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Measure Up
Profit-Maximizing Marketing Experiments with Elea Feit
Jul 20, 2023
This week’s guest is Elea Feit, an Associate Professor of Marketing at Drexel University’s LeBow College of Business. With a rich background in market research from General Motors and Amazon, she dives into the evolving world of marketing experiments. Elea explains the power of randomized controlled trials and the innovative 'test and roll' framework, emphasizing how even limited data can yield significant insights. She also discusses the importance of moving beyond mere statistical significance to focus on impactful marketing changes, and the latest advancements in marketing mix modeling.
48:26
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Quick takeaways
- Advanced testing methods like randomized controlled trials and holdout testing enable marketers to assess the effectiveness of their strategies beyond traditional A/B tests.
- The Test and Roll framework highlights the value of analyzing smaller datasets effectively, allowing marketers to make informed decisions without relying solely on large sample sizes.
Deep dives
The Importance of Experimentation in Marketing
Marketers frequently rely on A-B testing for optimizing websites and conversions, but there's a growing interest in evaluating the effectiveness of marketing strategies themselves through more advanced methods. Techniques such as randomized controlled trials, holdout testing, and geo-lift experiments offer powerful ways to analyze marketing impact, yet many marketers find these methods inaccessible due to a lack of supporting tools. Understanding which marketing efforts yield positive returns can significantly influence budget allocation and strategy decisions. Gaining insights from these experiments is crucial for marketers aiming to refine their approach and ensure that their advertising spends deliver maximum value.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode