Martin Lindstrom is a wizard who has learned over years of practice to detect marketing trends. He defines Small Data as the tiny clues that uncover huge trends. He has lived with his customers in their homes to identify their needs. And build products that would fulfill them. In Siberian children’s playgrounds, he noticed used ropes of swings at adults’ height. His interpretation was that mothers were the primary users of the swings. And he consequently designed a successful shopping website. The website aimed at helping mothers get back some of the fun and freedom they did not have growing up in the former USSR.
Weak signals are small amounts of dissonant data drown within vast quantities of otherwise similar data. While representing tiny bits of information, they can help companies figure out what customers want in terms of products, features, or social media channels and uncover significant marketing trends.
As businesses continue to search for new ways to drive revenue, the marketing managers’ pressure builds. Revenue teams increasingly challenge the marketing managers to prove marketing’s revenue contribution through a marketing performance management (MPM) platform.
By using these MPM platforms, marketing managers usually converge on similar practices, making it harder for them to stand out. A differentiation strategy involves spotting marketing trends from the market to be a step ahead of the competition. Marketing trends, hidden in small data, can be as ubiquitous as subtle dissatisfaction hidden within a customer product or service review or the choice of a better-suited digital medium for reaching out to a specific customer segment. The latter was the case, for instance, for Nordstrom, who had not realized Pinterest was an influential media for its customer audience until an employee noticed some of its loyal customers were heavy users of this platform. After identifying this marketing trend, Nordstrom has invested in Pinterest as a digital media and has set up big screens in their shops displaying Pinterest pictures. It is possible to extract small data, and the subsequent marketing trends, from a few hundred or thousands of marketing data using TADA, the machine learning solution by MyDataModels. Marketing managers usually have these few data from various marketing campaigns, market research, or customer satisfaction reviews. There is no need to be a data scientist or to undergo data science training to use TADA, and anyone can use our platform. And it allows you, in a few clicks to detect the small data your competition overlooked.
MyDataModels allows marketing professionals to get ahead of their competition using their Small Data.
As marketing managers become more accountable for the revenue their teams generate, it becomes increasingly essential to identify marketing trends. These signals can hide in customer satisfaction surveys with wished-but-not-yet-implemented product features. Or they can reside in the use of a lesser-used social media to reach the right customer audience. Weak signals have the potential to uncover marketing trends to be significant game-changers. It can be a strategic enabler of more trust, a higher budget, and increased business impact.
“Predictive models detect small data hidden in the market and uncover huge marketing trends.”
Using TADA, the machine learning tool to estimate and predict the different metrics leading to better ROI is a crucial differentiator in a holistic marketing strategy.