Many times an entrepreneur think that developing a product is the biggest challenge on earth. But…!!!!! MARKETING is the biggest and the toughest challenge an entrepreneur faces with the product. Marketing can eat the capital of an entrepreneur in no time. It is a time- consuming and a money eating process. Many entrepreneurs invest heavy bucks in marketing the product.
But, one should understand the application of appropriate strategy at an appropriate place rather than investing money blindly. It is said that “great marketing can produce great results” but then these are mere assumptions and facts with no proper result. Because a marketing strategy succeeds only after knowing and learning things from the audience or the targeted customers. Collection and analysis of the data upon the likes, preference, behavior, habits, hobbies, choice an optimized result with respect to the product can be derived.
Want to save your money ? Want to know about an optimized marketing strategy ? Want to derive the best result ? Want to flourish in the market ?
Well…!!! If the answer is “YES”, Then “Split Testing” is the key an entrepreneur can grab to achieve success when it is about marketing.
What is a split testing ????
Split testing is conceptualized as a method of conducting a randomized experiment within a particular circuit. The result so derived helps in detecting the strategy and audience’s accurately. It generally involves conducting a comparison between two or more ideas or metric to choose the valuable one. The incoming traffic to a particular website is experimented through the clicks, purchases or form completion to draw a valuable data.
Why is split testing important to a business ??
As you know, split testing compares different versions of ideas and help you pick the best one to suit your business module and model for a better result. The following are some of the important significance of a split testing:
- It is the most efficient way to identify if a certain change in the model will have a positive or negative impact due some conversions.
- The uncertainty and disagreement issue could be easily sorted with the help of statistical data produced by split test. Split test does not leave space for any kind of assumption, facts or guesses. Because the presence of statistical proof works better.
- It cultivates the culture of testing, experimenting, analyzing, and collection of data in your organization rather that simply trusting in the words of any random professional or ready made metrics.
- You can take a confident step without any fear towards trying something new and interesting in the line of your product.
These benefits definitely would help an entrepreneur save his pocket. As he can conduct these research and experiment with lesser investment and time. Above all, it gives a scope to know what will work better in the market.
Testing is an effective tool to communicate with the audience when it comes to marketing, it helps prevent wastage of money.
The below- mentioned practices and preaching would help you conduct better and result oriented testing:
- Demography is very crucial. Know your target or audience well, so that you aim them better. Because inclusion of too many variables would not produce an optimized result.
- You can also split test demography to identify the best one. And once when you identify a comfortable demographic you can carry on testing with it.
- Understand the concept that conversion is better and beneficial than the clicks.
- When you are working with the ad image, make it a point to test the ad image by changing color to identify which performs better.
- If you are sorted with the color of the ad, test changing the words in the image to obtain a good result.
Other than this there are a varied variety of things an entrepreneur can perform tests on. A good test means good data on hand for better examination.
A jiffy checklist:
This checklist would help an entrepreneur to check if he has planned to check these essential things for split testing his product or item:
- Text with respect to the content of the product.
- Landing page copy.
- Interest, likes, preference, choice, and behavior.
- Text below the pictures.
- Ad images.
- Type and nature of bid: Automated or manual.
- The time of ad run say in day, week, month or year
- Daily budget.
- The place of the ad in mobile apps, newsfeed, right or left etc,
The rising level of creativity and innovation calls for greater strategies and uniqueness. So it is advisable to perform testing on a continuous basis to know what performs better in the market. This would help you stay longer and stronger in the market.