Testing products is necessary. It's the only way we can find our winning products. Unfortunately it comes with the downside of dozens of losers that cost around $100-200 each.
I recently sat down to see just how much it was that I lost per year due to testing...
Products Tested / week x 52 Weeks x Loss rate x testing budget = Testing Budget per year
Simple enough, right? 50 products per week, 52 weeks of the year, my loss rate is 70% ( I have a Win rate of 30% which is high in this industry) and my budget is $100-200.
I quickly realized I was losing $182,000 to $364,000 PER YEAR due to testing products.