Don’t Be Fooled by Randomness: Use Data to See the Big Picture
By: A Staff Writer
Updated on: Jul 09, 2024
Don’t Be Fooled by Randomness: Use Data to See the Big Picture
One good month doesn’t mean your marketing is suddenly a success. Data tells the longer story.
We often jump to conclusions based on small data sets, leading to bad decisions in the long run.
- Beware of small sample sizes: Did a few happy customers skew your perception?
- Look for patterns: Consistently good/bad data is more meaningful than outliers.
- Consider seasonality: Are sales spiking because of summer, or your new ad campaign?
- Compare apples to apples: Track data over time for accurate growth assessment.
- A/B testing is your friend: Changes to website, pricing, etc., need measurable results.
- Gut feeling + data = winning combo: Intuition spots the opportunity, data validates it.
Have you ever made a bad business decision based on faulty data?
Is there ANY area of your business where you could gather more data? Do it.