After the first Study on the culture of experimentation performed in Spain and Latam by Product Hackers, 59.7% of the companies surveyed do not carry out experiments in their organizations, compared to an important 40.3% who develop them. And it turns out that experimentation is key to growth: the companies that do it most often are the growing startups; 51.11% of them.
The Product Hackers Study wanted “Do you know if companies and startups are using this important approach in their organizations, very relevant information because according to the data received, 97.5% say that experimenting brings them positive or very positive results in growing their digital product or business, compared to 14.8% of companies who do not experiment and believe so would not have a positive impact on your product,” emphasizes Luis Diaz de Dedo CEO of product hacker.
The culture of experimentation in startups
That growing startups are the companies adopting the culture of experimentation the most “is not a fact that surprises us, as they are the ones that benefit most from the culture and philosophy of American tech companies that have traditionally driven the culture of experimentation . An important connection is found between the degree of digitization of companies and the culture of experimentation,” adds Luis Díaz de Dedo.
In this sense, the study makes it clear that the two The main goals of experimentation in companies are to increase conversion and test new functionalities.
The economic sector where there is a higher percentage of experimenting companies is e-commerce (67.07%) as they are fully digitized companies. Closely followed by the insurance industry (63.16%), which today generates most of the leads through the online channel, the digital finance or fintech industry (56.76%) and the marketing industry (47.83%), mainly the digital marketing.
That media They also show a good penetration of experimentation, with a whopping 47.83% doing some type of experimentation.
According to the study, the main obstacle to experimentation is the lack of personnel or time to carry it out. If we add that 10.9% of companies indicate that budget is also a major barrier, a total of 39.2% acknowledge that personal and economic resources are the main barrier to experimentation.
A great number that shows the agility of the business sector surveyed: 73.6% of companies are able to implement the lessons learned from their experiments in their digital product or in their online sales process in less than a month.
However, the variable company size plays a different role here, namely that 44.4% of the companies do not manage to measure the return on their experiments.
“Experimentation does not mean setting up a scientific laboratory in your company, but creating basic prototypes of a new functionality that will be shown to a subset of users of a website and analyzing the impact that this small change has on sales or KPIs digital product or business. At Product Hackers, we are absolute believers and practitioners of experimentation and error. It’s not for nothing that we ran more than 220 experiments for more than 30 different customers in 18 months,” explains the CEO of Product Hackers.
Software changes everything: Continuous improvement is error-based
“Most traditional companies approach product and service development with a no-fail mindset. They create elaborate plans that must be executed carefully and without error,” but for product hackers, software changes everything now.
“Today we can make products that can be modified and enjoyed at any time as they are improved or changed.“.
“You no longer have to have everything under control before launching a product. Proof of this are the startups that have brought to the world a new way of doing things based on continuous improvement based on trial and error. the acceptance of failure as a starting point for growth”.
You can read more about growth strategies here: Growth Hacking in your business: the method that made Airbnb, Dropbox and Hotmail grow.