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The High Costs of Sticking with the Status Quo in Sales and Marketing
There are some things that marketing will never fix.
It doesn’t matter what industry you’re in, disruption is at the door. In the auto industry, not only has it entered the room but it’s crashing the party. Sticking with the status quo may be a coping mechanism but it’s hazardous to your business’ health.
Everywhere I go I see dealers, business owners and managers taking the path of least resistance to keep their businesses in tact. Playing it safe and sticking with the status quo might seem like a good bet…except we’re in the middle of a revolution. In fact, so many facets of how we do business are evolving it’s hard to keep track.
Customer Experience
Buying Experience is THE Differentiator. 53% of consumers indicate customer experience in the sales process is more important than brand, product, service and price in creating meaningful differentiation and customer loyalty.
Changing Consumer Buying Preferences
78% of people say that a company’s social media posts impact their purchase decision. (Small Business Trends)
About one in three consumers in the U.S. say they expect to buy their next car online. (USAToday) Three out of four consumers worldwide say they are open to alternative ways to test drive a car rather than the tradition of going to a dealership.
Shifting Consumer Needs and Desires
It used to be that having your own car provided the ultimate sense of freedom for young adults. Now that technology facilitates their freedom, a surprising number of Millennials are passing on car ownership. From 2007 to 2011, the number of cars purchased by people aged 18 to 34, fell almost 30%.
Increased Mobility and Disruptive Marketing Strategies
91% of consumers say that access to content across all devices is important. (ExactTarget) Navigating social media and social advertising is a necessity. Companies need to engage customers on the social channels where they spend their time, often 24/7.
The Collaborative Economy
Ten years ago, it was forecasted that social media would be disruptive to businesses. It was, but mainly to marketing functions and customer care.
Fast forward to today, using these technologies and mobile apps, we’re seeing the rise of people getting what they need from each other: They’re sharing homes, cars, rides, money, goods, and their time.
This Collaborative Economy is forcing companies to rethink the relationship they have with their customers as the crowd is starting to become a competitor.
photo by Tom Fishburne – Marketoonist
The alarm bell rings loud for giving up the status quo.
No matter the industry you’re in and whether you like it or not, disruption is coming your way. Maybe you’re more worried about sinking the boat rather than missing it. That’s natural. But playing it safe is riskier than you think.
Overcome the Status Quo, Goodbye Denial
There are all sorts of reasons one can muster up for sticking with the status quo: “We’re having the biggest month ever, there’s no need to adapt right now.” “We’ve always done it this way and it’s always worked.” or “Sure business is off a bit but it will come back, it always does.”
These stories you tell yourself are great when quantifying the risks of trying something bold. But when disruption comes calling, you may be far less adept at reckoning honestly with the risks of staying the course. “What’s the worse that could happen if we do more of the same?” A lot!
Our clients are in business to win. They know it’s not about coping. Here are 3 actions you can take to say goodbye to the status quo:
1. Assess how your business is prepared for disruption and shore up all the holes.
- Do you have a solid marketing plan in place to attract those that will want to connect with you and buy?
- How well do you know your customers and prospects?
- Have you established your “Why Buy Here” and integrated it into your marketing strategy?
- Are your salespeople online developing their social selling techniques?
2. Take a hard look at your workforce. Most employees can’t do enough for a great boss. Are you a great boss? You can’t surprise and delight customers when you have miserable employees.
“Learn to look after your staff first and the rest will follow.” ~Richard Branson
3. Stop leaving money on the table. Embrace digital marketing and take a more holistic view to your strategy. Today, SEO, Content (Blogging) and Social Media are the recipe that feeds your revenue engine.
94% of customers have discontinued communication with a vendor because they received irrelevant promotions and messages. Engage buyers of all demographics. Implement a solid content marketing strategy for people who want to know more about your products and services.
Our clients know there’s never been a better time to take a calculated risk. The costs are high when choosing to do nothing. Resist the status quo and sail your business into lucrative waters.
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