Surely you have heard the term Small Data in recent years as it has gained ground within small and medium-sized companies. But do you know what it is? Unlike Big Data and the benefits, they offer when identifying new markets and personalization between companies and customers; as well as predictions in trends for product innovation, small data, allow us to understand consumption patterns.
The information used in this technique has the peculiarity that it can be easily studied and applied by a group of people since relatively small data are manipulated which makes its implementation much easier. This in turn opens up a good opportunity to achieve a better understanding of specific niches.
1. How does it works?
To make it clearer to you how small data works, we want to exemplify its operating model. In the event that a marketing affiliate campaign has been launched through emails in which you have offered a discount on the purchases of your business for a certain time, with the small data or small data, you will be able to know the impact that the campaign that was carried out managed to achieve. In addition to this, you can get a better understanding of customer behavior models and thus be able to adjust marketing strategies, based on the results. In this way, you can reach a target audience and be assertive about who you want to address. This is what we mean by the point mentioned above, of reaching specific niches.
As we also mentioned, collecting data through small data is easier. The measurement and flow of information are obtained from different processes carried out by the company, such as the metrics provided by social networks, purchases, the information that is collected from current and potential customers among other measurements. This is an advantage over Big Data since it is necessary to buy databases and/or have a large capacity to store and allow the flow of information.
2. Small data: How to implement in the company?
To put small data into operation in your company, the first thing is to create the structuring of a database. Here you can implement several methods that can help you achieve this. The first and simplest is to make a payment for this, but being small data, the results are more accurate when obtained by the company directly, since it has first-hand information about purchases, its social networks, its customer service center, and the marketing campaigns it has carried out among other factors.
By having the database, it is necessary to filter the information and eliminate those that are not relevant, that is, make a segmentation so that the information can be analyzed correctly. An example would be to organize by columns the customers who interact on social networks, another for those who prefer to make purchases online and study all the factors that are of the preference of your customers.
This can be done through spreadsheets or in Google Sheets, although it is recommended to buy a CRM (Customer Relationship Management) This compiles the set of practices, business strategies, and technologies focused on the relationship with the customer.
Finally, the analysis and visualization of the data remain, for which graphs can be used through applications such as Google Data Studio, Python, or Tableau.
Having small data is a great solution for those companies looking to improve their capacity, without the need to implement highly specialized technology. By being able to access and take advantage of daily information, multiple benefits are obtained in companies and offer an opportunity for growth and expansion through the resources available to them.
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