Effective analysis of marketing data can be a hard nut to crack. But, it’s always good to keep working with the numbers, especially if there are little voices in your head telling you to probe further. For beginners, knowing the five lessons of marketing data analysis is key.
It’s a bad idea to base your marketing practices on intuition. Statistical approaches will give you more reliable results. It turns out you don’t necessarily have to be a great mathematician or a statistician before you can figure out all the answers.
Marketing Data Analysis: 5 Lessons for Beginners
Every marketing beginner should learn the following five lessons about their data.
Sample Size
It’s important to be sure whether your calculations are based on an appropriate sample size or not. One of the serious mistakes a marketer can make is drawing conclusions from an poor sample size. This can introduce a lot of errors into your results. For instance, if it’s for research, you shouldn’t to rely on the responses of only one or two people to draft a report. Delve deeper into the population for more insights.
Probability and Random Chance
A real marketer will want to know the probability that his findings cannot be attributed to random chance. Ideally, a confidence level of 90% means that your research data is more reliable. Implementing a plan based on inaccurate data can be disastrous for any business.
The rule of thumb is that when you are not so sure of your analytics skills, enlist the services of an expert to get things right.
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Excessively Good Results
If the results seem too good to be true, there’s a good chance they are. Are you going to sit down and roll with the data, simply because it aligns with your thoughts?
Well, you shouldn’t! It’s alright to feel skeptical about your results. After all, healthy skepticism will force you to look beyond the surface of the data to see if you have missed something or not.
Method of Analysis
Be sure to use the right approach to analyze your data. Many a time, if you want to see the bigger picture, the average shouldn’t be the end point of your analytics. Take a step ahead of the pie charts and graphs — sometimes it only takes one small data point to make or break the statistics.
Paralysis of Analysis
Rigorous analysis of data is cool. But don’t let that blindfold your common sense. Imagine an astronaut launches on a rocket to Mars, but his food supplies will only last him for 4 months. How bizarre is that? The rocket may get to Mars in 9 months; but starvation will not spare the astronaut for his lack of common sense.
The bottom line is that you should always check the statistics and be sure you that the numbers are not playing tricks on you.