For purposes of marketing services, statistical analysis is a means to an end — not an end in itself.
In other words, analyzing operating results is not a stand-alone process that offers its own unique value.
You probably know people who appear to love nothing more than poring over numerical data and reports in order to draw their own conclusions. Apart from enjoying some satisfaction from crunching numbers, in and of itself, analyzing statistics offers little value to self-employed service-providers.
Statistical Analysis Tracks Results
Carefully collected and thoughtfully analyzed, numerical data can help measure our progress from where we started…to where we want go. In practice, this means that the analysis measures how far we have come since since we started and how how far we still have to go in order to reach our goal.
In marketing there is no shortage of factors to measure. Typically, the following factors were measured:
• actual and planned registrations
• number of invitations sent and opened
• number of recipients who clicked through to the registration page
The statistical analysis of these factors revealed what worked well and what did not work as well as expected.
In sales, it is common to track factors such as:
• sales calls made
• leads generated
• sales or clients
This analysis will lead to identifying how many sales calls are necessary to generate a single client.
Once an analysis has made it possible to draw a conclusion and take appropriate action, it’s time to shift from analysis mode to action mode. There is little to be gained from over-analyzing statistics.
Now it’s your turn.
What factors do you consider in your statistical analysis?
What kinds of actions do, or can you, take as a result of undertaking the analysis?