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HubSpot: How to Understand & Calculate Statistical Significance [Example]
HubSpot just issued a new interesting article:
Have you ever presented results from a marketing campaign and been asked, “But are these results statistically significant?” As data-driven marketers, we’re not only asked to measure the results of our marketing campaigns but also to demonstrate the validity of the data — exactly what statistical significance is. While there are several free tools out there to calculate statistical significance for you (HubSpot even has one here), it’s helpful to understand what they’re calculating and what it all means. Below, we’ll geek out on the numbers using a specific example of statistical significance to help you understand why it’s crucial for marketing success. In marketing, you want your results to be statistically significant because it means that you’re not wasting money on campaigns that won’t bring desired results. Marketers often run statistical significance tests before launching campaigns to test if specific variables are more successful at bringing results than others.…
Continued here: How to Understand & Calculate Statistical Significance [Example]
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