“Was that recent marketing campaign effective?” “How can we best allocate our resources?” “Which products should we stock and how many?”
These are common questions for many businesses just like yours. And, whilst answers to these questions are often reached through subjective opinion or ‘gut feel’, there is a better way.
More effective business decisions can be made by combining experience with data and statistical analysis. It’s called ‘evidenced based decision making’ and we can help you do this.
Evidence-based decision making requires two key things: a decision to be made between two or more options and a sample of data providing measurable outcomes from each.
For example, online marketing companies often need to assess the effectiveness of their campaigns.
To do this they might collect data from two groups of website visitors: an active group that receives a targeted advert and a control group that doesn’t.
The marketing company can then test the question: “Is the conversion rate higher in the active group or, in other words, did the advertising work and, if so, how well?”
Statistical tests can be used to answer this question, and to make an informed decision as to whether the advertising costs are outweighted by the value of the likely increase in sales.
If you need to make informed business or policy decisions, contact us and we’ll explain how we can help you.