accordingly.
For example, we looked at how FreeAndSingle’s user base, as a whole, behaved when they were using the app. This data was analysed in terms of the actions taken when non-paying members became premium members, and by identifying when and why customers were likely to stop using the platform. Through these Peak-generated insights, the FreeAndSingle team were able to refine elements of the app experience to help improve things for customers and for the business across a number of areas.
The results? More paying customers, a higher retention of customers, less wasted advertising spend and – crucially – fewer microwave meals for one this Valentine’s Day.
If we’re putting a figure on it, FreeAndSingle are now getting five times more value from their existing user base thanks to Peak.