Never, ever, assume you know your market
9 out of 10 cats agree that data drives effective marketing*. Understanding the statistics from market research is key to the success of any marketing campaign and will determine your market potential. Without research, you’re not going to be able to position yourselves to reach the right audience and maximise your profit. You may think you know your market, their habits, what they read and where they go. But, if your sales aren’t coming through and you feel like you’re shouting into the ether, it’s time for a sense check. Conduct a poll, pick up the phone, ask Twitter, instruct Mori, create a SurveyMonkey account – whatever you do, remember this:
Understand the sample size, out of any data presented.
That alone can make or break an analysis. Too small, and the sample may not be representative and your results may not be significant. Too large, and the resultant mass of data will overwhelm you. You can read many things into data, but what you can’t do is argue with the number of people who have been asked for their opinion.
Think of the back of a shampoo bottle or the adverts which quote statistics along the lines of ‘X% of Y respondents agree’. Or, indeed, the number of cats which agree that data drives effective marketing.
*this is purely speculative and not tested. Our cats weren’t having any of it when we asked them.