A step-by-step guide to smart business experiments

Development and Learning in Organizations

ISSN: 1477-7282

Article publication date: 4 October 2011

Keywords

Citation

Anderson, E.T. (2011), "A step-by-step guide to smart business experiments", Development and Learning in Organizations, Vol. 25 No. 6. https://doi.org/10.1108/dlo.2011.08125faa.011

Publisher

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Emerald Group Publishing Limited

Copyright © 2011, Emerald Group Publishing Limited


A step-by-step guide to smart business experiments

Article Type: Abstracts From: Development and Learning in Organizations, Volume 25, Issue 6

Anderson E.T. and Simester D.Harvard Business Review, March 2011, Vol. 89 No. 3, Start page: 98, No. of pages: 7

The power of analytics in decision making is well understood, but few companies have what it takes to successfully implement a complex analytics program. Most firms will get greater value from learning to do something simpler: basic business experiments. Managers need to become adept at routinely using techniques employed by scientists and medical researchers. Specifically, they need to embrace the “test and learn” approach: Take one action with one group of customers, a different action (or no action at all) with a control group of customers, and then compare the results. The feedback from even a handful of experiments can yield immediate and dramatic improvements. This article provides a step-by-step guide to conducting business experiments. They look at organizational obstacles to success and outline seven rules to follow.Article type: viewpointISSN: 0017-8012Reference: 40AL807

Keywords: Analysis, Corporate strategy, Decision making, Experiments, Marketing, Science