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Power BI: Correlation Analysis of Sales and Marketing Data to Identify Most Effective Method

Power BI: Correlation Analysis of Sales and Marketing Data to Identify Most Effective Method

Today, we will analyze sales and marketing data, using correlation analysis in Power B I. This will identify the most effective way of marketing, for our sales enhancement. Currently, we are using electronic media, print media, and social media for marketing.Use the get data feature to import data into power B I. Link to the data is placed, in the description below. In the navigator window, select the sheet one, and press load. Add a text box to the dashboard, to create a title.Add a scatter chart to the dashboard, to analyze the relationship between electronic media marketing, and sales. Add the sales field, to the Y axis. Add the electronic media field, to the X axis. Add the month field, to the values area.Create a copy of the scattered chart, and place it next to the existing chart. Replace the electronic media field, with the print media field, in X axis. Create a copy of the scattered chart, to analyze social media marketing, and sales data.Replace the print media field, in X axis, with the social media field. Now, go to the home tab, and press the quick measure button. From the calculations, select correlation coefficient. Add the month field, to the category. Sales field, to the Measure Y.An electronic media field, to the Measure X. This will calculate correlation, between electronic media marketing, and sales data. Add the correlation measure, to the dashboard. Change visual to a gauge. The maximum value for correlation should be one, not 1.4, which was automatically assigned.Create a new measure, to assign correct number, to the maximum value. Enter Max is equal to one, and press enter. Now assign the max measure, to the maximum value, of gauge visual. Create another correlation measure, for print media and sales, using the quick measure button.Select correlation coefficient from calculation. Add the print media field, to the measure X, sales to the measure Y, and month to the category area. Add a gauge visual, to the dashboard. Add the print media and sales measure, to the value area.Add the Max Field, to the maximum value area. Add another quick measure, to calculate correlation between social media marketing, and sales. Add the social media field, to measure X. Sales, to the Measure Y. And month, to the category area.Add the newly created measure, to the dashboard, and change the visual to a gauge. Add the max field, to the maximum value area. Our correlation analysis are now complete.Just by looking at the charts, we can tell, that the most effective method of Marketing, was the social media marketing. The correlation between social media marketing, and sales, was the highest.We can forecast the value of sales, from Social Media marketing, by plotting a trend line on the scatter chart. The trend line shows, that we can increase sales, by spending more on social media marketing.Thanks for watching. We hope you liked our tutorial. Don't forget to like and subscribe for more tutorials and updates.

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