Do Statistics Help with Marketing?

Filed in archive Marketing on January 29, 2007

I was listening to an Audio book titled, "Success Built to Last" when I was shocked to heard the author quote a bogus statistic. In the book the authors cite the statistic that 9 in 10 businesses fail. In fact on March 17th 2006 I wrote a short article "Get Your Facts Straight WSJ Startup Journal" to point out that they had a blatant error:

Other studies have shown that as many as nine out of 10 start-ups don't last beyond five years."

Further, I wrote the WSJ author Kelly Spors stating my concern with the blatant and unsubstantiated error in her research. I never got a reply.

Now I hear this same bogus statistic in the audio book "Success Built to Last". Doing my research I discovered on the books website that it was a Wall Street Journal best seller. I guess a best seller has nothing to do with getting your facts straight.

When you read statistics do you just accept them?

When I first started hearing that bogus statistic I initially started using it, when a prospect challenged my regurgitated statistic. That set me on a path to prove or disprove it. I found that the statistic was totally without foundation and presented my findings in "Its Time to Stop Surviving and Focus on Thriving"

Then I started thinking, how effective are statistics when used in marketing? What is your experience? When you are making a purchase decision do statistics help you decide? Or are statistics simply a way writers use to justify and support their story?

Get in on the discussion and leave a comment.