Skip to main content

Fail faster

Hi MD,

Failure hurts. Nobody likes to prioritize failing. That is why we make plans and write extensive roadmaps to ensure our efforts result in wins.

Yet in a world that's increasingly spinning out of control, failure should be seen as the default outcome. Anyone who's competing in a mature market knows that winning is hard and rare.

If your competitors are smart, well funded and are willing to work as hard as you, how do you win? Well, the basic business theory suggests that you win by having a competitive advantage over others. You do things your competitors are not doing.

But most competitive advantages wither away with time. They become common knowledge and hence erode with time. So, the question you should be asking is: what competitive advantage is not commonly known and exploited yet?

I think the answer to that question involves failure. Most organizations are risk averse and do not like failure. And that is what you can convert into an advantage for you. You should fail faster to gain an advantage over others.

You obviously don't want to fail on purpose - there's no glory and advantage in that. By failing faster, I mean killing the projects, ideas and initiatives that have no impact sooner rather than later.

Here's how you do it.

To kill ineffective projects early, make sure every proposed project in your team is getting measured against an existing baseline. You can use A/B testing for that. No matter what you do - tweak your AdWords bidding strategy, launch of a new product, or hire a new team - unless you A/B test an initiative against either not doing anything or the current implementation, you'll not know whether there's any impact of the effort you're putting in.

The most commonly acknowledged benefit of A/B testing is increase in conversion rate. But an even bigger benefit is freeing up organizational resources and bandwidth from things that don't work.

Finding out something isn't working out sooner allows you to put your resources behind something that may actually work. In that sense, a failed A/B test needs to be celebrated as much as a successful A/B test because without the A/B test, you may have made changes directly and would have realized too late that you've actually made things worse. In the meantime, your team members, your organizational bandwidth, your mental space - all would have been occupied by something that is not working (but you're not aware of it because you haven't A/B tested it).

Embracing failure is still uncommon and that is why the most successful companies use it as their competitive advantage. Google kills tens of products each year. Facebook's mantra is "move fast and break things".

So, what seems like a failure from the outside is really their secret sauce.

If you have a story of how failure of a project actually worked in your favor, do share your story with me. I read and reply to all responses :)

Regards,
Paras Chopra
Founder and Chairman, VWO

@paraschopra on Twitter

PS: These letters are getting cross-posted on our website too. Read my past letters here.



VWO (A Wingify product) 1104, 11th Floor, KLJ Tower North B-5, Netaji Subhash Place, Pitampura, Delhi – 110034, India
This email was sent to bablu.sahil786.rockmoney@blogger.com. Update your email preferences to choose the types of emails you receive.

Comments

Popular posts from this blog

SBI Clerk Exam Results

  SBI Clerk Results 2021 Out, Clerk prelims Marks out.  Table of Contents SBI Clerk Score Card 2021 Out SBI Clerk Prelims Score Card 2021 SBI Clerk Score Card & Marks 2021 SBI Clerk Score Card 2021 Out SBI Clerk Prelims Score Card 2021: State Bank of India has released the SBI Clerk Prelims Score Card 2021 along with the release of SBI Clerk Prelims Result on 21st September 2021. The candidates who have appeared in the prelims exam on 10th, 11th, 12th, 13th July and 29th August 2021 can check their SBI Clerk Score Card from the official website of SBI @sbi.co.in or directly from the below link mentioned in the article. SBI Clerk Prelims Score Card 2021 SBI Clerk Prelims Score Card 2021 Organisation     State Bank of India Exam Name     SBI Clerk 2021 Post Name     Junior Associates (Clerical Cadre) Vacancies     5454 SBI Clerk Exam Date     10th, 11th, 12th, 13th July and 29th August 2021 SBI Clerk Prelims Score Card     21st September 2021 SBI Clerk Prelims Result     21

Umbrella type Fish Trap

Jiophone Next Launched - Jio and Google lunch new Jio phone

  The world's cheapest Android smartphone is going to be the Jio Phone Next Lunch.It will be lunched before Diwali, but before that the company has shared its video. The video explains how to make the phone. This phone is being made in India only.Jio phone is being made in India is made for India. Made by India.Let me tell you what is special in this phone. This phone will get Pargati OS which will be Android powered.This is the best operating system, it has been specially made for India. Both Jio and Google have jointly prepared the phone. The phone's OS is named Pragati because the phone wants to bring progress in the country, the country will be the first Android phone to get it at a low price. Users will get a better experience even after the low price. The processor of Jio Phone Next has been prepared by qualmqoure. This smartphone will give a new opportunity to every citizen of the country to connect with digital.This phone is going to change the lives of lakhs of recrui