Tip of the Day: You’re competing with Status Quo
When you’re selling, it’s easy to fall into the trap of looking into the marketplace for your competition. But this is pointless. Your biggest competition is, quite literally, nothing. In the mind of your customer, there are two choices. Do something, or do nothing. When you’re in front of them, their choice evolves: do your thing, or do nothing.
In physics, the law of inertia states that objects at rest will remain so, unless presented with a force that will move them. Humans are the same way. People are psychologically wired to associate a high level of risk with changing the status quo. There’a a name for this: the Status Quo bias. For someone to change something, they need to have a big enough reason – a force to exert enough pressure to move them. For you to sell efficiently, you need to give your buyer a strong enough reason to buy from you.
Mostly, people won’t spend money unless they have a problem to spend it on, and at that the problem needs to be immediate to justify spending. As an entrepreneur, it’s your job to find the problem before it happens, and wrap it up in a solution which moves your customer so much that they understand what they might lose if they don’t move now. If they give in to their status quo bias, what would they lose? Alternatively, what do they gain by choosing your solution?
If you can take the time to fully explain the problems which will occur for your customer, if they chose to do nothing you then make your customer a captive audience to what it is you have to say. And a captive audience will always be more inclined to buy.