How to Use A/B Testing for Your Marketing

How to Use A/B Testing for Your Marketing

You have the best product possible or perhaps the best kind of service available for your specific industry or niche. Your operations are sailing smoothly and you have tweaked your product or service to the point that it is already the best in the market. You have toiled and given blood sweat and tears to reach the level of quality where you are right now, and you are now ready to tackle the dog eat dog world of business.

But there is one problem that comes to stop you in your tracks, and that is the problem of proper marketing, specifically the choice of your marketing material.

The digital world is littered with blogs offering you a lot of business advice, some useful some not so much. However, one marketing technique that has stood the test of time is to do an A/B marketing material experiment to a selected audience or a portion of your clients and leads.

But first, what is an A/B marketing material experiment? Simply put, this is the process where you show two options to the audience and ask for their suggestions, recommendations, and comments about which would be the better marketing asset. In marketing or business courses, the term this is a split test, which is very aptly named. Here the audience is not the only one that is split but also the marketing materials, and you let the marketing audience think about the two or more said marketing materials.

While there are a lot of marketing materials that you can use and templates to apply and improve upon, the social aspect given by doing the A/B marketing test is immensely valuable because not only will you get more recommendations and improvements, you will already be putting your logo and marketing efforts at the back of their minds.

Doing the A/B marketing material experiment has led to a lot of great results. There are a lot of case studies that can be found on the internet that shows how big the increase and efficiency of the marketing material when it has gone through the A/B marketing material experiment, as compared to just sending out different marketing materials at the same time. An increase of almost 20% is the usual result with regards to the reach of the brand and lead conversion.

The A/B marketing material experiment traces its roots from statistics by applying the more academic two-sample hypothesis testing, and instead of using social issues as the topics, the A/B marketing test look for the brand recognition through the use of the marketing material.


Segmenting and Targeting

Market segmentation and targeting are very important in the marketing lifecycle. The A/B testing actually helps you fulfills both market segmentation and targeting since you have, in a loose sense, segmented the target audience by splitting them to show different marketing materials so that you will know what marketing asset would target them the best.

A/B testing is very popular in marketing online and even for web analytics. For instance, you can make two different material showing a different perspective. For example, one marketing asset will be more focused on a lower price for the product or service. The second marketing asset will focus on either more products or services to be provided at the same price that can be found in the market. Both are actually, in essence, discounts but just worded in a different way.

You may also notice some Facebook pages having different banners. Banners are actually a very useful marketing tool because it stays in the subconscious. Because you can see it prominently, the mind will capture it and then you ignore it. However, it is not truly ignored because it stays in your brain for quite some time. What you do not know is that the banner you see in the Facebook page was actually A/B tested first when the business owner or manager contracted someone, perhaps a graphic designer, to create a set of eye-catching banners. Once the set has been received, they do a test on it by sending to different target audiences in a small population, let us say around 30 people each, and then ask for the opinions and thoughts of the said audience. The banner that was the most well received will be the banner that they will add to your Facebook timeline and other social media accounts.

A tool that can help

Let us see that you already have the two marketing materials to be contrasted and compared. If you have already sent those assets to the tooth target groups and you have already received the results. A lot of business owners and managers will be tempted to just look at the numbers and then get the one with the highest conversions or results. That may work but only for a time. If you want to improve not only your marketing results but your marketing process, reviewing the data is important. Do not just leave the data after you already decided on what marketing material to use. Analyze it first. By doing so, you will be more well informed on what seems perhaps or what competitive advantages that you have which you have not noticed and then plan another marketing campaign. With your experience, making a new marketing campaign would be easier and more successful, because you have applied what you have learned.

Most of the business owners and managers will just use Microsoft Excel to tabulate the data and then make visual representations. That is good and all, but there are other more powerful and simpler online tools that are available to you.  One example would be the website A/B Test Guide, which is a free tool that can make not only graphs about the data and numbers but a tool that you can also use as a statistical aid, where you can get standard error deviations and then the more complex ratios like a z-score.

Doing an A/B testing is actually standard procedure now with online marketing campaigns. Do not miss out on doing so.

Also, check these 21 Helpful Productivity Apps

LA Startups Crew
Los Angeles Startups
Santa Monica, Culver City, Venice, Hollywood, and beyond
LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.
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LA Startups Crew
Santa Monica, Culver City, Venice, Hollywood, and beyond
LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.

