In marketing, it can seem like we are stuck in a sea of bar graphs and pie charts. These popular and ubiquitous figures can rule our world and lose their meaning sometimes. As a result, we can lose our mathematical grip and consequently fail to use statistics in an efficient manner. There are several ways to get over this psychological hump. In this post, we will look at some of the methods you can use to view statistics in marketing. Keep reading to find out more information!
The application of math
When we look at statistics in marketing, sometimes we go directly to the application. This makes sense because it is almost like a muscle memory reflex to try to directly apply the numbers to the task at hand. However, a better approach would be to take a step back and see how the numbers actually relate to the marketing strategy. For example, say you have some statistics that tell you that forty five percent of a certain kind of demographic turn on the television from the hours of six to eight in the evening. One direct move would be to decide to put an advertisement on the television for your company during those hours. While this is certainly a great idea, it is important to look a little bit more deeply into the statistic. For example, you need to be aware of what the other fifty five percent of the demographic is doing. Another question to ask is what kind of shows are on at that time. This will help you gain insight into the kind of demographic you are trying to reach.