I think most people understand the need for accurate data, but sometimes it's just not possible to collect enough data to make clear decisions (for example, in an early stage business).
Do you rely more on data or gut feel when making decisions about new product ideas, new features, etc?
Both. But generally the scales tip (strongly) in favor of intuition, precisely because quite often the window of opportunity to do something really great or meaningful exists precisely because the data is scarce or completely lacking. In fact it is exactly this very kind of (justified) cognitive leap -- they (almost) telepathic ability to know what the customer needs or wants, despite the data, and sometimes even despite their own stated desires -- that arguably is what defines and characterizes many of the most revolutionary innovations you can think of.
In fairness though, many "brilliant innovations" have also essentially been happy accidents, so one shouldn't get too big-headed about the value of intuition -- especially one's own.
I've proposed new product ideas on both data and intuition. Sometimes it worked, sometimes I had to right it off to experience.
This is relevant to both new product development and just new features. Sometimes a new product is a good idea to a couple of your beta users but you may not get enough traction off the larger user base.
I'm curious about what types of decisions you are talking about. I agree about the need for data, and I don't dismiss intuition, but I'd like to focus in on specifics.
Are you talking about whether or not to proceed with an idea broadly, or something like what database to use, or something more UX specific?
In fairness though, many "brilliant innovations" have also essentially been happy accidents, so one shouldn't get too big-headed about the value of intuition -- especially one's own.