At LiftLab, we field questions from prospects wondering about the importance of our experiments. We don’t just conduct experiments for the sake of it – here are three compelling reasons why our experiments are the gold standard in marketing analytics:
Experiments foster alignment across teams by enabling us to collect intentional data and use it as evidence to garner agreement from finance and marketing teams alike. This alignment ensures that decisions are based on robust evidence and insights, leading to more effective strategies and resource allocation.
Secondly, our experiments boast a higher success rate, thanks to our method of addressing the reliability of experiments. While not all experiments yield positive results, our approach ensures that failures are valuable learning opportunities, contributing to continuous improvement and innovation within our methodology.
Lastly, perhaps the most rewarding aspect of our experiments is their ability to turn insights into profits. We’ve witnessed countless instances where customers have achieved remarkable results from experiments, making strategic spend adjustments and capitalizing on valuable insights to drive significant ROI. In fact, some experiments have even covered the entire annual LiftLab bill for our clients, highlighting the tangible impact of our approach.
It’s essential to recognize that experiments have limitations – they are a point in time and cannot answer every media plan question. That’s why we’ve taken the innovative step of fusing experiments with an Agile Mix Model, allowing them to work in tandem. This ensures that our modeling side remains dynamic and responsive, analyzing weekly data to guide spending decisions even in the absence of live experiments.
LiftLab’s experiments represent a cornerstone of our approach to marketing analytics, offering unparalleled insights, alignment across teams, and tangible profitability for our clients.
