The combination of brand marketing and research is a good spot to land for someone who is driven by a need to understand the intricacies of human behavior and explore the “whys” in life. These fit neatly in the work we do with experiential, brand health, market segmentation, and attitudinal studies. But the math piece, quite frankly, does not come easy to everyone. Let’s dive into the concepts of Mean, Median, and Mode and explore if they are actionable in research.
Review – what is Mean, Median, and Mode?
• Mean (average): Add the numbers in the data set, then divide the total by the number of items.
• Median: Arrange the numbers in order from lowest to highest value. The middle number is the median. If there’s an even number then you average the two middle numbers.
• Mode: The number that repeats most often in a data set.
So, how might a client through a research project find these items actionable?
Research Application and Relevance
At the end of the day, research needs to inform strategic plans that can have a huge impact on a company’s relevance and bottom line. Our favorite pieces of the research process are wrapped up in looking for trends in the data and seeing where the story lies. We also enjoy assimilating the information and finding the best ways to communicate all of this to clients in ways that are useful and actionable. Mean, median, and mode have evolved as important tools along the way in market research.
FOR EXPERIENTIAL MARKETERS
- Experiential Measurement Blueprint
- Event Impression Calculator
- Experiential ROI Benchmarking Reports
- Event Measurement Video Tutorials