From the course: Marketing Analytics: Decoding the Conversion Funnel for Revenue Growth

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Define outcomes

Define outcomes

From the course: Marketing Analytics: Decoding the Conversion Funnel for Revenue Growth

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Define outcomes

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I can't stress it enough. Setting up your hypothesis so you can properly test and measure the outcome is key. So we're going to spend a whole chapter exploring how to properly define and measure outcomes. Then at the end of this chapter, we'll fill in the hypothesis formula with our clearly defined outcomes. What are outcomes anyway? You can think of an outcome as your main conversion goal. In industry speak, it's often referred to as a Key Performance Indicator, or KPI, as Objectives and Key Results, or OKRs, and it may sometimes be called the Overall Evaluation Criteria, or OEC. Whatever term you use to define it, the outcome is the main criteria or metric you're using to evaluate success. Usually, in an online experiment, success is measured by improving conversions. The problem is, conversions is a very loose metric, and it needs to be clearly defined. Most of the time, we think of improving conversions as seeing a metric go up. For example, we could be looking to increase the add…

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