People-to-people Marketing and “Small Data”

Actionable marketing strategies come from looking at the “small data” sets and applying human insight.

Actionable marketing strategies come from looking at the “small data” sets and applying human insight.

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.

Additional articles you may find of interest on this topic:

Is your website attracting customers or sending them away?

Using social media to gain customer insight.

B-to-B social media strategy: Quality not Quantity

Please leave your comments or thoughts below.

Copyright: peshkova / 123RF Stock Photo

Aviation Marketing: Social Media is not going away

Like-minded people

The primal appeal of social media is the connectedness of like-minded people

In recent years, the emergence of different social media technologies has spurred a revolution in the aviation marketing. Today’s market necessitates that aviation manufacturers utilize these tools as an integral component to help build brand value.

“The Social Economy: Unlocking Value and Productivity through Social Technologies,” published by McKinsey & Company, presents a forward view on how social technologies impact value creation for manufacturing and service companies.

From the report, I have identified 5 separate areas where social media technologies can impact the value of aviation manufacturers.

Social Technologies today:

  • Have 1.5 billion global users
  • 80% of which interact with social networks regularly
  • Report 90% of all companies that use social media websites experience financial benefits
  • Show an average of 28 hours per week are spent online by knowledge workers — writing e-mails, searching for information, or collaborating internally

Take the time to look through an online aviation directory, and you will see that about 65% of aviation manufacturers have no links to any type of social media on their websites. I would presume this is primarily because:

  • Management has yet to recognize the power of social media as a collaboration tool
  • Misguided integration of social media into the traditional marketing mix
  • Some have yet to see the value in social media, and instead view it as a social fad that will eventually fade away

Five areas where social technologies add value to aviation and aerospace manufacturers:

1. Product Development: Social media serves as an effective forum to facilitate collaboration between customers and developers. This makes it easy to derive customer insights, and allows for the co-creation of better, more effective products.

2. Operations and Distribution: Aviation manufacturers can leverage social media platforms to help forecast and monitor product acceptance, and can see the effects of different applications on the market through unprompted and unfiltered conversations between customer groups.

3. Marketing and Sales: Social media platforms allow for interactive marketing between the manufacturer and customer. For example, a Twitter post immediately communicates information to the customer because of Twitter’s time-based information delivery system. That same post can then be accessed hours, days, or even months later on the manufacturers’ own page.

4. Customer Service: Social media grants manufacturers the ability to respond to customers in real time, and on the communication platform of their choosing. The collective knowledge of the entire consumer populous can be used to arrive at the correct solution or work-around if needed.

5. Business Support: Immediate communication between consumers and manufacturers speeds up the internal flow of information in the company, more closely connecting the task and talent. Lose the “dark matter” buried in the one-to-one nature of emails by reducing the amount of time spent retrieving data relative to the project or organization.

The level of utility of these social media platforms will depend on the number of people willing to transform culture and process to take full advantage of the collaborative potential these technologies offer. Achieving maximum utility depends on the determination of users to change the social landscape. The traditional applications of these technologies must be set aside, allowing for the discovery of new applications altogether.

To view the complete McKinsey report click the flowing article title: “The Social Economy: Unlocking Value and Productivity through Social Technologies

photo credit: conner395 via photo pin cc