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?
As the holiday season approaches, when 33-50%of the online revenue is made, all e-commerce players would be working hard to sell products online through various marketing initiatives.You, as an analyst may come up with a gamut of recommendations, but what would capture the imagination of a VP of Marketing or a CMO? The basic mantra is the insights presented in a quickly digestible dashboard format that empowers him to make a decision that has the greatest impact in the least amount of time. Here we take a stab at listing out few aspects to be covered while designing such a dashboard for an e-commerce player.
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.