Nothing costs you money faster than a bad idea. Cost Plus learned this lesson when they experimented with a bigger product image on their product detail page, to increase their add-to-cart and purchase rates. After all, a bigger image makes the product more appealing for customers by showing off its great features, right?
Cost Plus learned that the larger product images actually reduced their add-to-cart rates because the images distracted from the shopping cart call to action. But by experimenting with different experiences based on a solid hypothesis, they learned this lesson without rolling out this losing option to all their customers. They decided not to use the larger images, saving an estimated one million dollars a year!
Can you imagine that an image size could have such a drastic impact on your business? Cost Plus probably didn’t, either--until they saw the results of the experiment for themselves.
Experimentation is the great equalizer in your business. Rather than relying only on ideas of the highest-ranking authority in your company and hoping that your audience responds, experimentation driven by thoughtful analysis will give you hard data that can both save you money and drive revenue growth.
Ideation is the first step in a successful experimentation process. It lets you confidently create experiments that align with your business goals based on evidence rather than speculation.
So let’s find data-driven ideas that you can develop into solid hypotheses for experimentation.