What is split testing? It is testing different advertising elements to see what works best. An easy test is A/B split testing. There are only two options being tested. There are more advanced test you could run testing multiple variables at once.
Split testing in advertising is not new. It is actually an old practice. In direct advertising it was one of those tests you could do. Back then, with direct mail, it was expensive to do compared to today. It was expensive because you needed to have a budget to test, and that test must be statistically significant. This could mean sending two batches of 1000 letters, waiting 2 weeks, checking results and doing it again for another test. Time consuming and expensive. All that has changed.
Split testing is now more affordable than ever. And more important than ever.
Why do a split test?
Imagine you only have ONE competitor in the market (lucky you!). They are spending R20 000 per month on Google Ads. This gives them 2000 visits per month. They are not tracking their campaign well, not doing any tests, and get around 50 leads per month. That gives them a R400 cost per lead (R20 000 / 50 leads = R400 per lead). They are making some sales from the 50 leads. The 50 leads gives them a 2,5% conversion rate (that is ABOVE the average most advertisers get).
You, on the other hand, are interested in better results so you are testing your campaigns and tracking results. You are also investing R20 000 per month. There are a couple BIG differences. Instead of 2000 visits, you get 3000 visits (yes, this is possible with the same budget). And, you have worked on your conversion rate, which means you are getting a 10% conversion rate. This works out to 300 leads per month (3000 visits @ 10% conversion rate = 300 leads). Your cost per lead is R66 and NOT R400 per lead. You have 250 MORE leads to work with on the SAME advertising budget.
For your competition to get the SAME number of leads they will need to spend R120 000 per month (300 leads @ R400 per lead = R120 000)! Your investment in improving campaigns pays itself!
Which business will do better? Obviously YOU!
Not testing, measuring, tweaking your marketing means you are missing out on a lot of opportunity in the market.
Yes, not ALL tests are successful. Not all campaigns work out. That is the nature of advertising, marketing and sales. It is a consistent improvement process. The more you test, measure and improve, the better the results you will get.