We keep hearing about Big data everywhere – sometimes in places where we do not even expect to here it. I was listening to the latest Trailblazers podcast from Walter Isaacson, and he just casually dropped this nugget.
Small data is the capturing of the small, subtle nuances of a customer. A lot of times, these small seemingly insignificant subtle pieces of information lead to huge product insights.
While extracting big data, and distilling data out of it is important – it is still generalisation. It is amortised data. It is a collective. It is very important for PMs to observe customers at close quarters on a regular basis.
In my three years of observation, being a product leader, I have seen that insights distilled from big data, can only result in incremental improvements.
To get 10X improvements, we need to observe and incorporate these behavioural, often times visual, subtle insights. These are few in number – viz small data.