- A couple 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
- A sample size is an estimate of the size of an audience needed to have a statistically significant (high confidence) result
- 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
Charity of the Week:
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The Iterative Marketing Podcast is a production of Brilliant Metrics, a consultancy helping brands and agencies rid the world of marketing waste.
Onward and upward!