Marketing decisions are sometimes based on hunches, we might not have facts and figures to back our idea, but it just feels right. If that is the case, there is a way to go about it. You can conduct a marketing experiment rather than performing a marketing research project.
Usually, marketing researches take more time to complete, requires a lot of manpower, and is expensive.
What is a marketing experiment– A marketing experiment, just like any other experiment, involves a hypothesis that has to be tested by experimentation in a small group and the result offers insight for making a decision in a more substantial target segment.
1. First, you have to identify the business question you like to solve– it can be anything like readiness for a new product, or price sensitivity for a product, or A/B tests for collecting emails, signing up for the newsletter.
2. Now you have to outline a hypothesis– This proposed assumption(hypothesis) will be the starting point upon which you can conduct your experiment. In this stage, you have to define the metric for your research, this will help you understand the results
E.g., you see that there is a need for a new blender, which is eco-friendly and portable for people who like to drink a fresh smoothie on the go. The hypothesis will be that people need such a blender, and there is a sustainable market for your business.
3. Designing an experiment– The experiment, whether it is an A/B test or a new product test, can be quickly done on social media on a low budget.
After identifying your target audience, you can run a social media campaign. Eg. For an A/B test of the landing page, send the people different versions to see which one appeals to them the most, and Voila! You found your winner version.
4. Evaluate the results- You should use the metrics to conclude that your hypothesis is correct or not. There are many tools to understand data and perform necessary analysis for you. It makes the job easy and provides you with accurate results.
5. Data-driven decision– Make any recommended changes or corrections, it will improve your chances of success. Now, with all the information in your hands, you are fully equipped to make the decision.
The gut feeling you had should withstand the experimentation procedure; if it does, it will provide you motivation and peace of mind. It will also be quick and less expensive, that’s a win-win.