Statistics & Their Importance for Business Leaders

Statistics. Everyone reading this probably just had a nightmarish flashback of being in their college stats course. It’s a difficult subject.  But why is statistical research important in business in the real world? Well, it’s because it enables brands to analyze past performances, predict future trends and utilize critical thinking with data-driven decision making. Yesterday we talked about the importance of industry trends. Following business statistics is one way to help identify those trends within your industry. Statistics are data driven and are created using methods of mean, mode, median, bar graphs, bell curves, probability, hypothesis tests and regression analysis. There are a few top ways that businesses use statistics such as:

1.     Financial data management. Recording, tracking and analyzing your businesses accounting is one of the most important ways to use statistics for obvious reasons.

2.     Improving business operations. Measure efficiency and performance to make improvements to marketing research, projections and advertising strategies. 

3.     Improving decision making. Statistical analysis can help leaders overcome issues and changes to create a better future for your business.

4.     Measuring organizational performance and efficiency. Your business can look at various areas to see how they are performing.

5.     Identifying trends. Statistics give data on current trends and create solutions to adaptations that may be needed.

6.     Improve forecasting. This can improve sales, expenses, profit margins, production quality and capacities.

Chances are you’re not a statistician. Neither are we. Hiring someone who specialized in this will improve your business strategies as a whole. A statistician can analyze your business stats and is highly recommended in order to improve in the areas mentioned above, efficiently. No need to get bogged down in the numbers and feel like you’re in college all over again. Let a pro take the reins.

UGC Stats

We’ve all heard it a million times now. People trust people more than paid actors. It’s for this reason and many others that user generated content is now at the forefront of digital advertising. The purpose of this blog is to shine some light on some statistics about user generated content, otherwise known as sourced content.

·      79% of people are strongly influenced by UGC when making purchase decisions (Rachna & Khajuria 2017).

·      71% of people have positive attitudes toward UGC in digital advertisements (Rachna & Khajuria 2017).

·      73% of people believe that the presence of “real people” is the most important component of sourced content (Olapic Survey).

·      Consumers are 3x more likely to say content created by a consumer is authentic compared to content created by a brand (Stackla).

·      Roughly 70% of advertisers believe that sourced content is more cost effective than traditional advertising (Catch & Release Survey).

·      90% of consumers say that UGC influences their decision to make a purchase (Cision PR Newswire).

·      Demographically, Gen Z YouTube viewers prefer UGC to professional videos more than older generations (YouTube 2020).

·      Ads that feature UGC garnered 73% more positive comments on social networks than traditional ads (IAB Study).  

·      UGC generates a 25% higher ad performance than traditional advertisements (AdAge).

·      85% of companies incorporate UGC in their marketing strategy (Semrush).

·      Almost half of customers say that UGC is a way for them to discover new products (Forrester.com)

·      UGC is 35% more memorable comparable to other media (Mediapost).

·      92% of consumers trust UGC more than traditional marketing (Marketing Insider).

This is reason enough to make sure your brand is incorporating sourced content into the advertising strategy. Of course, we will always believe it is one of the best ways to connect with your audience but don’t just take our word for it, let us show you. Contact us today for a free brief evaluation!