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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…
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3 Types of Dirty Data to Beware
The word “pollution” is often associated with the environment. Plastic bags, straws in the ocean—you get the drift. However, what many people don’t know is that pollution also exists in the business world. Yes, you heard that right. Since many businesses and firms are data-driven organizations, there’s a chance that data may become corrupted or obsolete. When data becomes insufficient, outdated, or inaccurate, it typically referred to as “dirty data”. Dirty data isn’t something you can just ignore. For many businesses, dirty data can lead to interruptions during regular business operations and pose countless other risks. As marketers, it’s important to identify the difference in dirty data that we may…
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How to Create a Strong SWOT Analysis For Strategic Planning
Behind every great business is a strong marketing strategy. Most marketers take the time to thoroughly research every aspect of their company, including history, social media presence, and even competition. After research is done, there’s one important element that must be performed: analysis of your findings. For most business strategies, one of the most respected tools to use is a SWOT analysis. You can think of it as in-depth examination of your company’s strengths, weaknesses, opportunities, and threats. This internal and external evaluation of your business’s critical factors allows you to identify, revise, and sharpen your business strategy. Some of the ways you can build a strong SWOT analysis include:…
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3 Ways Opinion Leaders Can Influence Consumer Behavior
Learning and understanding consumer behavior is one of the most critical aspects of a marketing strategy. Marketers need to understand what influences a consumer to make purchasing decisions. Along with social and personal reasons, culture is an impactful factor that can push a person’s buying behavior. Some cultural factors can include reference groups, family, and social classes. With the rise in social media, opinion leaders also play a huge role in influencing how a consumer selects a product or service. You may have heard of influencers like the ones on social media platforms like Tik Tok or Instagram. It may not seem like it, but these individuals have a lot…
