Marketing experimentation involves making changes to various aspects of a company’s marketing efforts, such as its products, prices, promotional strategies, or customer experiences, and observing the impact of these changes on customers. This practice can help businesses to better understand their customers and gather insights into what works and what doesn’t in terms of marketing and sales. Marketing experimentation can yield both quantitative and qualitative data, depending on the specific goals and methods used. By regularly testing and evaluating different marketing approaches, businesses can optimize their marketing efforts and improve their overall performance.
Quantitative marketing experiments involve comparing two or more variations of a product, price, user interface, promotion, or customer experience, and measuring the results to see which performs better. One common method for conducting quantitative marketing experiments is an A/B test, in which two versions of a marketing element are compared. For example, a retailer might compare the sales of two different shoes at two different price points in similar stores to see which price point results in higher sales. By measuring the results of these experiments, businesses can gather data and insights that can help them optimize their marketing efforts and make more informed decisions.
Qualitative marketing experiments involve gathering subjective data from customers based on their perceptions or opinions. This type of experiment may yield numerical data, but the results are based on the customer’s subjective judgment. For example, a restaurant might ask customers to rate the taste of a new coffee blend to gather data on how the customers perceive the product. By gathering this type of data, businesses can get a deeper understanding of customers’ attitudes and preferences, and use this information to improve their marketing efforts.