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Marketing Never ignore the power of the status quo. "While we worry about our direct competitors, our customers are choosing the cheapest option: nothing. One Forrester analysis found that 43% of lost IT deals went not to another vendor, but to ‘no decision.’ "In other words, the customer decided that their current solution was just fine, thanks. "The status quo could be a spreadsheet, an intern, or an email (as it often is for enterprise products). It could also be simply putting up with some frustration. Either way, these status quo competitors (SQCs) often have a larger market share than any of our traditional competitors. "This isn’t just a problem in B2B sales. In fact, humans seem wired to avoid new solutions whenever possible. One 1988 study found strong status quo bias in the decision-making of university faculty. This bias has been observed in even the most important decisions, like choosing healthcare and retirement plans." |