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.”
What’s wrong with just A/B testing?
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.
What is Multi-factorial testing?
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.
What has Meteor Affinity done?
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.
August 04, 2020
covid-19 business effect
limited marketing budget
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