Small Data: The Tiny Clues That Uncover Huge Trends
Marketing industry veteran Martin Lindstrom has published Small Data: The Tiny Clues That Uncover Huge Trends, a book exploring the value of “small data”—minor, unassuming bits of information that can offer substantial insight into consumer behavior. Lindstrom believes that many companies are failing to consider the value of small data as they increasingly focus on “big data.” Lindstrom presents a collection of case studies of companies using small data to dramatically improve, such as how toy company LEGO avoided bankruptcy after realizing that its products’ popularity came from their complexity, despite traditional analysis of consumer preferences suggesting that simplified LEGO sets would lead to increased sales. To take full advantage of the potential of data, argues Lindstrom, companies must recognize the value of granular and rich “small data” just as they value “big data” when making data-driven decisions. This is Lindstrom’s seventh book about consumer behavior, and he was listed as one of Time magazine’s 100 most influential people in 2009.