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Arcane
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Is Inaction better? Well, Action bias is a mental error which occurs when we prefer to take action rather than Eat Fivestar(do nothing), even if there’s no proof that action will improve the situation. It’s like an automatic reflex instead of rational thought. For example, you often see goalkeepers dive during penalty kicks, even though statistically standing still gives them a better chance of stopping the ball. How does it play out in business? In the 80s, Pepsi's famous Pepsi Challenge made consumers do blind taste tests (I too fumbled here) to suggest Pepsi is better than Coca Cola, which was infact true due to Pepsi's sweeter taste. The Coca-Cola executives panicked and changed their classic formula. But this decision proved to be a disaster, it sparked massive backlash, a decline in sales, and even protests. Coca-Cola started receiving 5,000 calls a day from angry customers to bring back the old formula. There was no solid proof that Pepsi tasted better when consumers WEREN'T blindfolded. Yet, out of the urge to act, to be in control, the executives broke something that was already working. Coca-Cola couldn’t resist the pressure and they brought back the old formula as ‘Coca‑Cola Classic’ 79 days later. So folks, Beware of the Action bias!!
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