Human insight combined with “Small Data” provides a better customer experience
Devin Wenig, President of eBay Marketplaces recently spoke with McKinsey & Company about how digital technology was transforming the retail marketplace. One of his insights that can apply to companies serving the aviation industry was his take on the importance of small data vs. big data.
For definition purposes, let’s identify big data as data sets that represent large groups of people and certain types of behavior associated with their purchasing habits. This data is gathered from transactional data, website analytics and social insights, and usually requires the service of a data scientist to interpret trends and connections.
Small Data, on the other hand, is about putting the customer first. Engaging the customer with information and tools organized and packaged to be easily accessible, understandable, and actionable to accomplish the task at hand (think apps). Companies that understand small data can use it to their advantage by creating relationships leading to increased brand loyalty and repeat business.
Small Data leads to actionable strategies
Actionable marketing strategies come from looking at the small data sets and applying human insight, resulting in knowing your customer base as individuals – their likes, dislikes, purchasing history – and providing an easy to use, relevant online user experience.
Long tail data – a complete customer picture
A search engine can sort through millions of bits of data from a keyword query and provide an exact match, but it cannot provide additional queries for items that may be related. For example, say your website has a search feature and the customer has entered a part number. The part number query will take them to the requested part configuration but is incapable of identifying additional parts that may be needed for installation in a specific airframe or for a retrofit of a new digital component. Using the small data approach, the search query could also display a complete view of additional components associated with the original query, assuring that the customer gets all they need the first time around.
Relevant online experiences lead to loyal customers
People-to-people marketing requires engaging with customers by providing useful information. Thinking beyond a single data set and applying insight such as including installation tips and additional component selections creates customer loyalty. Thinking of small data as the “right data” will help marketers build better customer profiles, leading to a better online experience for all involved.