Statistical Significance and Why It Matters to Marketers
Many marketers are constantly performing the collection and analysis of data. Whether it’s performing t-tests or correlation analysis, there are always important data that require a thorough examination to determine the results of a survey or another study method.
During advanced data analysis, one metric that’s often overlooked by marketers is statistical significance. Statistical significance allows you to assess data by determining whether its results are meaningful or just an anomaly.
When you examine statistical significance, you can prevent serious mistakes that you can risk your overall marketing efforts. In the marketing world, producing and evaluating the results you produce is the best way to make informed decisions for any planned strategy you create.
What is statistical significance?
Statistical significance is a method of testing that determines whether a difference within your collected data is significant or meaningful in any way. Basically, it’s a way to measure whether this difference is actually real, and not just an error within your data.
Why is statistical significance important for marketers?
Statistical significance allows you to reaffirm whether your chosen pricing display or change in marketing tactic makes a difference at all. This prevents you from wasting needless time and budget on marketing efforts that may not further your overall objectives. Measuring statistical significance also provides you with a level of accuracy that you can apply in any future experiments you may conduct for your marketing research. In this way, having statistical significance provides you with the confidence to move forward with changes that can be impactful for you or your client’s business.
Remember that being a marketer isn’t just creating strategies, producing content, and collecting data. It also involves assessing and evaluating how you can use your collected data for your, your client’s, and even your customer’s benefit. Statistical significance can provide you with an in-depth foundation so that the decisions you make are accurate and induce positive results in sales.