Thursday, May 9, 2019

The Management Tip of the Day


THE MANAGEMENT TIP OF THE DAY: Harvard Business Review

May 9, 2019

3 Things to Do Before Running a Business Experiment


Experiments are a great way to test your assumptions and make smart decisions, whether you’re launching a product or optimizing a marketing campaign. But without a thoughtful plan of execution, you may not learn anything truly useful. Before you invest in an experiment, make sure you have three basic ingredients. First, be able to collect the data you need to answer the experiment’s underlying question. For example, if you can’t measure attribution from a digital ad to a sale, you can’t run an experiment to figure out which ads are effective. Second, involve a statistical expert who has both the knowledge to design the experiment and the communication skills to explain the results to stakeholders. Leaders need to understand your findings before they can act on them. Third, do a test run of the experiment in a low-stakes environment. If your goal is to send an email survey to customers, send it to a large group of colleagues first. This will ensure that the experiment is set up correctly and that you’re gathering the data you need.

Adapted from “8 Things to Do Before You Run a Business Experiment,” by Linnea Gandhi and Erik Johnson




ADVERTISEMENT

FEATURED PRODUCT

How Finance Works

Mihir Desai

In How Finance Works, Mihir Desai — a professor at Harvard Business School and author of The Wisdom of Finance — guides you into the complex but endlessly fascinating world of finance, demystifying it in the process.

Through entertaining case studies, interactive exercises, full-color visuals, and a conversational style that belies the topic, Professor Desai tackles a broad range of topics that will give you the knowledge and skills you need to finally understand how finance works. These include: How different financial levers can affect a company's performance; how value is created, measured, and maximized; why finance is more concerned with cash flow than profits; and more.

$35.00

Buy Now

FEATURED PRODUCT

5 Years of Must Reads from HBR: 2019 Edition

Harvard Business Review, Michael E. Porter, Joan C. Williams, Adam Grant

Get five years of the most significant thinking from the pages of Harvard Business Review in one library set. Every year, HBR editors examine the ideas, insights, and best practices from the past twelve months to select the articles that have provoked the most conversation, the most inspiration, and the most change. From how companies can proactively evolve their business models to stay ahead of the digital revolution to understanding why your strategy execution isn’t working — and how to fix it — the articles in these 5 annual volumes will help you manage your daily challenges and meet the changing competitive landscape head-on.

$115.00

Buy Now
                                         

No comments:

Post a Comment