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Leah’s ProducTea
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Three common mistakes when building big bets
- Launching a new product or feature in an existing company is almost the same as launching a new startup.
- Product-Market Fit for new things is hard. Don’t make it harder.
- When launching anything new that is big, observe new customer cohorts more vs. your existing customers.
- There are diminishing returns when we think about how much data we can gather without building something to test it.
- Don’t deploy big bets without properly thinking about tracking and acceptance of failure culturally and as part of the company’s strategy.
- New bets should be limited to as little changes for the customer as possible to isolate improvements in data
- Predictability for big bets is inherently limited but it does not absolve you from making a proper business case.
- A low success rate doesn’t mean zero success rate. Successes can still pay for other failures, which needs to factor into ROI calculations.
- Reward learning, not just success. A culture that accepts failure supports innovation and helps teams maintain motivation in the face of failed bets.
- Designating time for big bets explicitly, and being upfront about the potential risks and rewards, creates a more open culture and supports innovation.
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