Smart Business Trends
The company has also built its own application, called the eBay Experimentation Platform, to lead testers through the process and keep track of what’s being tested at what times on what pages. CKE has attained an enviable hit rate in new product introductions—about one in four new products is successful, versus one in 50 or 60 for consumer products—and executives say that their rigorous testing process is part of the reason why. If you have had occasion to enjoy a Monster Thickburger at Hardee’s, or a Philly Cheesesteak Burger or a Pastrami Burger at Carl’s Jr., you’ve been the beneficiary of CKE’s efforts. These are just three of the successful new products that were rolled out after testing proved they would sell well. Clearly, one of the most important elements of making any well-informed business decision is actionable data. In business, the SMART model of decision-making is an important tool for drawing conclusions. The model relies on several steps that lead to setting goals ...