We love big numbers. It’s the big data that get’s us every time.
Just look at the info-graphics that has become so popular.
Because these numbers are easy to understand and helps us to believe that we can make the right decisions based on big numbers.
Let’s take the story of a young software design company that took to looking at big data for key decisions in which market to enter. Sure, certain market segments looked promising and stable, however what big numbers didn’t tell them is how their target market will behave or what they value today. Big numbers, didn’t tell this company what was really important to the target market.
In other words, how will they buy from this company, why buy from this company and when will they buy from this company. Without a clear understanding of their target market and what’s important to them, big numbers should be considered as part of their road map and not the road map.
And, so what happened to this young software company?
They selected a market segment based on big numbers, went to a trade show in that market segment and got a lot of inquiries that they couldn’t answer. Because they didn’t have the right product mix.
They returned home and went back to developing the right product mix.
More importantly, they should have given more importance to their current customers. Instead of being so busy trying to get bigger, they forgot their current customers who were already asking for these types of products.
This story is applicable to any business, online shop, non-profit, retail and entrepreneur. Know who you are serving and what’s important to them!