Posted in Marketing and Strategy Terms, Total Reads: 589
Definition: Marketing Experimentation
Marketing experimentation is one of the new buzzwords where prior to launching a widespread marketing campaign for a new brand, product or service the market researchers test the same on a consumer market segment. This is done to find the best method for gaining maximum revenues by acquiring new customers.
Social networking has become the recent hub for conducting all such marketing experiments due to its capability to provide immediate results – both acceptance and success or failure in the process used to approach the consumers. If successful, the overall brand trust and royalty gets spread via word-of-mouth testimonials.
The difficulty being faced by the consumers in the last few years has resulted in the adoption of this approach by various companies. Realization of poor quality of the products, spoilt food, etc after purchase have now made the consumers more aware of their surroundings and hence, they make a more informed decision before buying. Thus, it has become important to test the consumer response to a product or service before launching it. Marketing experiment is that powerful tool in the hands of the researchers to not only test consumer behavior and response to the product but also the degree of success or failure that can be expected from it.