I read this term today while I was reading the book The Bezos Letters by Steve Anders.
I just finished reading the 1997 letter to the shareholders and started reading the first chapter of the book. I was astonished by the amount of emphasis Jeff Bezos places on successful failure.
I keep writing about testing everything because only the market has the right to decide what will succeed. You may have the best product, the most expensive and elaborate media roll out, but if you don’t first test and see, it can bomb.
But Bezos takes it further, he’s talking of billions of dollars that he’s spent on failures, learnt from them and made other things successful and made many more billions.
In marketing and product management, especially when you are a small company , you need to be very agile at testing continuously, learning and adapting to make your product more attractive in the market.
When you do testing ensure you only do with one variable at a time, to keep reducing the risk of a complete disaster. Never try multi variable testing because you will never be able to figure out the interplay between two variables which could create an indeterminate third variable.
Everything that you do has risk. You mitigate it by testing, identifying the failures and then converting into success.
Till next time then.