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

ria money transfer- Online Money Transfer ria money

Riya Money Transfer is one of the largest money transfer companies in the world. With more than 317,000 locations in 146 countries around the world and an easy-to-use online dashboard, Rhea is convenient for both sender and recipient. Founded in New York in 1987, Rhea began with the simple goal of providing simple and reliable shipping services to people who ship home with an emphasis on friendly service. Over the years, Rhea has grown as a global company, expanding (and continuing to expand) to its worldwide location. In addition to remittance services, Riya Money Transfer offers bill pay, mobile recharge, prepaid debit cards, check cashing, money orders, and more. With a strong presence on almost every continent in the world, Riya is a brand that millions of people trust. Finally, as a company that places great value on the safety of its customers, you know that your money is always in good hands. The good thing about RIA Money Transfer $ 0 transfer fee when you use a bank account to

Youtube to Video Mp3 Mp4 Converter Download

Youtube Link to Video Mp3 Converter Download.  1. Youtube to mp3 Dowloader Converter.  You can download app here,  csc Best downloader app.  Youtube to mp3 converter This fast and easy to use converter allows you,  Download YouTube video mp3 for free wherever you are,  G0. Just one YouL ube link coPy, rewind and get ready to Listen to your mp3 file. So fast and easy! Instruction,  The main thing you need to do before getting ready,  The to-use mp3 has to be copied to a link first. Then go to our site 2conv.com and paste this link Special area in tne. Convert press to mp3. Your MP3 is ready to listen and enjoy! Don't forget to share this amazing ,opportunity Your friend. They will be very grateful to you! Enjoy Music with 2conv - Your Online YOu l ube to mp3 converter,  Are you tired of trying a fast and sociable to mp3, YouTube converter music that will allow you,  Download videos and favorite music tracks? And yours,  Tries to find an easy option to get your files,  Tre

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