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Blockchain: Trust Is Not A Binary Option

Blockchain: Trust Is Not A Binary Option

Trust doesn’t have to be an all-or-nothing proposition when it comes to Blockchain

Blockchain’s primary value proposition is decentralization, the idea that the “truth” can be validated without 3rd party intervention in a trustless environment.  As technology has proliferated over the last several years, we have seen the infrastructure incorporate many different types of protocols:

  • Public  – Fully open blockchains with no barrier to participating (eg, Bitcoin, Ethereum)
  • Permission – Private blockchains where a central entity controls access (eg, Orderers in Hyperledger Fabric)
  • Federated – A consortium of entities controlling the blockchain (R3 comes to mind)

Each of these options has a different take on “trust.”  There are some in the crypto space who feel the only groundbreaking solutions are the public, or “permissionless,” solutions.  Their argument is that a protocol is only decentralized when it is fully public, and only then can it reach the full potential of the blockchain.

It’s a fair point, to be sure.  How can you be decentralized if one or more entities are entrusted control access to the blockchain?  However, it occurs to me that this is a very binary view of trust – in reality, trust is more nuanced and multi-layered, like a set of qubits more than a simple 0/1 representation.

Every single day we maintain simultaneous levels of trust at the same time.  I trust my wife implicitly (I hope that is wise), while I have much less trust in the Lakers’ ability to win a title without LeBron.   I have varying degrees of trust in my employees based on past performance, while I have no trust in the cars speeding along my neighborhood street when I walk the kids to school.

Our entire day is defined by a cascading array of trust, depending on our situation.  We understand and accept this because trust is a tool we use to maximize our benefit in specific situations.  I’m not going into a conversation with my wife about whether to have a 4th child (spoiler alert – not happening) from a lack of trust, because the conversation would be utterly pointless.  Conversely, I’m not going into a startup pitch from a place of trust, because it would eliminate the healthy skepticism I’ll need to evaluate the opportunity.

Why wouldn’t the same concept apply to blockchain?  Does every system need to be fully permissionless to add value?  The security and decentralized nature of Bitcoin works great for payments between people who don’t know each other, but in certain environments, organizations can still benefit from blockchain with a degree of centralization, provided there is a healthy level of trust.  For a tight supply chain of organizations with the right incentives to work together, a federated or permission solution would do just fine.

Ripple uses roles to establish specific participants to act as transaction validators

I’ve heard the argument that blockchain technology isn’t needed in situations where a centralized approach is acceptable – a central database would do just fine.  Sure it may be fine, but why not use blockchain when the technology provides other value propositions out of the box – namely, transparency and immutability?

My point is this: because trust is a multi-layered concept in our daily lives, and blockchain can handle trust in many different ways, we should embrace its implementation to support more than just the no-trust situations.  Let’s not limit blockchain’s potential while we still shaping this exciting new technology.

Is Blockchain Truly Decentralized?

Chad Hahn
Contributor
Optimity Advisors, Inc.
Chad Hahn is a partner overseeing the digital & technology practice at Optimity Advisors. He is an entrepreneur with 20 years of experience in strategy, business development, operations, and technology, and has started and sold two successful service businesses. He has a strong background in software engineering and enterprise architecture, with deep expertise in both traditional and emerging technologies.
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Chad Hahn
Optimity Advisors, Inc.
Chad Hahn is a partner overseeing the digital & technology practice at Optimity Advisors. He is an entrepreneur with 20 years of experience in strategy, business development, operations, and technology, and has started and sold two successful service businesses. He has a strong background in software engineering and enterprise architecture, with deep expertise in both traditional and emerging technologies.

Startup Should Create a Culture of Collaboration, Not Silo

Startup Should Create a Culture of Collaboration, Not Silo

A company needs its employees to work together.  For the organization to function well, it must have multiple people with different expertise and skills working together towards a single goal. Basically, a company needs its people to collaborate.

But moving fast, innovating, and excelling all at the same time is a hard thing to do. It’s even harder if you put people with varying beliefs, personalities and abilities together.

So the big question is, “How do we create a culture based on collaboration?”

Know the “Why”

Before anyone can collaborate, they need to know why they should do it in the first place. Some professionals may refuse to work with other people because they believe that they don’t need the help of others.

To convince these kinds of people, you need to show them that the project cannot be done by a single professional. Tell them that it will be faster and efficient if a group of people with special skills work together. Plant the seeds of cooperation early and you’ll see fantastic results.

Have a meeting and invite everyone involved in the project. Explain to them clearly why you need their services and why you need to solve this problem. If people know the “why”, then all that’s left for them is to “do”.

Use the UX Mindset

The user experience mindset or UX mindset for short is a way of thinking that puts the customer first. It reframes how you think and it will give you a new work perspective. Integrating the UX mindset into the team will instill cooperation.

People unite under the UX mindset because they have a common goal. Instead of bickering with one another, people will set aside their differences to create an amazing user experience.

Teach people to respect roles

Respect or to be more accurate, the lack of respect is one of the biggest reasons why people refuse to cooperate. Lack of respect stems from a feeling of loss, elitism, miscommunications, misunderstandings, and ignorance.

