A surefire path to success in anything worth doing is to fail fast and fail often. If you don't believe me watch Michael Jordan's “Failure” Nike Commercial.
But I'm not here to debate that. What I do want to ask my fellow Warriors is do you guys have some sort of mathematical formula that helps you decide whether or not to bail on a product launch, website, or campaign?
Being the emotional hopeless romantic that I am, I have a tendency to hold onto ideas much longer than I should. I'd like to take my flawed human emotions out of the equation as much as possible. That way I can make my decisions based on cold hard numbers.
Right now my formula is as follows:
If revenue > cost then continue to tweak what is working and drop what isn't. If cost > revenue for x amount of days/weeks/months then it's time to restructure my plan or drop the project entirely.
It works ok, but it still leaves room to permeate my “feelings” on the project. Like I said, I'd like to get that out of the way as much as possible.
So tell me, how do you guys decide when the fat lady has sung her sweet song of defeat.