p-values are the backbone of market research. Every time we complete a study, we run all of our data through a gazillion statistical tests and search for those that are significant. Hey, if you’re lucky, you’ll be working with an extremely large sample size and everything will be statistically significant. More power to you!
But what if you didn’t calculate p-values? What if you simply looked at the numbers and decided if the difference was meaningful? What if you calculated means and standard deviations, and focused more on effect sizes and less on p<0.05? Instead of relying on some statistical test to tell you that you chose a sample size large enough to make the difference significant, what if you used your brain to decide if the difference between the numbers was meaningful enough to warrant taking a decision?
Effect sizes are such an underused, unappreciated measure in market research. Try them. You’ll like them. Radical?
- Radical Market Research Idea #4: Make your spouse take your survey #MRX (lovestats.wordpress.com)
- Radical Market Research Idea #5: Drop the decimals #MRX (lovestats.wordpress.com)
- Radical Market Research Idea #1: Banish probability sampling #MRX (lovestats.wordpress.com)