Innovation keynote speaker and award-winning author Jeremy Gutsche teaches his audiences and readers how to apply the scientific method to business. He believes that through testing and optimizing in uncharted territory, uncertainty can be quantified and innovation unearthed. It is important for brands to test broadly in the areas they are the most uncertain.
To further demonstrate what he means, he provides different examples of brands who effectively test and optimize:
"Yahoo.com tests 20+ layouts each day, measuring the impact on page views per visitor, time of visit, and likelihood of return.
Dell tests news products in real time, testing the price sensitivity and impact of special promotions.
Capital One mails dozens of product tests each month, playing with price points, wording choice, and even envelope color."
Brands cannot expand unless they are willing to try entirely new things. When brands only make slight tweaks to their products or services, they remain stagnant on their hill and trapped from new opportunities.
For more business advice and innovation tips, check out a free copy of Jeremy's book 'Exploiting Chaos' here.
Create Order Out of Chaos
Jeremy Gutsche On Applying the Scientific Method to Business
Trend Themes
1. Scientific Method in Business - Implementing scientific testing and optimization to quantify uncertainty and unearth innovation opportunities for brands.
2. Broad Testing - Testing new layouts, promotions, and product features to expand and explore new opportunities for growth.
3. Innovation Unearthing - Opportunities to discover new innovations through testing and optimization in uncharted territories.
Industry Implications
1. E-commerce - E-commerce industries can utilize broad testing to discover new opportunities for growth in product features and promotions.
2. Technology - Technology industries can benefit from implementing the scientific method to constantly improve their products and services.
3. Finance - Financial institutions like Capital One can experiment with pricing strategies and creative marketing to continuously expand their services and retain customers.