Product experimentation and customer discovery can help businesses spot growth opportunities

New Ideas in MarketingEssential news for marketers, summarised by YouGov
June 03, 2020, 2:06 PM UTC

Leveraging reliable data to gather insights in advance can help brands reduce the risk of product failures.

This piece suggests ways for products teams to test, learn and adapt data effectively. Businesses must stay curious, ask relevant questions and evolve to survive in this continually evolving situation. Encouraging teams to experiment and innovate during the product development lifecycle can help brands answer critical questions and find the right opportunity for growth and innovation.

Collecting reliable customer data can further help product teams find the right direction and avoid product or business failures. The article recommends businesses should align all their metrics with the Cohort ROI to focus on customer retention.

Focussing on retention metrics can further help companies determine the long-term impact of experiments and product changes. Product teams should also look down-funnel and segment user behaviour over time to understand the testing’s impact on revenue.

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