5 Ways to Use Machine Learning to Get More Conversions
As Optimizely’s Experimentation Program Manager, I was very intrigued by the launch of our new and improved Multi-Armed Bandit. I was excited to start using this powerful, machine learning optimization tool that was designed specifically to increase conversions. This was especially exciting for my Marketing team, who wanted to get more conversions on key landing pages and webinars, so I wanted to share some of the best use cases for this powerful feature!
First, a quick definition of what a Multi-Armed Bandit is:
- Scientific: The term “multi-armed bandit” comes from a hypothetical experiment where a person must choose between multiple actions (i.e. slot machines, the “one-armed bandits”), each with an unknown payout. The goal is to determine the best or most profitable outcome through a series of choices. At the beginning of the experiment, when odds and payouts are unknown, the gambler must determine which machine to pull, in which order and how many times. This is the “multi-armed bandit problem.”
- Practical: In other words, the better a variation performs, the more traffic a multi-armed bandit will send its way. So, if all you care about is conversions over a specific time period, like a…Source