In fact, the machine learning that directs so much of modern marketing is a systemized approach to trying various options, and investing in the ones that work and dropping the ones that don’t. Here are some examples:
- Programmatic ad buying directs media budgets to strategies that work, and the lowest cost per click (CPC). Early in the process, the cost per click often rises seemly out of control, before the algorithm kicks in and delivers lower CPCs.
- Email marketing provides low-risk ways to test creative approaches. Send out 1,000 emails of each of two versions of the communication, and see which one gets the highest open rates.
- Create multiple landing pages on your website, and make different offers to different consumers, and see which delivers the greatest engagement and conversion.
- Do search engine marketing (SEM) campaigns using keywords you’ve never tried before. Small amounts of budget will quickly show you if you are on to new traffic-drivers, or duds.
These are all ways to embrace failure as ways to rule out the wrong way forward, and focus your marketing efforts.