In the previous post, What Factors Impact The Duration Of Your Multivariate Test?, I had mentioned about two elemental factors that impact it — the Traffic Volume and Test Combinations. I had illustrated the effect of volume due to the number of combinations to get a better idea of its impact on the Test. However, there are situations when an MVT fails to provide a definite winner. Reason – Results are not statistically significant. Does it seem like doors to a happy ending are suddenly closed?
By the concept of opportunity cost, any rational person is every day faced with multiple choices, and when he chooses one over the other, it is because the benefit obtained from that choice is greater than the opportunities lost from not choosing the others. So how does this apply here? In this era of cut-throat competition and thinning margins, the need of the hour is ‘intelligence’ that would win new customers, satisfy them, maintain customer confidence, and turn them into brand advocates. In marketing lingo, this translates to Reach, Engagement, Activation, and Nurturing.