by Tara Lamboley, CEO of REV Demand
Oftentimes I am asked “Who is your biggest competitor?” And I always answer: “Indecision.”
It’s quite true that the biggest hurdle we at REV (and I suspect many of you) must overcome in converting a prospect to a customer is to get that prospect to decide to do something, to make a change. It’s often not the case that the prospect decides to business with another company—it’s that they don’t decide to do anything at all.
In his article “The Cost of Doing Nothing,” Michael Lippig of IDCON, Inc. asserts that:
“The cost of maintaining the status quo for professional services business owners is enormous. The status quo affects each and every one of us every hour of every day, at work and at home. We have come to accept doing nothing as a safe and acceptable alternative. We even make it the default solution.”
So why do business owners who want to grow their businesses default to doing nothing? There are many reasons we can recite, including lack of money, lack of time, lack of desire, unsure of what to do, etc. If we do nothing, it seems like a safe choice that protects our valuable time and resources.
However, there is a hidden cost, as Lippig writes: “Doing nothing is the management equivalent of a baby’s pacifier. It makes us feel safe and comfortable. But there is a cost to doing nothing. Economists and accountants frequently refer to it as ‘opportunity cost;’ what you could do yourself with your resources if you were not doing what you are doing right now.”
By doing nothing different this quarter than last quarter with your marketing, you can be sure you will cost your business the following:
- Your e-newsletter, direct mail, social media updates, prospecting emails, etc. will not go out, and so your prospects will get colder
- Your customers—past, present, and future—will not hear from you enough to make repeat, expanded, and new business a consistent reality
- You won’t build your reputation online and offline as an expert in your field that prospects must seek for solutions
- You won’t invest in that training to make yourself that much more knowledgeable in your field of expertise
- You won’t connect with strategic partners that can expand your sales capabilities
- You won’t get off the unending roller coaster of project work and cyclical sales
Make no mistake: When you decide to do nothing about marketing your business, you are still making a decision. You are deciding to stay where you are and not grow your business. You are saying you are comfortable with your current income, profitability, and lifestyle.
Of course, sometimes doing nothing may be the best decision for you at this time. If you have other life priorities that need to take precedence right now over growing your business, it makes sense to maintain the status quo.
However, if you are ready to grow your business, then you have to start doing something to push your business forward (i.e., marketing) and/or stop doing the things that hold you back (i.e., not marketing).
Need help? REV Demand offers a free, 1-hour, no-obligation assessment of your business development capabilities (including current marketing strategy and tactics as well as sales goals and processes). We’ll help you build a plan of action to grow your business. Contact us for more information.