Narrative fallacy is a term used in product management that refers to the tendency of people to create a story or narrative to explain a series of events, even when there is no evidence to support it. This can lead to incorrect assumptions and decisions, which can be detrimental to a product's success.
One example of narrative fallacy in product management is when a team assumes that a particular feature is essential to the success of a product, even though there is no data to support this claim. They may create a story about how this feature will solve a particular problem for users, but without evidence, this is just a narrative fallacy.
Another example is when a team assumes that a particular marketing strategy will be successful because it worked for a similar product in the past. This is a narrative fallacy because it assumes that the two products are identical and that what worked for one will work for the other, without considering the differences between them.
Impact on Product Management
Narrative fallacy can have a significant impact on product management because it can lead to incorrect assumptions and decisions. When teams create a story to explain a series of events, they may overlook important data or fail to consider alternative explanations. This can lead to poor decisions that can harm a product's success.
To avoid narrative fallacy, product managers should rely on data and evidence to make decisions. They should avoid creating stories to explain events and instead focus on the facts. By doing so, they can make informed decisions that are more likely to lead to a product's success.
Narrative fallacy is a common problem in product management that can lead to incorrect assumptions and decisions. To avoid this, product managers should rely on data and evidence to make decisions and avoid creating stories to explain events. By doing so, they can make informed decisions that are more likely to lead to a product's success.