A new science is emerging in the field of marketing that allows you to get in the minds of consumers and understand what they want and why! Neuromarketing can reveal the unconscious motives and behaviors of consumers, allowing you to perfectly design marketing efforts based on the brain's responses.
When you see something, you don't just see the physical object in front of you. You see what it means to you. And when that product has emotional value, you chose it over competitors. This instinctual pull towards a brand is your subconscious mind guiding your decisions. Every experience you have with a brand is automatically added to a massive subconscious network of feelings and associations about the brand. These subconscious associations form the gut feeling you have towards a brand, which becomes your intuition, motivating and influencing your buying behavior.
Whether you're writing a questionnaire for marketing research or building a five year company strategy, you must start with a clear, sustainable target (avoiding a "moving target"). As obvious as this seems, the lack of a well defined target is a critical mistake we see time and time again. Learn why the execution formula - set a sustainable target, align your strategy to the target, and execute according to your target - is critical to success.
Understanding the difference between correlation and causation is a critical skill for any business or marketing analyst, as well as any managers or executives using data analysis to drive business decisions. Knowing how they work, and being able to distinguish between a causal and non-causal relationship could be the difference in a multi-million dollar decision working in your favor, or helping out your competitors.
Part 1 of The "Marketing Analyst's Guide to Business Statistics" Series