In this post I will be going over different types of metrics and statistics. The metrics I will be going in detail are Innovation Metrics and Quality Metrics. The statistic methods that I will be going over will be Analysis of Variance and Standard of Deviation. All of these can be helpful for any marketer and can practicing these methods can benefit any business.
Innovation Metrics is the process of measuring the businesses new innovations. Now you might be wondering how do you measure innovation, it seems like an idea hard to be able to measure. The truth is that this is a complex metric to measure but it is also vastly important and key for a business to be able to measure this. Since innovation is intangible it is more difficult to measure is important for a business to identify what practices are considered to be innovative. For example a business can measure innovation through new ideas, projects, risks that are being taken, and more. Although a way to do so would be to measure the revenue that the company receives from a innovative project/product. Although it’s important to note that measuring innovation may be different for every company depending on what their marketing goal is.
“If you don’t collect any metrics, you’re flying blind. If you collect and focus on too many, they may be obstructing your field of view.”
Quality metrics are metrics that help a business keep track of what the customer wants and prioritizing those needs. The business must address all of these metrics to improve the overall project and meet the goal of the business and the customer. To measure quality you’ll want to take a look at a few key metrics. These include the ratings of the product, it’s important to listen to customer feedback to improve the product. Another metric to measure quality that you’ll want to measure would be customer satisfaction, this would include how many people are returning the product or their overall experience on the product/ service. Overall quality metrics are important for every business and they must be measure accordingly. Below there is a quality metrics template.
Analysis of Variance
Analysis of Variance is also known as ANOVA, this is a method that is used to put into two groups to take a look of the variance, it can also include three or more groups. What this essentially test is if there is any significant difference between these variance. ANOVA is beneficial to use because it can help a business determine what practice is effective overtime an extended period of time. An example of ANOVA if an online retailer wanted to find what are the cities that they receive the most orders from and what type of clothes are usually bought. The business wants to find this out to build a marketing campaign for that location and increase sales. One way that they would find this out would be an Analysis of Variance. There is many problems and questions that a business may face and want answers for. ANOVA is a good way to collect data and test the variance to find answers. You can click the link below to find more information about Analysis of Variance.
Standard Deviation is the concept of measuring the difference between people and data sets and find the average of that data. The standard of deviation is calculated by taking the square root of the variance that is found. The standard deviation is used frequently in business settings to find statistical numbers. For any business the standard of deviation is essential to find statistics.
In conclusion metrics and statistics are fundamental in marketing as they help businesses collect data and analyze it to improve their business. In marketing these can break or make a business when determining and deciding what is best for the business. Analysis of Variance and Standard of Deviation should should be practiced in every business.