It’s hard to teach people to respect someone that they’ve just met. However “hard” does not mean that it’s impossible.

To remove lack of respect from your team, you simply need to show them respect. Respect can be gained by clearing up misunderstandings, having a positive outlook, and understanding the bigger picture.

An ignorant employee might complain that a certain job or role is useless but once you show them why the bigger picture, they will understand their foolishness and begin to show a little bit of respect.

Teach your people to accept and embrace change

The only true constant in this world is changing.  Change is something that happens all of the time but for most people change can be a bad thing.  Your people might be comfortable with the status quo and the thought of change is a scary notion for them.

However, change is needed for progress.  You simply need to convince yourself and your people that change can be good. You simply need to look at it from a different perspective. Show them that they’ll be getting more than what they’ve bargained for. All they need to do is to simply learn and embrace change.

Sure, some changes can be rough. And change may lead to tough times, but you have to take risks to move forward.

If this isn’t enough to convince them, then you can use change as a way to stimulate people. Frame the change as something that creates adventure and excitement. Frame it in a way so that they will learn to love the unknown.

Improve communication between team members

People cannot collaborate if they can’t communicate with each other. And standard communication isn’t enough, they have to communicate perfectly with one another.

Perfect communication between team members is hard and it isn’t just about telling people what to do. No, perfect communication is a much trickier task. You must teach your people to use the right words at the right time.

Improper communication can lead to arguments. The use of incorrect words might offend people and impact them on a subconscious level. Learn ways to reframe your words, because a single word can alter your intended message.

Effects of a Culture based on Collaboration

A culture that promotes teamwork and collaboration is ideal. There are tons of benefits from having your people work well together. But some of the most notable and most important effects would be…

An increase in creativity and morale

This is probably one of the most obvious and most notable effects of a collaborative culture. Teams are more creative and more positive since they get along well with one another. People will also feel better if the workplace promotes teaming up and working with others.

More innovative members

A culture that promotes working together will also promote new ideas and new opportunities. Team members are more likely to participate in meetings since they feel comfortable talking and sharing their ideas.

Innovation stems from the will to change. And if people are open to change and new opportunities, then they are welcoming innovation with open arms.

Better ROI

Achieving a culture based on collaboration is hard. It might even be impossible for others, but once you reach it, it would be worth your while.

When a team is collaborative, they work faster and better with one another. People are more content with their work and they will do their best most of the time. People are also more creative, and innovation blooms freely in the work area.

In the long run, the team will be able to produce quality products and the company will make more money in the long run.

Conclusion

Mankind is capable of creating wonderful and amazing things. I mean we’ve created airplanes that can fly in the air, we’ve harnessed the power of lightning, and we’ve created cities that can accommodate millions of people.

This is all thanks to collaboration and teamwork. Creating a collaborative culture in your workplace is a big deal. Expect better products, better relationships, and overall a better team.

Creating an ideal setting where people promote the idea of teamwork and camaraderie is hard but it is well worth it. If you’re a manager and aren’t doing this to your team, then you’re missing out!

Here’s a great read – Top 4 Tips for Building a Real Networking Community

Founder, Editor-in-Chief
LAStartups.com, Schmoozd.com
A native Angeleno. John studied engineering at UCLA; founded Schmoozd, an offline social tech networking event in LA with 30,000 subs; ran a startup accelerator (StartEngine). Worked for several major brands like Toyota, DIRECTV, Hitachi, and Raytheon. A mentor at LMU Entrepreneur School. And advises a dozen local LA startups building amazing tech in various industries; also invested in some.
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LAStartups.com, Schmoozd.com
A native Angeleno. John studied engineering at UCLA; founded Schmoozd, an offline social tech networking event in LA with 30,000 subs; ran a startup accelerator (StartEngine). Worked for several major brands like Toyota, DIRECTV, Hitachi, and Raytheon. A mentor at LMU Entrepreneur School. And advises a dozen local LA startups building amazing tech in various industries; also invested in some.

8 Ways Your Company Can Save Money By Hiring Remote Worker

8 Ways Your Company Can Save Money By Hiring Remote Worker

Whether you’re a veteran or simply a new business owner, one thing is certain – overhead costs are a big pain in the @&&. So it’s a good thing that modern technology has helped today’s businesses cut down on costs.

You save a lot of money by not paying for office space, construction costs, electricity bill, rental fee, food expenses, and other expenses. You can simply hire your employees and have them work at home. It’s also a big benefit to the employee since they don’t have to worry about gas expenses or commuting expenses. They also work in the comfort of their own homes and they can set their own schedules as well. It’s a win-win situation for both the employer and the employee.

