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August 2, 2016 by steve robinson Leave a Comment

Let’s Talk Statistics

Let’s Talk Statisticssteve robinson
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https://iterativemarketing.net/wp-content/uploads/2016/08/Ep22AUDIOONLY073016.mp3

Show Notes

  • 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

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Wildlife Conservation Society

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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.

Producer: Heather Ohlman
Transcription: Emily Bechtel
Music: SeaStock Audio

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