Hi,
I am trying to figure out the best way to calculate correlation with data I have for my business. Here is an example of what I the fields:
Sale Amt - numeric
Sold - yes or no
State - lists 1 of 50 states
Industry - lists the industry of the buyer
Lead Source - lists where the lead came from
I want to determine what type of correlation there is between the "state", "industry", and "lead source" to selling a deal. Is there higher probability of selling in a particular state or industry? I also want to see if the sale amount goes up or down in certain states, industries, or lead sources. Any suggestions on best approach?
What I have done so far is assign a 1 or 2 to the "Sold" field where sold is a 1 and not sold is a 0. I then took the fields like state and industry and created columns for each possibility with a 1 or 0 in the column to indicate if that answer was a yes or no. For example, I created 50 columns for each state with a 1 or 0 in each to signify what state it came from. I then used the correlation tool in excel and grabbed all those fields to compare to whether it was sold or not. It didn't show much correlation so I am not sure if that is the best approach.
Any help would be appreciated. Thanks.
I am trying to figure out the best way to calculate correlation with data I have for my business. Here is an example of what I the fields:
Sale Amt - numeric
Sold - yes or no
State - lists 1 of 50 states
Industry - lists the industry of the buyer
Lead Source - lists where the lead came from
I want to determine what type of correlation there is between the "state", "industry", and "lead source" to selling a deal. Is there higher probability of selling in a particular state or industry? I also want to see if the sale amount goes up or down in certain states, industries, or lead sources. Any suggestions on best approach?
What I have done so far is assign a 1 or 2 to the "Sold" field where sold is a 1 and not sold is a 0. I then took the fields like state and industry and created columns for each possibility with a 1 or 0 in the column to indicate if that answer was a yes or no. For example, I created 50 columns for each state with a 1 or 0 in each to signify what state it came from. I then used the correlation tool in excel and grabbed all those fields to compare to whether it was sold or not. It didn't show much correlation so I am not sure if that is the best approach.
Any help would be appreciated. Thanks.
