«Pollution can simply be too much of a good thing» (Laurence J. Peter). Carrying out marketing strategies without numerical support does not generate value for marketing strategies, sales and much less for the company. Marketers who understand finance and statistics really carry out marketing and investments in their strategies (Marketing Plan). These two areas are a great support for marketing. They provide us with tools to measure campaigns, ROI (Piedrahita, El ROI, 2016), segment the market in a relevant way, find unexplored niches, improve the profitability of products, place them in the time and place that the consumer needs them, among many others.
You may be interested in reading: The true value of market research .
Yes, they really are areas that have taught us to invest, and not to waste the money that companies give us to execute marketing plans (marketing plans) (Huertas, 2008) (Piedrahita, 2016), this unfortunately does not happen in most companies, there are more in which sales are not increased or what is worse, the expected ROI is not achieved.
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Tools to improve your marketing strategies
One of the most important tools in my opinion in terms of statistics bulgaria phone number to make strategic plans, market segmentations and Marketing Mix strategies are; Chi-square tests, corrected residuals and perceptual maps. Chi-square tests allow us to compare the observed distribution of the data with an expected distribution of these. In which we can perform an association and/or dependency test. The association test allows us to determine if a variable is associated with another variable and with the dependency test we can show if the observed value of a variable depends on the observed value of another variable (Levine, Berenson, & Krehbiel, 2006) (Minitab, 2016) (Ruiz, 2015) (Ferber, 1949). Corrected residuals or corrected standardized residuals are perhaps the most important, since they allow us to identify which variables are contributing the most to generating dependence between the variables. Allowing us to more easily and accurately interpret the meaning of the association detected using the Chi-square statistic (Arce, 2016)(Levine, Berenson, & Krehbiel, 2006)(Ferber, 1949). As for perceptual maps , they refer to methods to analyze and synthetically understand consumer perceptions. Allowing marketing managers to identify the products, companies or services that compete in their market.
Identify product weaknesses, develop product concepts, create segmentations, interest groups, targets and identify what perceptions exist among the different groups. (Levine, Berenson, & Krehbiel, 2006)(Villa, 2012)(Ferber, 1949). As we can see, these statistical tools allow us to carry out marketing and segmentation strategies in order to grow sustainably. By understanding the segment I am in, or the one I want to be in, I can identify the culture, personality, lifestyles and consumption moments of my clients or potential consumers.
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