A When Mike Rhodes presented at DMDU Connect 2020 Artificial Intelligence – Less Artificial More Intelligence (How to play nice with machines in 2020), he explained the importance of experiment.
When we experiment we expect to be wrong. If it ain’t broken don’t fix it. That was a great rule for the old world, now we need to break it, try new things. Expect to fail a lot.
How do we mitigate risk:
- Contingency planning – what if. Run through some scenarios. What if this happens, play through those things in your head first.
- Pre-mortem. Sit down and assume it has failed and ask why did it fail. This will trick the brain to thinking differently. Once you know potential problems then you can put things into place to mitigate risk to ensure these things do not happen.
- Little bets. Don’t bet the house. How do you take baby steps. Talk to the bill payer and ask them if this is something interesting and if they would pay for it.
TIE CREATIVITY TO BUSINESS GOALS
How do you experiment? Profit – people – planet are important to you and your business as profit but profit is typically the short term goalpost that we can use when we are running experiments to see if they worked or not.
THE ECONOMIST
We need more Alchemists. We need more people thinking about new creative things to do.
Example – the Economists – 2 options Online $59 in print $125.00
Alchemist said offer both at same price, mess with peoples heads.
Offer results:
68% chose cheaper results
Alchemist – offer both same price
No one took up print option.
16% cheap 84% print and web
An alchemist came up with this idea – a computer could not do so.
Further tests:
Basic pack $950 – 3 people took up
Basic + pack $990 – 125 took up
VIP (6 only) $4990 – 6 took up
How do you take this idea into your business. How can you have a price anchor or a decoy or possibly both.
Wine – cheapest to expensive. Smart restaurants have the other way. Most expensive first. Once you get past the $3k grange and go down the list, you start feeling like a cheapskate if you go down to the $50 bottle.
In the google world we can experiment with
BIDDING
Use google smart bidding options and test against some form of manual bidding.
TARGETING
We can look at targeting option like smart shopping and say let google decide who should see my shopping ads v. me controlling everything, lets test that with a little bet. Don’t go all in on Google AI. Experiment with it in your business.
MESSAGES
Computers not quite there yet for the most part. GPT3 examples – writing creates amazing text. This area is pretty safe in marketing.
Blog Post created from Mike Rhodes’ DMDU Connect LIVE 2020 Presentation.
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