Most people are familiar with ‘Big Data’ as it is currently one of those trending business buzzwords. But not so many people are familiar with ‘Small Data’ and I think they should be! ‘Small Data’ is what will make the day-to-day difference to your business!
According to Martin Lindstrom, the branding expert and bestselling author ‘Small Data’ is “seemingly insignificant observations you identify in consumers’ homes, [it] is everything from how you place your shoes to how you hang your paintings”. He believes in order to find correlations between your customers/prospective customers it is these “seemingly insignificant observations” that you actually need to take notice of!
‘Small Data’ is data in a volume and format small enough for human comprehension. Data that is small enough to be accessible, informative and actionable to an individual i.e. you don’t need a super computer or a mainframe to be able to access/understand it!
For example think of the data displayed on your analytics page for things like Facebook Insights and Twitter Analytics. The ‘Big Data’ is all the information about every Facebook Post or Tweet you’ve ever made. The ‘Small Data’ is the customer/prospective customer behaviours that you can extrapolate from your Analytics Page. What post types do they prefer, Polls, Videos, Articles, Questions? What time(s) are your Followers usually online? Which Social Media Channel do the majority of them use, Facebook, Twitter, LinkedIn? Which posts do they engage with most and how, Likes, Comments, Link Clicks, Photo Clicks, Video Clicks, Shares?
This sort of ‘Small Data’ will allow you to tailor your marketing to different customer groups once you’ve identified a particular online behaviour and which/what sort of group exhibits that behaviour. You can use ‘Small Data’ to segment your customer/prospective customer base in slightly more subtle ways than just
the usual (and obvious) age, gender, socioeconomic group, geographic location etc.
If you use a Customer Relationship Management (CRM) Solution that includes Social CRM that allows you to capture Social Media Post engagement data from your Social Media Networks straight into your CRM (and for/against specific individuals you already have a record for in your CRM). This Small Data will help you understand the motivation and buying decisions of different prospects. If this data is being gathered and updated regularly from your Social Media interactions it provides you with a, virtually real time, source of Business intelligence, analysis and reporting. Continual Market Research on the go!
‘Small Data’ gathered in/via a Customer Relationship Management (CRM) Solution provides regular collection of information about a users behaviour and makes that information directly available to your Sales and Marketing Teams. The automated nature of ‘Small Data’ collection using Social CRM reduces the time (and money) spent on compiling such data. It also has the added bonus of proactively improving your relationship with your customer…Customer Relationship Management!
If you’d like to know more about Customer Relationship Management (CRM) Solutions or Social CRM please fill out the form below or contact me on firstname.lastname@example.org or visit our website www.conclusys.co.uk/crm