Stat Concepts You Should Know (Even if You Hate Math)
Those of us in the arts sometimes have an aversion to math (or maybe that’s just me?), but it is a crucial part of marketing and selling out. So take a look at this tips from Kissmetrics. They outlined 4 statistical concepts important for everyone to know. You can read the full list here and see the first concept below:
“1. The Pareto Principle
You have probably already heard about the Pareto principle. You may know it as the 80/20 rule as it states, according to Wikipedia, that “for many events, roughly 80% of the effects come from 20% of the causes.”
The principle is named after the Italian economist Vilfredo Pareto who found that 20% of the peapods in his garden contained 80% of the peas and 80% of Italy’s land was owned by 20% of the population.
Or maybe you need to increase conversion rates by optimizing the landing pages on a website with hundreds of landing pages? Again, you will probably find that around 20% of the landing pages are generating 80% of the conversions. So why not start there?
The Pareto principle is a simple heuristic that is often useful in online marketing.”