Smart Business

Some software tools are tailored to particular problems or industries. Several packaged tools, for example, are available for the analysis of manufacturing-quality experiments. Likewise, highly specialized tools exist for online-usage testing, such as the web analytics software sold by Omniture and WebTrends and the free tools provided by Google Analytics.

Formalized testing can provide a level of understanding about what really works that puts more intuitive approaches to shame. In theory, it makes sense for any part of the business in which variation can lead to differential results. In practice, however, there are times when a test is impossible or unnecessary. When Best Buy, for example, explored partnering with Paul McCartney on an exclusively marketed CD and a sponsored concert tour, neither component of the promotion could be tested on a small scale, so the company’s managers went with their intuition.

Some firms, such as Capital One and eBay, have built their own software for managing experiments, but several off-the-shelf options exist—the most common ones being broad statistical packages and analytical tools like SAS. With every passing year, these tools make it more possible for numerate—but not statistically expert—users to conduct truly defensible experiments. EBay performed extensive online and offline testing, for example, in 2007 and 2008, when it changed its page for viewing items on sale. The page had not been redesigned since 2003, and both customers and eBay designers felt it lacked organization, had inadequate photographs of items, and suffered from haphazard item placement and redundant functionality. After going through all the testing steps, eBay adopted a new site design. It posted photos 200% larger than those in the previous design, added a countdown timer for auctions with 24 hours or less to go, made more prominent the item condition and return policy, and included tabs to make shipping and payment fields easier to navigate.

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Most of the firms that do extensive testing have established a small, somewhat centralized organization to supervise it. The group either actually does the testing, as at PNC Bank, Subway, and Famous Footwear, or—if testing is employed throughout the organization—serves as a resource for methodological and statistical questions, as at Capital One. At PNC Bank, the test-and-learn group (part of the bank’s knowledge management function, which reports to Marketing) views the promotion of its own services around the bank as a priority. It tries to build relationships and trust with key executives so that no major initiatives are undertaken without testing. Without a central coordination point, testing methods may not be sufficiently rigorous, and test and control groups across multiple experiments may confound one another.

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Every undertaking has a learning curve, but mistakes only become failures if you don’t learn from them. It’s called a “decision-making process” because you will constantly learn and grow, incorporating experience and information into future goals and decisions, honing the process as you go. In business, the SMART model of decision-making is an important tool for drawing conclusions. hottimes.ru The model relies on several steps that lead to setting goals and making decisions. Enrollment in Experian's Business Credit Advantage program also provides your business with business identity monitoring powered by CyberAgent®. CyberAgent, Experian's priority monitoring technology, proactively detects stolen business identifiable information and compromised confidential data online.