The Economics of Experimentation

Organizations are economic agents which aim to maximize their net economic benefit. This is applicable whether they are launching a product/service or adopting a tool/process/practice. If we talk about Experimentation or Test & Learn’s adoption as a practice within organizations, we can argue that there is still a lot of potential which needs to be [...]

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The rooster’s crow causes the sun to rise. Eat chocolate & win the Nobel prize. If these statements don't make sense to you, this blog will.

In “The Book of Why”, authors Judea Pearl and Dana Mackenzie stress on the importance of causal inference over simple correlations. “The rooster’s crow is highly correlated with the sunrise; yet it does not cause the sunrise.” Advancements in technology and data science have changed this “concept of causal inference” to the “science of experimentation”, [...]

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Your stores communicate your brand. Experimentation can help increase brand affinity by creating a consistent yet localized impression.

This Euromonitor presentation indicates that despite the advent of eCommerce, specialist retailers dominate the retail spending pie. However, it also indicates the growing influence of eCommerce as a channel, especially in the apparel and footwear industry. The rate at which eCommerce retail is capturing share of wallet is a sign that, while in-store retail is unlikely [...]

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You will lose market share if you don’t innovate and experiment, as others do

Jeff Bezos had famously said “Our success at Amazon is a function of how many experiments we do per year, per month, per week, per day…” “If you already know it’s going to work, it’s not an experiment. Only through experimentation can you get real invention.” We all know the leaps and bounds by which [...]

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Combine the power of experimentation with predictive analytics to measure campaign effectiveness

How do you accurately measure effectiveness of some of the below mentioned promotional campaigns? Product advertisements in catalogs, flyers and other forms of print media A multi-touch loyalty program for high value customers Product markdowns to a customer segment Impact of a new digital marketing program Impact of increasing radio advertising spend The obvious answer [...]

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The modern bank is an innovative bank – with many new ideas and concepts to experiment with

Go to LinkedIn’s search and type ‘Bank + Innovation’. The result will show you professionals who are part of an innovation program, a transformation department or a research and development lab. Few years back who would have thought that a services industry like banking would have to focus so much on innovation to be successful. [...]

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Are you investing in remodeling? Invest in rapid experimentation first!

  For retailers, remodeling is in vogue. Target is in the process of remodeling more than 1,000 stores across USA by 2020. Walmart is spending $11 billion to remodel 500 stores, build 20 new stores, and expand programs such as online grocery pickup. The ‘remodel’ includes changes such as wider aisles, shorter shelving, new signs [...]

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