Get ready to brush up on your least favorite class from high school. Statistical methods for marketers are easier than you think, and they are one of our most valuable assets in experimentation.
In this episode, we discuss…
- A couple of statistical methods are important because they prevent you from setting yourself up for failure in your marketing experiments.
- The two most important statistical methods and the two discussed today, are: confidence (significance) and sample size
- Confidence is a number you calculate during and after your experiment
- The higher the confidence, the more likely you are able to reproduce these results, in other words, the more likely it’s not a fluke
- For reference read How Statistical Significance Makes Your Results More Reliable
- Use Iterative Marketing’s Confidence Calculator
- Sample size is an estimate of the size of an audience needed to have a statistically significant (high confidence) result
- The sample size is actually calculated before we run our experiment
- To calculate sample size, you need your control’s conversion or success rate and the minimum detectable effect you want to be able to measure
- We can calculate sample size online using Optimizely’s sample size calculator
For more information on the charity in this episode, please visit Wildlife Conservation Society.