Measuring Statistical Significance in Marketing: Personalized Campaigns Connect You with Your Customers
Businesses rely on marketing data to guide them in many of their decisions on a daily basis, but how do you know if the information you’re receiving and acting upon is statistically significant? When we look at statistical significance in marketing, we’re looking at whether or not data gathered after a specific marketing campaign can be directly correlated to that marketing campaign, or rather, if the outcome would have likely been the same without the marketing campaign.
This type of measurement is important to businesses because it gives them insight into consumer behaviors and preferences that they otherwise might not have had. The ability to measure things like direct mail effectiveness, online communication and overall consumer sentiment is crucial for companies that are focused on improving customer care and retaining valuable clients.
Margin of Error in Marketing Data
Whether it’s an election, a sports competition or a deep dive into a marketing campaign, it’s always nice when there is a clear-cut winner. But what do you do when things are too close to call? When there’s no standout winner? That’s when it’s time to look at the “margin of error.”
When you watch election results on television, the margin of error appears at the bottom of the screen. It’s typically around 3 percent in the polls. What does this mean exactly? This number indicates that the reported results could be over or under by about 3 percent. It’s also why someone winning by one, two or three percentage points may not really be “winning” at all.
Similarly, when data scientists measure response rates for direct mail, they are looking for statistical significance in marketing. They know that a margin of error can deem the results inconclusive, and in some cases, it’s not necessarily that the result isn’t true—it’s just that it may be too close to call, or statistically insignificant.
What If Results Are Too Close to Call?
When results from a marketing campaign are statistically insignificant, it doesn’t mean you have to scrap them altogether. Instead, use the data as directional information. But note that if the test is conducted again, a different result may occur.
There are two primary causes of statistically insignificant results. They include:
Not having enough quantity in the test
Results of each test not being different enough to measure
Personalize Outreach to Build Long-Term Customer Connections
Increasingly, businesses are learning that their customers crave human connections from them. They want personalized communication that is directed toward them and their needs. A recent report states that 71 percent of consumers now expect personalization, and moreover, 76 percent become frustrated when personalized interactions are missing.
In this case study, a company wanted to test Hallmark cards against its other direct mail formats to see if it would make an impact on marketing results. The company was large enough to have enough quantity to get statistically significant results. And significant results they saw! For an even deeper look into this example, read our case study that explains how an online retailer improved its ROAS by 50 percent by using Hallmark cards. Get the case study.
Build Lasting Business Relationships
Hallmark Business Connections knows how important it is for you to build lasting relationships with your customers, and we help you deliver Hallmark moments that will keep you connected. If you’re looking for your next campaign or opportunity to reach out, here are a few ideas to get you started:
Send customer Birthday cards and Anniversary cards. Everyone loves being remembered on their special day!
Send Sympathy cards and Care and Concern cards to customers who are going through difficult times.
Celebrate milestone moments like Graduations, Weddings and New Babies.
Remember to send Holiday cards throughout the year to help customers and their families celebrate special moments together.
Celebrate momentous occasions with gifts like gourmet Christopher Elbow chocolates or a bouquet of fresh cut flowers to create a lasting impression.
Personalize a one-of-a-kind moment by sending a greeting card from our Mail to One service that lets you select a single card and personalize it online with your own words in a handwriting font. We’ll then stamp and mail it for you so it will arrive in your recipient’s mailbox in a few days.
Building relationships is essential for your business, and you can reach your customers in an unforgettable way when you surprise them with personalized communication throughout the year. It’s important to measure your success and gauge statistical relevance to determine the effectiveness of your campaigns, and remember, even results with a margin of error can give you great insights about which direction to take.
Your customers don’t choose you by accident … they know you “get” them. Personalized marketing campaigns help you attract and retain customers, and those same customers will stay with you because you make them feel valued and special. When you kick off your next direct mail marketing campaign, Hallmark Business Connections can help you select the right greeting, the right message and the right sending occasion to help you authentically connect and foster customer relationships that will last.
To learn more about how greeting card campaigns can help you create and strengthen customer relationships, all while leveraging Hallmark’s brand affinity, visit our Break Through page. You’ll learn how you can boost customer engagement and loyalty … all by sending meaningful greeting cards at important touchpoints throughout the year. Ready to leave lasting impressions on your customers? Let’s send some cards!