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Allison ChaneyJan 25, 2024 11:00:00 AM3 min read

How to Setup a Growth Experiment Portfolio

In Growth Marketing, the term "experiment" isn't just a scientific concept confined to labs — it's a strategic cornerstone that shapes how we formulate, implement, and scrutinize ideas within sales, marketing, and service realms.

An experiment isn’t a task to be ‘checked off’; it’s a measurable pursuit that anticipates outcome, building momentum and propelling discoveries regardless of the result. When properly implemented, Experimental Marketing delivers purpose, accountability, and structured cadence, establishing a direct, data-validated link between investments and results.

How Do You Run a Growth Experiment?A Breakdown of Growth Marketing Basics

How do you run a growth experiment? It’s important to start with the basics of Growth Marketing. An experiment within the Growth Marketing context is a structured scientific procedure aimed at making, improving, and scaling discoveries. In this domain, experiments are applied to every facet of the customer experience that a business controls, including sales, marketing, service, and beyond.

Growth Marketing procedures include:

Systematic Observation and Questioning
This encompasses a range of queries—'why,' 'what if,' 'where,' or 'how.' The absence of a set order encourages a holistic exploration.

Goal Setting (SMART)
Establishing Specific, Measurable, Achievable, Relevant, and Time-bound goals, like enhancing conversions, generating leads, or increasing calendar appointments.

Formulating Hypotheses
Hypotheses are formulated based on the expected outcomes aligned with the set goals, avoiding internal competition.

Execution of Tests
Tests involve defining control factors, selecting the vehicle for execution, creating the environment for analysis, and establishing the standard for measurement.

Thorough Analysis and Continuous Learning
Drawing conclusions from the gathered data, recognizing patterns, and asking further questions for continual learning and refinement.

Rules governing experimentation require experiments to have the following: 

Singular Focus
Each experiment zeroes in on one vehicle and one defined metric, ensuring clarity and precision in analysis.

Goal and Vehicle Alignment
If two vehicles aim for the same goal, they constitute separate experiments. Conversely, reconsider goals if one vehicle has multiple objectives.

Benchmarking and Control Factors
Identifying benchmarks is critical, even if it starts at zero. Control factors and simultaneous or sequential testing add depth and reliability to the experiment's results.

Maturation Date
Every experiment has a predetermined end date, crucial for analysis and moving forward.

Creating a Balanced Growth Marketing Experiment Portfolio

Crafting a balanced experiment portfolio is paramount to ensure a well-rounded and effective approach to Growth Marketing.  This involves considering various aspects, such as the distinction between new and updated experiments, the balance between campaign-level and individual experiments, and utilizing an experiment count to guide your strategy.

New vs Updated Growth Marketing Experiments

Balancing between new experiments and revisiting previous ones is key to fostering innovation while leveraging past insights. New experiments allow for fresh ideas and discoveries, while updated experiments enable refinement and optimization of existing strategies. 

Heavy (Campaign-level) vs Light (Individual) Growth Marketing Experiments

Understanding the scale at which experiments are conducted—campaign-level versus individual elements—is crucial. Heavy, campaign-level experiments delve into larger-scale strategies, encompassing multiple components and often requiring longer durations to yield conclusive results. Light, individual experiments focus on specific elements within the campaign, allowing for more rapid testing and iteration. Balancing these approaches ensures depth in analysis while maintaining agility in implementation and adaptation.

Growth Marketing Experiment Count to Guide the Way

Utilizing a predetermined experiment count per defined timeframe acts as a guide when navigating the experiment portfolio. This count serves as a compass, directing the allocation of resources, setting priorities, and ensuring a diverse mix of experiments. It fosters a disciplined approach to experimentation, preventing an overwhelming influx of new experiments or excessive focus on revisiting old strategies. By setting a count, teams can streamline their efforts, fostering a balanced and methodical approach to achieving growth objectives.

Orange Pegs helps companies develop a balanced portfolio of Growth Marketing experiments expressly designed to drive business growth. Be one of the first to access to our growth marketing certification courses — Sign up today

 

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Allison Chaney

Since 1999, Allison has helped thousands of organizations, from small businesses to Fortune 500 companies, achieve material growth. She successfully founded and sold her B-Corp-certified digital marketing agency, Bare Knuckle Digital, to a Procter and Gamble spin-off. As a speaker and trainer, Allison inspires her audiences with her engaging style and makes complex topics easy to understand and fun to learn.

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