Optimization: The Time is Now.
First, let’s set the scene. A global pandemic has hit, creating what has been better known as “unprecedented times” virtually halting everything in the world. I am sure that this also includes your marketing budget. How are you going to market your business like you have been on 25% of the budget? Well, it really comes down to testing and optimization, making the most out of that reduced budget. So now you are thinking, “ok so let’s just run an A/B test on a small sample and send the rest to the winner.” Well, technically nothing is wrong with A/B testing but you are really only testing one factor at a time. Let’s take an email for example. You run an A/B test on Subject Lines. Great, now you know the winning Subject Line. What about testing out an email template too? Or day of the week sends? This would be a number of tests (in this specific case, 3) to figure out the answers to each of these questions. At this point, you have lost time, resources and actually results. Multi-factorial testing allows for a test to be run AT ONCE to see the best combination of the 3 factors that you are looking at. Back to this email example, the multifactorial test would look something like this. (2 Subject lines x 2 Email Templates x 2 Day of the Week tests) Running the test like this produces 8 separate combinations and will ultimately also show the impact each factor has on the other. So at the end of this test, you would see that Subject Line A with Email Template B on Thursdays will yield the best results. Since you only tested this with a random sample - when you send out the email to the full population using this combination, you’ve truly optimized your campaign. What’s great about doing a multifactorial test not only accounts for these 3 tests at once, but all the effects that each factor has on each other taken into consideration. Doing 3 tests separately, would not do that - plus again, you’re looking at more time and resources. Time and resources are not something that we have to waste, especially with a reduced Marketing Budget. Meteor Affinity’s team has capitalized on numerous opportunities using this multifactorial approach, oftentimes with limited resources, budget and time. With over a decade of experience, Meteor Affinity has created methodology that assists in bringing optimization and overall results to the forefront of all campaign types. What’s wrong with just A/B testing?
What is Multi-factorial testing?
What has Meteor Affinity done?
August 04, 2020
Tags
optimization
covid-19 business effect
limited marketing budget