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.
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Conjoint Analysis at GM
- Elea Feit's first job was at General Motors, doing market research for product design.
- She used conjoint analysis to understand customer preferences for car features.
Wanamaker's Dilemma
- Measuring marketing effectiveness has been a long-standing challenge, exemplified by John Wanamaker's famous quote.
- Even today, marketers struggle to determine which parts of their campaigns are truly effective.
Test & Roll Origin
- Elea Feit developed the Test & Roll framework after a student couldn't get large sample sizes as per traditional methods.
- She realized smaller data is better than no data, challenging the notion of needing statistically significant results.