Test & Learn™ removes the uncertainty in ad investments by accurately quantifying the attributable impact of advertising spend at an actionable level.
San Francisco (PRWEB) April 23, 2010
Executives from more than 40 major companies - including Barnes & Noble, Family Dollar, InterContinental Hotel Group, Kraft, Kohl’s, Subway, Victoria's Secret, and Wells Fargo - gathered this week in San Francisco for Applied Predictive Technologies' 6th Annual Test & Learn™ Best Practices Summit. Each spring, the event convenes Test & Learn™ users from a wide range of industries to share analytics best practices and to network with fellow practitioners.
The conference's keynote addresses were delivered by Haim Mendelson, the Kleiner Perkins Caufield & Byers Professor of Electronic Business and Commerce, and Management at the Stanford Graduate School of Business, and Scott Setrakian, Managing Director at APT.
In a talk titled "Organizational IQ," Professor Mendelson described the test and learn approach as "an organizational imperative" for driving effective decision-making. He highlighted the role of information awareness, organizational focus, and business networks in driving profitability and growth. Drawing on his research results on Organizational IQ and case studies ranging from computers to shoe retailers and social games, Professor Mendelson highlighted the value of the test and learn approach for executives seeking to make faster, higher-quality decisions throughout the organization. "Research shows that having a lot of information does not necessarily lead to better decision-making," he said. "Both a robust analytical process and an effective organizational architecture are needed to help translate data into actionable recommendations and strategic decisions. Companies that use the test & learn approach are significantly boosting their Organizational IQ – not to mention their bottom line."
In the second keynote address, titled "Watch This Space: Adventures in Advertising," Mr. Setrakian discussed how Test & Learn™ is being used to optimize advertising decisions. First, Mr. Setrakian reviewed analyses of the precision of traditional media mix modeling, showing that accuracy issues that dogged the approach during the recent economic downturn are actually endemic to the methodology. He presented the Test & Learn™ process to optimizing marketing spend across media and markets, and shared details of development work underway at APT to bring a fully formed Test & Learn™ for Ads product to market. "The precision of traditional media mix modeling is as authentic as the Emperor’s new clothes. Test and Learn™ removes the uncertainty in ad investments by accurately quantifying the attributable impact of advertising spend at an actionable level."
Anthony Bruce, CEO of Applied Predictive Technologies, cited the conference's "record attendance" as a testament to the growth of APT's technology platform, as well as to the event's value for Test & Learn™ users. "There was a palpable energy generated at this year’s summit, driven mainly by the opportunity for Test & Learn™ practitioners to share insights across companies and industry lines. We are constantly impressed by the novel ways in which APT's clients are leveraging Test & Learn™ to test new ideas that are driving measurable bottom line improvement and helping to strengthen relationships with the consumer through this period of economic recovery."
About Applied Predictive Technologies
APT is the world leader in helping organizations harness the potential of Test & Learn™, a powerful fact-based approach for choosing, targeting, and tailoring strategic and tactical actions for maximum impact and profitability. More than 50 Global 2000 leaders have licensed APT's Test & Learn™ software, including Starbucks, Kraft, Wells Fargo, Holiday Inn, Staples, Lowe's, Victoria's Secret, Food Lion, and Toronto Dominion. APT has offices in London, San Francisco, Taipei, and Washington, D.C. For more information, please visit http://www.predictivetechnologies.com.