I feel as though experimentation often generates some kind of fear or skepticism in the average person. When we hear experimentation, we might think mad scientists, sci-fi movies, or the more out-there fashion trends we see on social media. Experimentation is always valuable though—especially when it comes to your business. It’s an optimal approach to resource preservation, regardless of the outcome at the end of the day. That’s right, even when experimentation doesn’t work out, you still stand to gain a lot in the form of knowledge. Let’s talk about it...
Think of experimentation as an investment in your business’s growth and learning.
Your tests and trials will provide key metrics which will help you project how certain things might perform on a larger scale. Will it foster engagement, drive business forward, help boost your revenue? The data you gather can help demonstrate the benefits or return on investment (ROI) and provide a clear path for future forward. If the testing didn’t look promising, then you benefit from having not wasted the time, money, or other resources of launching the initiative on a wider scale immediately, while also gaining insight into where pivoting might be necessary.
An example of where experimentation can drive meaningful business growth is when a company is looking to expand into new geographical markets—not always the easiest or most intuitive thing to pull off, right? Start by finding a group of potential customers or your ideal audience in that new market and think about giving your product or service away for free, or at least at a deep discount. It may seem dicey, but it can be a very wise way to foster new growth and plant seeds where and when they’re needed most.
Look at your numbers and be strategic with what you can feasibly do to kickstart your brand in a new location. Taking calculated risks can pay off in dividends if you do it right. Not only will people be appreciative & curious about the new business with the great deals, but it’s also a valuable period of learning and gathering data for yourself. By allowing the nearby shops or customers to use the product for free temporarily, you can determine what’s working and what isn’t, or where you may need to evolve or adapt your brand for the new surrounding market.
Experimenting with diversifying your brand's network through partnerships with complementary industry businesses & organizations also presents a rich opportunity for growth. These collabs can open doors to fresh perspectives and untapped markets. By forging alliances with brands that share similar goals but offer different products & services than your own, you gain access to a broader audience base as well. Word-of-mouth is huge for marketing, so when you link up with other businesses, you open the floodgates for cross-promotion to their audiences as well. These partnerships ultimately serve as more than just business relationships; they become a looking glass for invaluable insights into your target demographic.
Through joint ventures, co-marketing efforts, or shared initiatives, you can glean firsthand knowledge about consumer preferences, behavior patterns, and emerging trends. All of which provide a nuanced understanding of your audience's needs and preferences, empowering you to tailor your market strategies with more precision!
In the end, if a business is to remain successful for the long term, it needs to be comfortable with trying new things, with experimenting.
What works for some markets or investors may not work for others, new services and products may not perform as well as others, certain locations might not be as busy—that’s where the true value of experimentation shines through. By consistently testing your brand, you can stay proactive against these things during seasons of change or uncertainty. Embrace the fact that, no matter the final result, your business will always grow from the experience.