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Data correlation and its importance for your business

If it comes to your business marketing strategy, there is one question you need to ask yourself: does your marketing encourage potential customers to act and spend their money on your products or services? You can find the answer in a good quality data correlation!

Let us explain this mysterious term: data correlation describes and measures the relationship between two variables. Here is an example from daily life: when the temperature outside rises, ice cream sales rise as well. Sounds easy? Correlations are useful in marketing because they allow you to see the impact of campaigns and messages you direct to your potential customers. Hence, if you can find the relationship between the two variables, you can make predictions about your customer’s future behaviour. Being aware of what the future holds is very important for businesses, for example, to set budgets and prepare new business plans.

Companies can also make improvements and bring customer service to a whole new level. Here are some data correlation mistakes and how to avoid them:

1) ???????? ??? ????? ????? ??? ???????? – we all hate to see a graph with misleading visualisation. Decide what kind of data you want to show, and then create a custom widget. For example – distribution graphs are the best to show if there is any correlation.

2) ??? ???? ?????????????? ??????????? – don’t try to find a correlation where there is no real possibility for any relationship between the two variables. Instead, try to analyze all the factors and draw conclusions. Find and determine weak points in your actions.

3) ??? ????? ???????? ???? ??????? – try to avoid data bias! The most common type of data bias occurs when analyzing a partial set. This can lead to conclusions that aren’t accurate. Data correlation sound like something difficult for you? Marketing Cloud Intelligence platform makes it much easier. It allows you to see every result of your actions and investments.

Salesforce solutions will help you ⤵

➡ easily create marketing dashboards with all key indicators

➡ make smart decisions based on outcomes

➡ automate the process of reporting in your company

What are your thoughts on data correlation? Do you use it regularly in your business strategy? If you have any questions, don’t hesitate to contact us and find the perfect Salesforce solution for your company.

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