The sunk cost fallacy often motivates people to do things based on how much time or money they've invested into it even though it's not necessarily the right thing to do or something that they want.
A “sunk cost” is any expense that can’t be refunded or recovered. For example, not wanting to jump ship even though the ship has already sunk and there is no way of getting it back.
When explaining the benefits SCRUMPY can bring to a property owner we are often faced with people being hesitant to commit because they have been with their current web developer for 10+ years, even though, they themselves can see how SCRUMPY could work in their favour. The Sunk Cost Fallacy is a trap we are all guilty of falling into. It is hard to abandon a project when time and money has been invested into it. This causes an escalation of commitment, where even though the outcome is negative you continue to stick with it as you feel like you should.
The Sunk Cost Fallacy can often mean people miss out on opportunities. Think about what you would like to achieve. For example in the case of a property owner; full occupancy, less time spent on admin, ease of booking for your customer. If your current solution isn't working out for you and providing you with the features that could help you to run your business efficiently then maybe it's time to bite the bullet and try something new.
If you are ready for a change and would like to find out about how SCRUMPY could help you to manage your holiday property business, then please do not hesitate to get in touch. We would love to give you a demo of our system.