The Sunk Cost Fallacy - the phenomenon whereby a person is reluctant to abandon a strategy or course of action because they have invested heavily in it, even when it is clear that abandonment would be more beneficial.
I was thinking about the 13 years I've spent writing this blog, the 2,800+ posts, millions of words, countless campaigns, arguments, propaganda, and hundreds of art pieces over the years and the concept of the Sunk Cost Fallacy sprang to mind. As a marketer this concept is always one I try to keep in mind, as spending more money down a doomed path is one of the worst things a marketing professional can do. As always however, it is far easier to spot problems in a client's business model, than it is in our own lives. Has writing this blog for so long been nothing more than a horrible mistake?
Let's argue about it. From a cold-hearted perspective there is nothing cool about writing a blog. In fact I often get it thrown in my face as an insult. "Blogger" is often used as short-hand as an intended insult. So right off the bat I'm operating from a difficult starting position. If there ever was a good time to be blogging it was years ago, especially in the Eve community. Back when blogs were everywhere and we had to organize them, back when the blogging community had events, and shared threads, and was a vibrant and active part of the community. Those days are long gone now. Continuing to write in these pages isn't popular and the community it sprang from is long dead. We're off to a great start.
Gotta be the money right? Actually I have never made a dime from this blog. So I've been doing this for FREE for 13 years now. I never monetized this thing. 5 Million visitors and nothing. Good grief. This is not looking good for me.
The only thing left is time. Writing in these pages used to be part of my morning ritual and for a few years I honestly tried to write every single day. Which was insane. These days I only write when I have an idea, or news, or something that I think is important to say or share. I also have a store to promote and I enjoy sharing my art with you in these pages. If it wasn't for this blog, my avenues for communicating and sharing with the Eve community would be seriously hampered. It is a mistake to make the argument that I could have done something else with the time I've spent writing this blog. I did spend that time wisely, I wrote this blog. It wasn't wasted hours. Wasted hours are the ones we spend staring into nothingness, or watching inane videos. These hours were not wasted.
The key point regarding the sunk cost fallacy is the last bit - "When it is clear that abandonment would be more beneficial". I think it would be challenging to argue that quitting would be beneficial. It costs me nothing to run this site, it is a great way to organize my thoughts, share my artwork, and my adventures both in Eve Online and out here in the real world. And the time and energy needed to do so is not greater than the benefit of doing so.
In the final analysis I think I can safely say I'm in the clear. In fact I think the truth is quite the opposite. I've gained much, much more from writing these words than I could ever have imagined. Not only has it helped me keep my writing skills in practice over the years, but it has also impacted my life in positive ways. In ways too numerous to list. These words have also helped to shape the Eve Online community and the game itself over the years. I can't stop now.
Which is something a person stuck in a sunk cost situation would say.
Sometimes it is better not to ask too many questions.