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Jun-05-2020 14:48printcomments

Why Every Entrepreneur Should Have a Grasp of Statistics

The ability to rapidly identify needs and implement solutions is essential for any business.

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Photo by Prateek Katyal from Pexels

(SALEM, Ore.) - Data and statistics have never been more important for businesses. Virtually every business generates data to some extent, but many are still failing to properly leverage the power that it offers.

Using data the right way offers enormous benefits to businesses and gives them a significant edge over their competitors. Here are just some of the reasons why every entrepreneur should care about statistics.

Why Statistics Matter

Perhaps the most significant role of statistics in modern businesses is how it enables them to make more informed decisions about the future.

With the benefit of the right statistics and data on their side, businesses are able to gain invaluable insights into the market and their customers.

Most businesses today are generating a significant amount of data as part of their daily operations, but many are still failing to utilize this data or leverage the power that it offers.

Businesses that do take advantage of the data available to them will be able to construct much more informed plans and stand a much better chance of success than those that are operating without the benefits of insight gleaned from statistical analysis.

Here are some of the other aspects that statistics can help with:

Evaluating Past Performance - After conducting any kind of campaign, it is vital that businesses are able to accurately assess its impact. There are a variety of different metrics that are used to determine whether a course of action has been successful or not, but all of these are dependent upon accurate statistical analysis.

An entrepreneur who already has a good grasp of statistics will find it much easier to interpret these results, and will therefore be a much more valuable asset to any business.

Most entrepreneurs will rely upon dedicated statisticians to evaluate their campaigns for them. However, an entrepreneur who is well versed in statistics will have a much better innate grasp of the results of any campaign and what they mean.

The ability to rapidly identify and act upon any issues with a campaign is essential for any business that wants to keep up with the competition and remain agile.

Gaining Market Insight - Businesses can never know too much about the markets that they are trying to get into. The more you know, the better equipped you will be to make inroads and ultimately achieve the kind of domination that you are looking for.

However, in order to gain a deep insight into the markets that you are targeting, you need to have access to the right data and the ability to analyze it properly.

By gathering and analyzing the right statistics, businesses can learn a lot of important information about their customers and the consumers that they are targeting with their products and services, such as:

  • Who are they? The more detailed the data that you have about your customers is, the more useful it will be to you. A deeper understanding of who your customers are enables you to connect with them on a deeper level.
  • How do they feel about your business? Understanding how your customers feel about your business and their reactions to your marketing efforts is essential if you want to be able to properly evaluate your current strategies.
  • What are people willing to pay? Working out how much to charge customers for the products and services that you offer is one of the more difficult decisions that businesses have to make. Making these decisions without the benefit of data and statistics is a fraught process. Statistical analysis will tell you what people are willing to pay, what your competitors charge, and what the average household spend is in your target market.
  • How much are your competitors charging? Working out the optimum price that you can charge for your products requires you to know what your competitors are charging. You don’t necessarily need to undercut your competitors, but you do need to price your own offerings realistically compared to your competitors.

How Can You Gain an Understanding of Statistics?

To those who don’t understand how statistics work, statistical analysis can seem like black magic. However, learning how to conduct and interpret statistical analysis is not nearly as difficult as most people think.

Anyone who wants to understand statistics can study an MS statistics online with reputed institutions like Michigan Tech.

These courses are studied 100% online, which means a busy entrepreneur can fit the coursework in around their work schedule. Statistics and data have a vital role to play in modern business environments.

With the benefit of data on their side, businesses are able to make much smarter and more informed decisions about their future and better evaluate the success of their past actions.

These are just some of the reasons why a working knowledge of statistics is valuable in a modern business. You will likely discover many benefits of your own.

Source: Special Features Dept.


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