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Conversion tracking is an integral part of any well-planned digital marketing campaign. It provides an edge to which all forms of traditional advertising can not replicate. But what exactly is it? Why is it so important? And how does it work?
This article discusses the differences of A/B or Split tests and multi-armed bandits for variant testing. It can be used to e.g. choose the best performing set of ads for a digital marketing campaign. Simulating and measuring the performance of both methods in various experiments shows that in most scenarios the Bandit dominates the Split and should be preferred. In addition to the simulation results, all of the required source code is provided plus a simple web app for variant optimization using the Bandit method.
Putting some effort into the search of the right keywords can make a real difference to your online marketing campaign. You want to be addressing your most relevant audiences in the most efficient way possible. And although your keyword planning is a task not to be underestimated, if you follow the basic tips explained in this article, you are definitely on the right track.