MKTG 3596 Lecture Notes - Lecture 9: Decision Tree Learning, Maxima And Minima
Document Summary
This means, knowing who your best customers or prospects are, knowing what they want, and giving it to them. The results should be: higher response rates and more profits for the firm. One of the most common analytic techniques in marketing. Comparing two things and seeing how customers responds. Ex. magazine: 15% off coupon on the cover, 15% off coupon on the back. Basic approach: make two versions of your design (ex. email promotion) Should be identical except for one key difference you want to test: send randomly to customers, track data to determine which has a higher response rate, select the design that has significantly better customer response. Make sure your test measures this (develop appropriate measures of success: be sure you"re using the right measurement of success (metrics, ex. On a website, often starts with the homepage or pages with the highest traffic. For an email promotion, often start with the subject line or images used.
