Have you ever gone to see a movie that got worse as you watched it, but you couldn’t leave because of the money you paid to see it? Or have you ever worked on a project that was clearly not going to solve your problem, but you just continued working on it? Psychology refers to these examples as escalation of commitment and sunk cost theory, where we continue to do something without value because of the effort or cost we’ve already put into them. In the marketing world, pulling the plug on a campaign can be extremely difficult, especially when […]