Does data displayed in charts and graphs, rather than tables, lead to better decisions? Not according to research published several years ago in the Journal of Marketing Research. The authors looked at various types of biases that creep into business managers’ decisions when based on data presented to them. They did this by conducting experiments…
Doing “statistics” strikes fear in the hearts of many, so how about if we talk about “algorithms” instead? It’s a safer word because most people in the worlds of business and market research never have to take (or fail) a course in algorithms. Algorithms are central to the work that we do in business and market…
One of our heroes at Versta Research is David Blackwell, a prominent statistician and mathematician who died at the age of 91 very soon after we opened our doors for business (sixteen years ago!) For many he is well known because he was the first African American to be elected to the National Academy of…
Telling a story with data is one part finding the right words, and one part finding a compelling visual way to present numbers. Good visualization of data conveys the “big picture” at a glance. At the same time, it includes details so that the audience understands and sees both the whole and the parts. Effective…
One of the devilish problems with statistics in market research is that we deal with probabilities rather than simple yes/no answers. But you, as a business person, need to make clear-cut decisions: Should you launch the product, yes or no? Which one name should you choose for your new service? Which three areas should you…
Two paragraphs can be exceptionally thought provoking when they get right to the point. In a simple introduction to the New York Times Book Review some time ago, the editors highlighted two ideas about statistics and stories worth sharing.
Election season polling always highlights the danger of bad pollsters giving the market research and polling industry a bad name. While there are lots of reasons that polls might predict outcomes incorrectly (polling is far more difficult and risky than many people think) there is no excuse for deliberately bad pollsters making up data to…
Making sense of data and statistics is not just a matter of being clear and precise, nor is it just a matter of keeping things simple (though all of these are important). To make numbers really compelling, we need to relate them to people’s experiences. If we want our audience to grasp the importance of…
In an article published some years ago entitled Data-Driven Journalism, Walker Sands, a Chicago-based marketing and PR agency, outlined two ways to get media placement for your company or your client with research. Their premise was that journalists and readers are hungry for interesting stories, and in today’s data-driven world, some of the most interesting…
Today I saw my first “dumb election statistics” article of the season, with AP News offering this dramatically titled story: Kamala Harris’ election would defy history. Just 1 sitting VP has been elected president since 1836. We are bound to see tons of headlines and stories like this during the next several weeks. It brought…