Experiments in the context of Iterative Marketing serve a bigger function than simply increasing conversion rates. They help us gain insight and knowledge into our target audience. This podcast explores the role of experiments in Iterative Marketing, and shares how marketers can get the most out of their own experiments.
What are we talking about when we say experiments?
- Experiments compare the status quo against a new idea and are usually conducted in the form of an A/B or split test.
- Experiments in the context of Iterative Marketing should meet two qualifiers: The scientific method must be applicable, beginning with a hypothesis and using controls and statistical measures; and they must generate insights beyond simply improved conversions.
What is the role of experimentation within Iterative Marketing?
- Test a tactic in a small way with minimal resources. Testing a new idea on a small scale minimizes potential losses of media investment or other resources if an idea proves untrue.
- Experimentation allows us to continuously optimize and generate continuous improvement in our marketing efforts.
Why do we experiment?
- Experimentation allows us to make incremental change in an educated way.
- If we don’t prioritize experimentation, there is an opportunity cost of wasted gains for not testing.
- Everyone has an opinion, and experimentation takes the emotion out of group decisions.
- Experimentation encourages new ideas by setting the tone that it is okay to fail. A successful experiment is one that results in insight and knowledge into your audience.
What are the limitations of how many experiments you should run?
- Resources: Manpower, time and finances can limit the number of experiments you can and should run.
- Audience Size: To get statistically significant results, you must have a large enough audience.
- “Slots”: For every audience, you can only have one experiment running at a time per targeting method or creative.
How do you get the most out of experiments at your organization?
- You should run as many experiments as your resources, audience and program “slots” allow.
- Keep a ledger or log of insights learned and make sure those insights are applied.
- Report results up the ladder and to other departments.
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We hope you want to join us on our journey. Find us on IterativeMarketing.net, the hub for the methodology and community. Email us at [email protected], follow us on twitter at @iter8ive or join The Iterative Marketing Community LinkedIn group.
The Iterative Marketing Podcast is a production of Brilliant Metrics, a consultancy helping brands and agencies rid the world of marketing waste.
Producer: Heather Ohlman
Transcription: Emily Bechtel
Music: SeaStock Audio
Onward and upward!