Marketing your products is like reasoning with teenagers- what works today may not work tomorrow. A 10% discount or two for one sale may perform beautifully in one marketing but not another. Or it may work better one month than another.
So how do you know what marketing technique to use? Traditional research or available statistics will help, but the wise marketer becomes a master of A/B testing.
Don't let the name intimidate you. A/B testing is a simple market research tool that can produce dramatic results for your company's product and scientifically increase your bottom line.
Basically, A/B testing is a procedure that allows you to test a variety of variables in your marketing campaigns, product promotions and sales mediums.
There are two types of A/B tests: Macro A/B testing and Micro A/B testing.
In macro A/B testing companies test their sales procedures for maximum results. For instance, is telemarketing better than direct sales for a particular product? Is direct mail more effective than a newspaper ad? Companies must test various sales mediums to determine which works best in specific situations.
In micro A/B testing, companies test the particulars of a specific campaign or offer. Would changing only one variable- such as a price- improve customer response rate? Would a $149 price generate more sales than a $99 price? Would a 32 page bonus report lead to more sales than a 10% discount?
Companies big and small must become masters of A/B testing. Your objective is to use A/B testing every chance you have to improve the response rate and ultimately your product sales and profit. Even if you have success marketing program, allocating time and resources to A/B testing will help ensure your future success. Be sure to test a variety of variables such as:
• List Selection
• Price Point
• Grabber Headline
• Choice of Benefits
• Bonus Products
• Ad Placement
• Time of Year
• Sales Medium
• Page Placement
• Day of Week
The following guidelines will help you make the most of A/B testing.
Test only one variable at a time; otherwise you will never know which change made the difference in the response rate. For example, you can test a product price, say, either $99 or $149, but leave all the other variables (sales medium, season, product, service) the same. In a print ad, don't test the text, the grabber headline and the price at one time.
A successful campaign should not be changed too quickly, so test only a small percentage of your market. For instance, start out testing only 5% of a mailing. If you get a good response, test more or change the program if the results are significant.
Keep accurate statistic, code the responses by offer and be sure maintain detailed records.
Use techniques that have already proved successful.Most offers or promotions have been attempted in the past, so don't waste your time on ones with poor track records. Identify successful offers and promotions and stay with what works.
Test significant changes. Don't test product prices of $99 and $109, test $99 and $149. In testing ad placement in a magazine, don't test page two versus page three, test the front of the magazine versus the back.
Test your market regularly. Success often breeds apathy, yet your methods might have to change with the seasons, the economy, or your demographics. Allocate five percent/ten percent of your marketing you dollars to maximizing or improving your customer response rates.
Savvy marketers know that the regular market testing can spell the differe3nce between the successes of failure of their business.
Promotions with successful track records.
• Free Trail
• Two for One
• Volume Bonus
• Bonus Item (not related to product)
• Ad One Item (related to product)
• Perceived Value
• Gambling (scratch and win)
Your in Success Jim Francis.
Hi. My name is Jim Francis. I would like to create a financial miracle in your life. I have had the good fortune to spend time with 50 plus millionaires and 2 billionaires. Each of these MENTORS, gave 2 wonderful gifts. Number 1: Philosophy. Number 2: Strategy. Each are equally important. After studying with them for over 2 decades, I created the Millionaire Matrix. A vehicle for financial freedom. Specific strategies, in business, real estate, investing and wealth protection that can make a major difference in your life. Take a step today, by enjoying one of my strategies, and then visit my web sites.
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