I was talking recently with a telecommunications broker who shops for the best deals for companies. He has a list of prospects he can verifiably save 30% off their phone/internet bills. But only 20% of them have signed the paperwork to make it happen. The rest haven’t moved yet even though every day costs them real $’s. The broker is competing with just “status quo”.
I had another conversation at lunch the other day with the founder/CEO of a medium-size contract development firm that does $200,000 projects for Fortune 500 companies. When I asked what was the #1 reason their bids on projects were not accepted, he said it was because they decided not to do anything at all… “status quo”
In most industries I’ve seen, “status quo” is by far the number #1 factor to compete with. Why hasn’t a prospect bought from us yet? Because it’s easier to keep doing the same-old thing.
Most prospects are just dipping their toes into the water of what it might feel like to make a change or try something new. It is our job to help the water feel warm and inviting to them.
A couple things that help:
1. Easy to try/take the next step (free trial)
2. Being reminded that its never been easier than now
3. A bonus for buying now rather than later (buy now and get something extra)
Bottom line, make it abundantly clear how much better you are than status quo and provide compelling reasons why switching now is a better and easier proposition than having another day of “status quo”.