![]() ![]() Keep it simple, take feedback and decide whether to continue to invest then iterate and re-evaluate. Make a prototype or implement a simplified version of your idea in your product and see if people use it. Customers (and people in general) are very bad about knowing what they want, and need to see and touch something tangible before they can see what works and what doesn’t. However, this should be more than just talking to your customers in general about whether they want it. ![]() Think carefully about how you will validate your idea, and invest the absolute minimum you can get away with to do it. By iterating in rapid cycles with fast feedback, we can recognize a bad idea or one that is simply not resonating and adjust our parameters or abandon it. Lower the cost you sinkĪn excellent way to avoid the sunk cost fallacy is not to sink the cost in the first place! Lean principles tell us to invest the minimum to produce something viable which can be used to evaluate our future investment. The following are some helpful tips for avoiding this in your product development organization. Knowing when you should be prepared to cut your losses is a mark of maturity in product development and one that even the most experienced product manager will frequently struggle with. In product development, this shows itself in the difficulty of realizing when you’ve overinvested in a bad idea - or even just continued to invest in a good one past the point where the effort exceeds its diminishing returns. A particularly insidious one is the sunk cost fallacy - the tendency to double-down on our mistakes just because we spent a lot of time and effort making them. As imperfect people, we all suffer from cognitive biases.
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