Why Should Marketers Think Like Scientists?

All progress in the world has come from the scientific method. From the discovery of fire to the development of vaccines, science has been the driving force behind human progress.

For years, marketers relied heavily on their intuition to make decisions. In a data-driven world, this approach is no longer sufficient. Today’s marketers need to think scientifically to implement successful marketing strategies and make better predictions & decisions.

In this article we will answer the following questions:

• What is the scientific method of thinking?
• Why marketers should think like scientists?
  • Case Study: The New Coke launch debacle
• How can marketers think like scientists?
• Examples of Scientific Thinking for Multifamily Marketers

Let’s begin by understanding what is meant by scientific thinking.

What Is a Scientific Method of Thinking?

Meet Sarah, a multifamily marketer who has her property listed on two ILSs, let’s call them A & B. However, she Observed & Identified a Problem in their current ILS investments. The ILSs were not getting enough leases despite generating a significant number of leads.

So she must figure out which ILS is working best. She has three options to do so:

1. Ask her boss.
2. Take her colleagues’ opinions.
3. Ignore the boss and conduct an A/B test!

If you were in place of Sarah, what option would you go with?

Did we hear ‘3’? Congratulations! You are a scientific marketer. Let’s see what Sarah chooses and why.

Sarah Formulates a Hypothesis that conducting an A/B test will help her determine which ILS has a higher conversion rate.

To Test the Hypothesis, Sarah conducts an A/B test, using ILS A and ILS B. She found that ILS A generates 50 leads and 1 lease, while ILS B generates 30 leads and 5 leases.

Next, Sarah Analyzes the Data collected from the A/B test and sees that ILS B is more effective at generating leases than ILS A, despite generating fewer leads.

So she Draws a Conclusion that she should invest their marketing budget in ILS B, as it generates a higher number of leases per lead.

Sarah continues to use the scientific method of thinking and Repeats the Cycle to test and optimize their marketing strategies, constantly identifying new problems, formulating hypotheses, and testing them to achieve better results.

If that, doesn’t convince you, let’s see what happens when marketers don’t think like scientists.

Why Marketers Should Think Like a Scientist?

On April 23, 1985, The Coca-Cola Company launched the New Coca-Cola in the hope to reinvigorate the brand.

Before the launch, they conducted 190,000 blind product sip tests in the United States. In the tests, more than 50% of participants favored the New Coke.

Despite the positive feedback, the launch of New Coke was a massive failure. Consumers rejected the new formula and demanded the return of the original Coke.

This happened because:

• The sip test wasn't the right research method. One sip wasn’t enough to know whether consumers will develop a new taste.
• Consumers were not told that only one product would stay in the market, and the other would be withdrawn.
• The symbolic value and emotional involvement of people with the original Coke were overlooked.

As a result of the backlash, Coca-Cola was forced to withdraw New Coke and reintroduce the original formula, now marketed as "Classic Coke.”

A scientific approach to marketing would have helped avoid the New Coca-Cola launch debacle by using a more comprehensive research method that not only considered the product's taste but also the consumers' emotional attachment to the brand.

How Can Marketers Think Like Scientists?

Marketers can think like scientists by adopting the following approach:

1. Adopt the scientific method of thinking: Marketers need to adopt the scientific method of thinking to make objective decisions that are supported by data, rather than relying on intuition or assumptions.
2. Follow an evidence-based approach: Marketers need to continuously test and experiment to determine what works and what doesn't. This will help them better create better marketing strategies, and improve their campaigns over time.
3. Utilize data and analytics: To make informed decisions, marketers need to have access to reliable data and analytics. A Multifamily Customer Data Platform (CDP) can provide marketers with a unified view of customer data. Marketers can use this unified view to gain insights into their audience's behavior & preferences and create personalized campaigns.

Examples of Scientific Thinking for Multifamily Marketers

Here are some examples through which multifamily marketers can leverage scientific thinking and make effective decisions backed by data and insights.

1. A/B testing of subject lines

Marketer sends two versions of an email randomly to a sample of the email list. The results are then measured by tracking the open and click rates of each version. The subject line that performs better is used in future emails. This helps marketers figure out which subject line will resonate more with their audience.

2. Effect of a New Chatbot on Leases

Marketers can implement chatbots on their websites and track the leads and leases generated. To evaluate the impact of chatbots on lease conversions, they need to compare results with a control group that did not receive chatbots. Ultimately, this will help them determine the chatbot's effectiveness in generating leads and converting them to leases.

3. Finding the best time to send emails

Multifamily marketers can use data to analyze when residents are most likely to open and engage with emails to improve campaign performance. For instance, Hyly.AI Data Science Team's analyzed 10 million emails monthly to determine the best send time for multifamily resident e-blasts.

By adopting a scientific mindset and using data to drive decision-making, multifamily marketers can make more informed decisions and achieve better results.

Conclusion

Marketing is no longer just an art - it's also a science. Marketers who adopt a scientific marketing approach are more likely to be successful in today's data-driven environment. By developing hypotheses, testing them, measuring results, and using data to refine their approach, marketers can make informed decisions and optimize their campaigns for success. So, if you want to stay ahead of the curve, it's time to start thinking like a scientist.