Voronoi analysis and Sentiment Analysis in Business Feasibility study
Apart from the conventional research methodology (convenience sampling, likert questionnaire, interview questions, swot analysis for competitions etc.) we tested two unconventional paradigms when a client approached us for feasibility of a business in Kathmandu.
First of all, we looked into finding an ideal place for the business using voronoi diagrams. This was useful to avoid areas where competitions were prominent, and also to tap into neighbourhoods where demands were not met. Of course, factors such as population density, and similar business tending to sprout in close proximity needed to be considered, but voronoi diagrams was only used as a small piece in a very large puzzle.
Secondly, we tried to understand people’s sentiment on the value the business was trying to sell, and also on current value providers. For this we used Twitter API to collect business relevant tweets from Kathmandu.
Apart from an aggregated view of the sentiments, we were able to gain insights on what was and was not working with services provided by current market players. This would allow our client to position their services by converting the weakness of their competition as their strength.