By Kimberly Grant
Singer Lizzo once said, “I’m trying to catch millions; I’m not trying to catch feelings.” While this was said in the context of putting monetary success above toxic relationships, it can be applied to marketing. Being a marketing leader means looking at the facts and not the fiction or feelings. Marketing decisions are made all of the time. These decisions are costly and can make or break a brand or product. Meaning, these decisions should only be made using hard data retrieved from research studies.
Data can come in many different ways, shapes, and forms. The knowledge of analyzing data to understand its statistical significance is a marketing leader’s duty. These statistically significant analyses – usually an analysis of central tendency, variability, and running a difference test – will allow any savvy marketing leader to understand what their data means. Not only will they understand, they will be able to interpret the significance of the data to help decision makers reach the most favorable outcome.
How important is data? Important. Knowing how to analyze data to make a big financial decision? Extremely important. In essence, one cannot be a marketing leader without the benefit of data analysis and statistical equations. Without these things in a marketing leader’s toolbox, there is no leadership. When there’s no leadership in marketing, everyone involved is guaranteed to catch bad feelings and not millions of dollars in revenue. And, that’s just bad marketing.
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