When you hear the word experimentation you may start to think to yourself “this is not going to be good or, I am not sure if this is a good idea” and you automatically start to doubt the process and sometimes the product/service. But in terms of marketing, experimentation is a great thing. Marketing is all about experimentation and it is considered a way to maximize opportunities without having to do so under pressure. There is constant experimentation going on in the marketing world and it is the best method to maximize revenue.
Companies are constantly introducing new products and services which they believe will work and will make a profit. Consumer reactions to these new products may not always be as expected and this allows to obtain more real-world data and the ability to modify the product/service. Experimentation on a small scale allows for better prediction than on a larger scale and it also saves money. A company can limit its financial exposure by testing a product out on a smaller scale instead of on mass production. Without testing products/services, companies cannot determine what will work. So, when they are ready to launch a product they typically have done tons of testing and have the data to back it up which is the perfect example of experimentation
Experimentation is very common in marketing because it helps determine variations on a certain model, product, or service. It can also help define which out of two will be the better option. You can experiment with different variables to determine which is the better option and which will most likely be most successful. You are testing out different variables/variations to see which one will give a better result. The best way to use experimentation is to maximize revenues through the acquisition of new customers. This is typical in A/B testing to determine which version of an ad performs better.
Marketing research survey is another type of research method but are instead performing research and analysis of the market for a particular product by conducting survey’s which will then provide data and you are able to create an excellent analysis based on the results. There are many benefits to research surveys such as measuring brand awareness, gain insights on a product, know where a product stands compared to competitors, research and analyze a target market, and much more. There are so many different reasons to use market research but mainly when you are trying to gain information or insight on a specific topic and/or product or if you want to identify the problem of a product/service. Research surveys can provide a wealth of information that may not have otherwise been known.
Experimentation and research surveys are both excellent tools in terms of market research but knowing when and how to use each is key to maximizing data and results. When you use the right tools, you will get the results you need in order to improve the product/service. Ultimately, this is essential to keeping your consumers happy.