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Quantitative Data Analysis Techniques for Data-Driven Marketing

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## Data Analysis Technique 2: Descriptive Statistics

❶The Secret to Successful Marketing Analytics.
## Data Analysis Technique 1: Frequency Distribution (Histogram in Excel)

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Given the variables are statistically significant. I use the example of a multiple regression of ratings for product quality and ratings for packaging on the willingness to pay. I am trying to find out how the willingness to pay is correlated to these two variables. Specify the cell range in the Input Y Range box as the dependent variable 3.

Specify the cell range in the Input X Range box as the dependent variable or choose more than one column of variables if you are doing multiple regressions 4. In the output, the Adjusted R Square measures the proportion of the variation in the dependent variable accounted for by the explanatory variables.

If the adjusted R square is too low, the regression is not significant thus invalid. The coefficient for product quality is 0. So we can infer that the product quality is highly positively correlated to the willingness to pay.

Therefore, when making marketing decision, marketers should focus on the product quality according to this survey result. In the survey, there are always some open questions which will allow respondents to fill in their own answers. It seems that there are no ways to do open questions analysis in Excel. However, I will introduce a very useful way to do the text analytics.

Go to Wordle 2. Copy and paste the column of answers to the open questions. Once for each question. Bigger font of a word indicates higher frequency of this word in the answers. How to Make a Pivot Table in Excel. Just what I was looking for to gain some insight on data analysis techniques for my research. Thank you very much! Hey Aj, thank you for reading and I am glad that you found it useful.

Hope you find it useful too! I am Working as a sr engineer quality assurance for Pricol technologies,I have interest in data analysis,how can my make my career more effective. Hi Madhu, thanks for reading the post! Data analysis can definitely benefit your career. If you are a beginner of data analysis, I will recommend you learn and practice the techniques in this post and learn more about advanced excel skills. When you become more advanced in data analysis, you can learn SQL or SAS, with what you can deal with bigger datasets.

One Look this is pretty much hard to do! Read More, Understand it, Try it and apply it.. Such a useful and very interesting stuff to do in every research and data analysis you wanna do! Thank you very much for the very organized data analysis tips I learned a lot from it.

Hi Jiafeng li, thanks for this info about data analysis techniques. Could you please forward me exemplified notes. How to compute adjusted R square. What is the use of paired t test. We create content that powers your business, and develop strategies that forge the road ahead. Welcome to the new way of doing content. Receive our newsletter Get Some. Subscribe via Email Get Some. Data Analysis Technique 1: Frequency Distribution Histogram in Excel Frequency distribution is a simple data analysis technique which allows you to get a big picture of the data.

How to use the Histogram feature in Excel: Data Analysis Technique 2: How to measure central tendency and dispersion in Excel You can use the function wizard. For example, you want to know the maximum value among all the values: But there is an easier way to compute all these in Excel: Data Analysis Technique 3: Comparing Means — Statistical Testing Heads up!

The data is shown as below: How to use paired t-Test in Excel: Data Analysis Technique 4: See the example below: Click Insert — PivotTable 2. Highlight the range data 3. Here is what the column chart looks like: Correlations Correlations are used when you want to know about the relationship between two variables.

How to use correlations in Excel: Data Analysis Technique 6: Linear Regressions Regression is a more accurate way to test the relationship between the variables compared with correlations since it shows the goodness of fit Adjusted R Square and the statistical testing for the variables.

How to do regression analysis in Excel: Data Analysis Technique 7: Text Analytics In the survey, there are always some open questions which will allow respondents to fill in their own answers. How to do text analytics: Here are some useful resources for data analysis techniques: Aj 'Goch' Atalatti says: August 5, at 9: August 8, at November 25, at 4: November 25, at January 9, at January 9, at 1: July 15, at 9: September 22, at June 13, at August 3, at The first thing you should do with your data is tabulate your results for the different variables in your data set.

This process will give you a comprehensive picture of what your data looks like and assist you in identifying patterns. The best ways to do this are by constructing frequency and percent distributions. A frequency distribution is an organized tabulation of the number of individuals or scores located in each category see the table below. From the table, you can see that 15 of the students surveyed who participated in the summer program reported being satisfied with the experience.

A percent distribution displays the proportion of participants who are represented within each category see below. The most common descriptives used are:. Depending on the level of measurement, you may not be able to run descriptives for all variables in your dataset. The mode most commonly occurring value is 3, a report of satisfaction.

By looking at the table below, you can clearly see that the demographic makeup of each program city is different. You can also disaggregate the data by subcategories within a variable. This allows you to take a deeper look at the units that make up that category. In the table below, we explore this subcategory of participants more in-depth. From these results it may be inferred that the Boston program is not meeting the needs of its students of color.

This result is masked when you report the average satisfaction level of all participants in the program is 2. In addition to the basic methods described above there are a variety of more complicated analytical procedures that you can perform with your data.

These types of analyses generally require computer software e. We provide basic descriptions of each method but encourage you to seek additional information e. For more information on quantitative data analysis, see the following sources: A correlation is a statistical calculation which describes the nature of the relationship between two variables i. An important thing to remember when using correlations is that a correlation does not explain causation. A correlation merely indicates that a relationship or pattern exists, but it does not mean that one variable is the cause of the other.

An analysis of variance ANOVA is used to determine whether the difference in means averages for two groups is statistically significant. For example, an analysis of variance will help you determine if the high school grades of those students who participated in the summer program are significantly different from the grades of students who did not participate in the program.

Regression is an extension of correlation and is used to determine whether one variable is a predictor of another variable. A regression can be used to determine how strong the relationship is between your intervention and your outcome variables. More importantly, a regression will tell you whether a variable e. A variable can have a positive or negative influence, and the strength of the effect can be weak or strong.

Like correlations, causation can not be inferred from regression. Quantitative Analysis in Evaluation Before you begin your analysis, you must identify the level of measurement associated with the quantitative data.

Quantitative Data Analysis Techniques for Data-Driven Marketing Posted by Jiafeng Li on April 12, in Market Research 10 Comments Hard data means nothing to marketers without the proper tools to interpret and analyze that data.

In quantitative data analysis you are expected to turn raw numbers into meaningful data through the application of rational and critical thinking. Quantitative data analysis may include the calculation of frequencies of variables and differences between variables. A quantitative approach is usually.

Analyze Quantitative Data. Quantitative data analysis is helpful in evaluation because it provides quantifiable and easy to understand results. Quantitative data can be analyzed in a variety of different ways. Due to sample size restrictions, the types of quantitative methods at your disposal are limited. However, there are several. Quantitative Research Methods Quantitative means quantity which implies that there is something that can be counted. Quantitative research has been defined in many ways. It is the kind of research that involves the tallying, manipulation or systematic aggregation of quantities of data (Henning, ) John W. Creswell defined quantitative research .

A simple summary for introduction to quantitative data analysis. It is made for research methodology sub-topic. A simple summary for introduction to quantitative data analysis. It is made for research methodology sub-topic. INTRODUCTION • Quantitative analysis involves the techniques by which researchers convert data to numerical. Data analysis has two prominent methods: qualitative research and quantitative research. Each method has their own techniques. Each method has their own techniques.