🤝📈 How to improve customer engagement and generate more business impact with Multivariate Tests

Ednei — Fri, 01 Nov 2019 13:32:26 GMT

Dear reader,

I have recently read the book The Inevitable: Understanding the 12 Technological Forces That Will Shape Our Future, that is awesome by the way, and one of the concepts it presents, is the value of the filter in an increasingly abundant world, in other words, it is important to select what matters the most.

It made me think on the importance to present the best content - that is very abundant nowadays - to the customers not only fostering more engagement by value delivering but also to improve their relationship with the brand.

As former Digital Marketing professional, I have had some evidences of higher conversion rates in campaigns where the content was tailored-made for the targeted segment, however, it has been a challenge to deliver valued content to the customers in a scalable way.

Do you have the same challenge in your organization? Well, the good news here is that Analytics and Artificial Intelligence can automate and support this process.

Given this context, I would like to present in this article one of the features from SAS® Customer Intelligence 360 which is the Multivariate Test or simply MVT.

The value proposition of the Multivariate Test is to compare the performance of a combination of creatives or Variants to identify the best one in terms of conversion rate and percentage lift.

In the following example, we have the SAS Store demo page with its 'Weekly Specials' page and three spots, highlighted in blue, where the content will be personalized by the orchestration of MVT. Aside, you see the messages and their creatives that will compose the Variants of this test.

SAS Store demo page

Messages utilized in the MVT

Considering the number of creatives and spots, it has been generated 65 Variants and a required sample size of 834,015 unique participants for this test to be statistically accurate.

With the usage of Optimize feature, these numbers decreased considerably generating the need of only 48 Variants and 154,080 unique participants as a required sample size.

This optimization allows digital marketeers to run this test in shorter periods of time, raising the knowledge around contents that have the best performance.

Additional MVT features include the possibility to define one of the Variants as a champion, to be used as a benchmark when analyzing test results and designate a control sample. This is a good way to demonstrate how much the winner Variant improves business results in comparison to the current state.

In the Insights tab, it is possible to follow up the test performance and check the final result once it is finished.

In our example, we can see the performance table which declares the Variant 64 as the winner of the test, with a conversion rate of 20.24%, while the champion had the conversion rate of 3.79% and control group performed a conversion rate of 1,47%.

At the same time this test was built to provide results with statistical accuracy, it deals with subjective aspects of the communication like images, texts, colors, tone of the voice and other elements that are responsible to convey considerable amount of the message, this way, the presence of these qualitative and quantitative characteristics, summed the optimization performed by the test is the root cause for the results seen in this example test.

In the 'Multivatiate Test Details' page, you can click in the "i" button, located in the front of the Variant 64 name, to check the combination of creatives that won this test.

📈 😃 Well, now you are ready to adjust your campaign with the winner content and go to the next level in terms of business impact.

This example aimed to illustrate how applied Analytics and Artificial Intelligence can optimize digital campaigns to achieve more customer engagement and higher conversion rates by delivering value with the best content to the targeted audience.

I hope this article has instigated your curiosity or maybe inspired you to innovate your business processes with the power of Analytics and Artificial Intelligence.

Ednei Gomes

Global Customer Success Team

Re: 🤝📈 How to improve customer engagement and generate more business impact with Multivariate Test

sukcyr — Tue, 05 Nov 2019 16:53:12 GMT

Thanks Ednei, very thorough and clear article!

topic 🤝📈 How to improve customer engagement and generate more business impact with Multivariate Tests in SAS Customer Intelligence

🤝📈 How to improve customer engagement and generate more business impact with Multivariate Tests

Re: 🤝📈 How to improve customer engagement and generate more business impact with Multivariate Test