IS BIG DATA THE ANSWER TO EVERYTHING?

According to the Oxford English Dictionary, the first use of the term “Information Explosion” occurred in 1941.  In Future Shock published in 1970, futurist Alvin Toffler labeled the overwhelming flood of information as an "Information Overload."

Although a number of people have taken credit for coining the term “Big Data” in the 1980s, 1990s and 2000s, Google Books indicates that “Big Data” is nothing new. It shows the first mentions in books published as far back as the 1950s:

One person suggested that “Big Data” began with the first Hollerith punch cards in 1890

Regardless of how long it has been around, interest in coping with this information grew as computer technology became more and more advanced. It has culminated with large corporations purchasing multi-million dollar platforms and appointing a Chief Digital Officers or VP of Digital.

These platforms allow companies to take website visitors on a “Customer Journey”, seeking “Engagement”, “Conversion” along with pursuing repurchase and referrals or recommendations. They allow analysis of the correlation between past customer purchasing and other behavioral, attitudinal and demographic factorsto help in this effort.

But there are important things that “Big Data” platforms do not do. They do not find the best way to get customers to the website in the future and they do not find the best way to sell customers who will never visit the website, or who visit and don’t return. Nor do they help the smaller businesses who do not have platforms.

Big data can be used to discern correlations and insights using an endless array of questions. However, it’s up to the user to figure out which questions are meaningful. If you end up getting a right answer to the wrong question, you do yourself, your clients, and your business, a costly disservice.

We are coining the term “Small Data?”

Why? For these reasons:

             1. “Big Data” does not tell you what actions prospects will take in the future.

             2. It does not optimize the conversion rate among prospects.

             3. In many cases, it depends on inference rather than reference.

             4. It does not tell how to achieve competitive advantage.

             5. It provides an avenue for organizations cannot afford an expensive platform.

“Big Data” has its place in the sun, but our “Small Data” techniques can solve the shortcomings of “Big Data”, delivering highly actionable insights at an affordable cost and taking much of the speculation out of the analysis process. It is the perfect “front end” to help get qualified prospects to a website and selling those who will never visit the website.