This article will talk about something that may seem very basic, but is not! Many people make the assumption that business marketing includes math because they see it in advertisements all the time.
But what most of those ads don’t tell you is how to use your numbers for optimal results.
There are many ways to market a business, and using mathematics in your campaigns is an excellent way to do so. In this article, we will discuss some easy steps to add math into your current marketing strategies or create new ones.
Math can be used in several different areas, such as:- Financial- Statistical- Psychological
This article will focus mostly on statistical math due to its ease of applicability. However, the others mentioned above are just as important if not more depending on what kind of businesses you run.
We will go over some applications of mathematical concepts in marketing: average sales, regression analysis, correlation studies, and chi square testing. All of these apply directly to your business and can help you identify effective strategies.
No, it doesn’t
Technically speaking, there is no direct correlation between marketing math and mathematics. Mathematics has many applications that have little to do with business or marketing-related concepts like cost-benefit analysis, arithmetic calculations, and so forth.
That isn’t to say they don’t use math in those areas. They absolutely do! But using math for marketing purposes means more about psychology and sociology than algebraic equations.
Business owners who are very familiar with math may feel overwhelmed by all of the numbers related to marketing. You don’t need to be an expert, however! There are several free tools available online that can help you crunch the numbers.
There are also plenty of general books about marketing (with and without mathematical content) that will teach you how to apply math to your business.
Businesses come in all shapes and sizes, with each business having their own marketing strategies that work for them. What is important is to find what works for you as an entrepreneur and stick to it!
Business owners who are truly successful use several tools and techniques to gain exposure for their company. These include: social media sites, blogging, writing articles or reports, creating advertisements, responding to comments and messages, hosting giveaways and contests, and much more.
Everyone does not have access to resources such as these, but anyone can do something related to marketing. Creating your business’s brand and defining its message is part of marketing yourself as an entrepreneur.
You don’t need advanced math skills to do this, nor do you need to have a degree to be able to start doing some marketing. All it takes is motivation and effort to make changes that benefit your business.
Changing up how you market your business will help you expose it to new people, increase interest in it, and promote growth.
It needs to be consistent
Consistency is one of the biggest killers for business marketers. This could be because you are trying too hard, doing the wrong things, or just giving up.
When starting out as a marketer, consistency can be your greatest challenge. Starting off with the right tone and message will take time to develop.
It takes practice, repetition, and energy to build this level of messaging — which is why it is so tough at first.
But don’t give up! You have been through similar struggles before, and you’ll make progress every day.
Now that we’ve got that out of the way, let’s talk about what types of marketing require math.
Mathematics comes in many forms, but most relate back to numbers and calculations. These include: analytics, statistics, arithmetic, proportion, ratio, and more-all of these apply when talking about marketing.
Marketers who understand mathematics use it for different purposes, from calculating profits to determining how much advertising to spend.
Math isn’t the only thing needed to do well as a marketer, but it does play an important part.
It depends on the market
Technically, any field that involves communication with or messages to people requires math, but not very complex math.
Math like simple fractions, percentages, and algebra are not needed to advertise a product or service. Using basic mathematics in marketing is simply creating advertisements and slogans that make sense and are catchy.
A well-rounded business student should be aware of some basics of marketing, but only really need to know how to do basic arithmetic and proportions for it to truly “falter”.
Business owners who focus more on marketing than maths may find themselves struggling to bring in new customers and retain current ones. They could also run into issues when needing to calculate prices or expenses due to changes in the industry.
Prioritize learning about marketing over math
This does not mean that you must completely avoid numbers, however. When doing so would potentially cost you money, take care to check if there are alternatives before investing in them. Or look to see if they can be avoided by changing your strategy.
There are many ways to achieve your goal without having to use expensive tools or strategies. You can learn all the math you need later once you have mastered other areas of expertise.
Focus less on just marketing and more on developing your talent in other disciplines. This will help you advance professionally and increase overall success.
It depends on the product
Product marketing is not a set science, it’s more like psychology or sociology than math. As such, there are no absolute rules for success that work in all cases.
What works for one company’two companies may not work at all for another twofold. What worked yesterday will not work tomorrow.
That said, there are some fundamentals of marketing that are universal and do apply to most products. To tell if these basics are mastered, you can check out our checklist here. That way you know whether you are doing your job as marketers correctly!
But beyond those, there are several mathematical concepts that play an important role in effective business marketing.
Understand metric conversion
The first concept we want to look at comes from the field of mathematics called calculus. In this area, we learn about derivatives (the slope of a line) and integrals (how much something adds up).
A derivative and integral relate to each other. The derivative is how quickly a function changes relative to its own input, while the integral tells you how far up or down the function goes.
When talking about conversions and engagement, what you’re looking at is how well your offering performs both individually and together.
Individually, it looks at how well each part of the system functions, on its own.
It depends on the audience
A few years ago, I would have said “yes” to that question with absolute certainty. But these days, my answer is much more nuanced. And it all comes back to one word – diversity!
Math plays an important role in business marketing. Some people seem to assume that every successful marketer must be a numbers guru, but that isn’t always the case.
After all, look at Steve Jobs — he was not a big math person, but he made sure everyone around him was. He hired smart people and allowed them to take over where they left off. He also paid close attention to the little things, like how his phone worked, and built upon those concepts.
This doesn’t mean you can ignore mathematics when doing business, of course. You still need to know what fractions are and why they matter, as well as measuring lengths, proportions, and areas.
But beyond that? Let your instincts take over. Sometimes a non-numerical approach works better.
It depends on the company
A few years ago, business marketers could argue that marketing needed no math beyond basic arithmetic. You had your numbers, you did some simple calculations, and then you were done!
That is not the case anymore. Companies are coming up with new ways to measure success using metrics such as bounce rate or time spent on a website to determine how well an article or advertisement was received.
These types of metrics require more complex mathematics than just addition and subtraction.
So what do we mean when we say that business marketing requires math?
We’re referring to general mathematical concepts like ratios, proportions, and equations. We use these concepts in the field of marketing to calculate numerical data points such as bounce rates, conversion rates, and total visits.
Math comes into play when determining how successful an advertising campaign was for your business. Here are five important lessons about marketing math from this article.
Yes, it does a lot
Being able to add, subtract, multiply, and divide is an integral part of business marketing. You will probably need them all at some point in your career if you want to keep up with trends and grow as a marketer.
Having a basic understanding of math can help you focus on what matters most – creating effective campaigns and messages that resonate with your audience.
Math plays a big role in how successful businesses are run. It helps determine how much money you have, how many people you hire, and how well you organize and manage your work flow.
It also determines how efficient you are when doing things like taking breaks or sleeping overnight before a deadline. And don’t forget about daily life — for instance, why not invest in a good blender so you don’t have to buy one every few months?
While numbers themselves aren’t important, being familiar with them makes you more intelligent than someone who doesn’t understand basic arithmetic.