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.
In this episode, we discuss…
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.
- Reference: Podcast Episode 22 – Let’s Talk Statistics
- Reference: Podcast Episode 7 – Designing an Effective Marketing Experiment
What is the role of experimentation within Iterative Marketing?
- Real-Time Bidding is the buying and selling of ad inventory in real-time auctions. This means the ad is actually purchased at the moment the user is seeing it.
- RTB is an ad space for marketers and doesn’t require human media buyers.
Why do we experiment?
- Programmatic is here and it’s here to stay. It not only has become a staple of modern media buying but is slated to account for 50% of digital ad sales.
- It is the future of media buying for digital, but also TV, display, video, broadcast radio and publications.
- RTB and programmatic allows us to deliver the right ad to the right people at the right time.
- This new technology enables optimizations because we can see rich data of ad performance and can know which targeting methods are working.
What are the limitations of how many experiments you should run?
- Programmatic gives us the means to get the right message, to the right person, at the right time — which is a key component of Iterative Marketing.
- Reference: Programmatic Storytelling: How Programmatic is Evolving Traditional Branding
How do you get the most out of experiments at your organization?
- The first thing is to find a DSP partner — SiteScout, ExactDrive or BlueAgile — that will allow you to get your toes wet – preferably one that allows you to start small.
For other references, check out: Real-Time Bidding, Private RTB and Programmatic Direct and why marketers should adopt programmatic marketing.
For more information on the charity in this episode, please visit St. Thomas More High School.