Before digging deep into multivariate testing tools, you must understand that this technique is specifically for improving and refining your existing business. If you are in the initial stages of developing your business, then Multivariate Testing is pointless.
You can select multivariate testing tools by contemplating:
Your Business Internal Ability
It means that to use meta variant tools, you must have the right team to plan, develop, and execute. This process requires a real leading team of experts. Other members include designers, developers, and analysts. They will plan and perform the entire testing to formulate and monitor results.
Your Budget and Business Objective
This technique requires a team to manage and improve the details of a well-established business. But there are various tools available for multivariate testing. It depends on the size of the company’s business and objectives to set and monitor its budget.
If the business is small and a person is well aware of technique and tools, then a small team will do. But if a company is enormous and its ambitions are high, then outsourcing experts is a good investment. The results from this technique are slow but long term. If used wisely, you will not regret using MVT tools to improve your business and increase its ROI. That’s because MVT testing is now based in AI and machine learning.
What is Multivariate Testing (MVT)?
It is a technique that helps a business modify its marketing techniques by observing and analyzing market behavior. The best approach of a business is always to welcome constructive criticism. This application helps businesses in developing and evolving. With the help of MVT testing , a company can segregate its marketing approach and test customers’ behavior. A lot of this is thanks to the dynamic impact of AI on ad tech evolution.
To further understand what MVT is and how it is different from a/b testing, we need to clarify a few frequently used terms like:
Different possible designs that a business uses to attract customers are called variables. For example, images, videos, website themes, etc. All these are called variables. These variables help to determine customers’ behavior.
The further divisions of a variable to filter out the exact behavior of your market are called variants. For example, if there is a BUY NOW icon on your page, this is the variable.
To further analyze conversion behavior that will positively affect your business, you will add variants for testing. In this case, the variants are different colors that you chose to test buying behavior and icon with or without images.
Difference between A/B and MVT tools
You might have often heard about a/b testing with MVT testing. There is a slight difference between both techniques. Mostly, the A/B testing technique is used because it helps marketers to analyze and modify broader segments. A/B testing is not for complex variables. It is more suitable for the necessary variables. This is why A/B testing is viral and used commonly by many businesses.
On the other hand, Multivariate Testing is best for adjustments and modifications of the most delicate details. The variables and variants used are divided and tested. Each variable data is combined to formulate the results. Based on combining the most effective behaviors, businesses adjust their marketing techniques to increase their ROI.
In other words, A/B testing helps a business in determining how different variables affect page performance. Whereas MVT testing helps in testing different combinations of these variables to illustrate the precise and detailed analysis.
Types of MVT
There are two major types of multivariate testing, which include:
With this method, you can test all of the possible combinations of variables and variants. These are designed and tested over equal focused traffic for fair analysis.
The name is self-explanatory as only a fraction or segment of possible combinations is tested over the traffic. The effectiveness and results are deduced by statistically analyzing untested conversions based on tested products.
The former method is better since the latter requires less traffic, but is also less precise.
Before Multivariate Testing
A business must identify problems regarding its marketing campaigns. Then you must state and ask why your business is not receiving the expected outcome? And what changes will help to increase traffic to your website as well as conversion rates?
Based on your hypothesis, you can segment the marketing image, video, or graphics into different variables. Determine the sample size and test with the help of chosen MVT tools. Analyze your results and utilize these results in improving the performance of your business.
Multivariate Testing Tools
One of the most common confusion about MVT testing is which tools or software are available for conducting it.
Multivariate testing is a method, and there are many tools available to help you test your customer’s behavior. Some of these tools are:
- AB tasty
- Adobe Target
- OpenText Optimost
AB tasty, Adobe Target, and Accenture are best for both A/B testing and MVT. OpenText is mainly used for multivariate testing but is not used on email campaigns. Other listed tools are also used for MVT testing but each software has its limitations. Therefore, the application that suits you best depends on your planned testing and desired objectives.
Limitations of MVT testing
Though multivariate testing will help you evaluate details that will enhance your business performance, there are some limitations to this technique as well. First and foremost is the complexity since this technique is more complicated than A/B testing. The results and variants are more difficult to analyze than A/B testing.
Another limitation is that you require a substantial amount of traffic to divide and perform tests properly in MVT testing. This kind of traffic is not available for many businesses. And if they achieve an MVT test, the results are compromised.
In some cases, small businesses are overwhelmed by the idea of MVT testing, and they do not precisely know what to test and which variables to use. They try several things at once, which may or may not help improve business ROI. It’s important to remember that the most effective method of MVT testing is one that is based on data-driven marketing results.
Multivariate testing is perfect for the modification of your existing business. You can get direct and detailed data regarding customer behavior and improve your conversion funnel with MVT tools. This tool helps you to know which marketing asset works better. In this way, future decisions are made to adjust and enhance performance.
This technique is used for any form of marketing from websites, images and videos to social content and email marketing, etc. Every detail is segmented into variants to see which performs the best. You can enhance user experience with this technique, but if your business is new, this approach is not for you since it requires a large amount of traffic.