But if you’re still not convinced then take a look at these reasons that explain why hiring remotely can save you a lot of money.

1 Lower Operating Costs for Your Business

You don’t have to worry about renting office space, paying electric bills, paying water bills,  buying office supplies, providing for snacks, office repairs, buying hardware, fixing to plumb, and all those other expenses since most (if not all) of your workers are now working at home.

Based on a poll from Global Workplace Analytics, it was discovered that businesses and companies who allow their employees to work at home have reduced expenses and reduced company overheads of approximately $11,000 annually.

2 Your Remote Workers are More Productive

Working at home has a lot of perks. The most obvious perk would be that of time and travel expenses. Home workers don’t need to travel to the office which saves them a lot of time, they also don’t have to experience the stress of being caught in a traffic jam during rush hour.

Asides from the traffic, home workers have fewer distractions and they can devote 100% of their time and energy on work. Home workers have flexible work schedules that they can even take care of their children, cook their own food, and watch television. This flexible work schedule makes them more productive and it helps them produce high-quality outputs.

According to Tiny Pulse, about 91% of home workers state that they get more work done when they are working remotely.

3 Employee Turnover Will Be Reduced

A lot of employees are being replaced yearly. It’s costly to train new employees and it takes a lot of time and investment to make them as effective as the old ones.  You can convince your current employees to stick around by making them work at home.

According to the Global Workplace Analytics, about two-thirds of employees would switch their current jobs if they could ease the burden of commuting and deal with traffic. By relieving your employees the burden of traffic, you are also ensuring that they would stick around and work for you.

4 You will have more productive and efficient meetings

Payroll has reported that over 40% of office professionals see impromptu meetings as a major distraction in the workplace.

You don’t have to worry about impromptu meetings that hinder you from doing your work. Most impromptu meetings have little value to add and they are often used to kill time in the workplace. It’s even more annoying when people chat and goof around while waiting for the other workers to come to the meeting. You lose at least an hour of your work time in these meetings, an hour that you could have spent working on that project.

You can have more efficient and productive meetings if you have a lot of remote workers. Why? Because meetings have to planned and scheduled in advance which gives you and your employees more time to prepare for the meeting. So no more on the spot brainstorming or fooling around, you can now have meetings that help and improve your employees work rather than hindering it.

5 Your Workers Can Work Even on Sick Days

People in the office often take the whole day off when they call in sick. This would set back your profits and you’ll be at a loss. Remote workers, on the other hand, don’t have this problem.

Your remote workers can work from bed (if possible) when they’re sick. If they can’t work when sick it’s still okay since they have flexible work schedules that make it easy for them to catch up with work.

6 It’s Faster and Easier to Hire Remote Workers

Office employees undergo a very long and tedious hiring process. They undergo interviews, handle paperwork, background checks, and they have to be sorted out by the HR department. It would take a few days at best to hire a new employee.

Hiring a remote worker, on the other hand, can simply be done within a 24 hour period. There’s no bureaucracy that will slow you down.  However this comes at the cost of security and quality, you have to do the background checks yourself and make sure that they are up to par with your company’s standards.

7 You Don’t Need to Rely on Local Talent, You Have the World to Choose From

If your company is located in a big and thriving city. It’s very likely that your employees are also living in the city as well. The cost of living is high and you have to pay them a much higher rate.

However, you can pay remote workers much less since you don’t have to adhere to industry standards. You can pay someone a lower rate but with equal talent, whose living in a rural area and they’d still be happy about it. You can even completely outsource the work and hire workers from across the world.

8 You Can Work Remotely as Well

What’s so great about having all your workers work remotely? Well, it means that you don’t have to go to the office anymore! You’re basically working remotely as well. That means that you don’t have to worry about commuting/ driving, rush hour, and other daily work expenses. You now have more time to spend with your family and you can probably work while traveling the world.

And, here are 3 ways to build trust in remote teams

Founder, Editor-in-Chief
LAStartups.com, Schmoozd.com
A native Angeleno. John studied engineering at UCLA; founded Schmoozd, an offline social tech networking event in LA with 30,000 subs; ran a startup accelerator (StartEngine). Worked for several major brands like Toyota, DIRECTV, Hitachi, and Raytheon. A mentor at LMU Entrepreneur School. And advises a dozen local LA startups building amazing tech in various industries; also invested in some.
×
LAStartups.com, Schmoozd.com
A native Angeleno. John studied engineering at UCLA; founded Schmoozd, an offline social tech networking event in LA with 30,000 subs; ran a startup accelerator (StartEngine). Worked for several major brands like Toyota, DIRECTV, Hitachi, and Raytheon. A mentor at LMU Entrepreneur School. And advises a dozen local LA startups building amazing tech in various industries; also invested in some.