Nothing is static in a digital marketplace, and the positioning of products cannot be either. How do brands know if the right content, messaging or advertising is resonating with consumers? This requires an ongoing commitment to testing and learning. While there is evaluation of performance from a reporting standpoint today, it is typically siloed and retroactive, coming long after major investments have been made. This approach is costly—in both dollars and time—and can be avoided with much more affordable research and experimentation upfront.
By treating every product page as its own P&L, companies start by understanding the problems that are standing in the way of driving profitable growth at a new level of granularity, often discovering themes across relevant collections, categories and marketplaces. With this approach, manufacturers can hypothesize solutions based on customer insights, trends and historical data. But rather than deploying them with simply the hope that they will be successful, they can set up experiments to rapidly determine what will drive the optimal performance at scale. It is a quicker, more intelligent and more cost-effective path to profitability. One that is built on a foundation of facts, not opinions.