How Does Inertia Suck the Life Out of Your Small Business?
How Does Inertia Suck the Life Out of Your Small Business?
Prospect Inertia.
Inertia is defined as "a feeling of unwillingness to do anything." Blinded by the need to make the sale, small businesses often mistake inertia for a prospect needing more time, information, etc. to make a decision. In a recent blog post, Seth Godin discusses indecision and inertia from a marketing perspective:
"We think that people are undecided because they don't know enough about our features or our competitors, or because they don't have enough money or they are waiting to hear from their friends. In fact, most of the time, they're undecided because they are afraid of deciding. No is scary and yes is scary. The reason that so many people don't vote is the same as the reason that so many people walk past your store every day or click past your site every day. Because inertia is compelling. Inertia absolves them of responsibility."
The Effects of Inertia.
Prospect Inertia can affect your small business in two ways:
* Inertia wastes one of your most important assets - time. Time spent on Inertia Type Prospects takes away from precious moments you could spend engaging your interested target audience; helping move Action Type Prospects towards a decision; etc.
* Inertia limits productive feedback. Salespeople don't understand where they are in the sales process; inertia prospects starve your small business of information that can help improve your product/service, help you gauge where your pricing is in the marketplace, help you build your brand, etc. "A no is better than a maybe, any day" says Seth Godin. "At least you can learn from a no".
Inertia Strategies.
It is impossible to prevent inertia from taking hold of some of the prospects in your pipeline - but there are a few strategies that may assist in breaking down barriers and helping some of your target audience reach a decision. These strategies include:
1. Published pricing. In my opinion, dealing with pricing during the early stages of the sales process is a great filter. The earlier your prospects understand pricing the earlier they will decide whether it fits their budget - they will either move on (which is good because it doesn't waste your time) or the will continue along in the sales process (which is also good because now you've eliminated a major objection).
2. Make it easy to test your product or service. The easier it is for prospects to try your product or service the quicker they can decide whether it solves their problem. It's great if you can offer things like free trials, have online demos available, etc.
3. Make it easy for prospects to get a number of their questions answered (before they have to call you). Whatever business you are in, take a look at the problems that plague your target audience
and take the time to publish how your product/service solves those problems. One example could be a great features/benefits or FAQ section on your website.
When inertia takes grip of your small business prospects, it's probably best to make the difficult decision to move on. Focusing your energy on the share of your target audience that is willing to make a decision (yes or no) will always prove to be a better investment of your time than working with prospects that will never decide.
How Does Inertia Suck the Life Out of Your Small Business - To learn more about this author, visit Mark Smiciklas's Website.
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Sales are important to every business because revenue is the fuel that drives growth. But in the case of small businesses, there seems to be a greater sense of urgency when it comes to converting every individual sales opportunity. Due to the real or perceived pressure of closing a sale, small businesses sometimes fail to recognize when the grip of inertia has taken hold of a prospect. What is inertia and how does it affect your small business? Are there any strategies to deal with "Prospect Inertia"?
Prospect Inertia.
Inertia is defined as "a feeling of unwillingness to do anything." Blinded by the need to make the sale, small businesses often mistake inertia for a prospect needing more time, information, etc. to make a decision. In a recent blog post, Seth Godin discusses indecision and inertia from a marketing perspective:
"We think that people are undecided because they don't know enough about our features or our competitors, or because they don't have enough money or they are waiting to hear from their friends. In fact, most of the time, they're undecided because they are afraid of deciding. No is scary and yes is scary. The reason that so many people don't vote is the same as the reason that so many people walk past your store every day or click past your site every day. Because inertia is compelling. Inertia absolves them of responsibility."
The Effects of Inertia.
Prospect Inertia can affect your small business in two ways:
* Inertia wastes one of your most important assets - time. Time spent on Inertia Type Prospects takes away from precious moments you could spend engaging your interested target audience; helping move Action Type Prospects towards a decision; etc.
* Inertia limits productive feedback. Salespeople don't understand where they are in the sales process; inertia prospects starve your small business of information that can help improve your product/service, help you gauge where your pricing is in the marketplace, help you build your brand, etc. "A no is better than a maybe, any day" says Seth Godin. "At least you can learn from a no".
Inertia Strategies.
It is impossible to prevent inertia from taking hold of some of the prospects in your pipeline - but there are a few strategies that may assist in breaking down barriers and helping some of your target audience reach a decision. These strategies include:
1. Published pricing. In my opinion, dealing with pricing during the early stages of the sales process is a great filter. The earlier your prospects understand pricing the earlier they will decide whether it fits their budget - they will either move on (which is good because it doesn't waste your time) or the will continue along in the sales process (which is also good because now you've eliminated a major objection).
2. Make it easy to test your product or service. The easier it is for prospects to try your product or service the quicker they can decide whether it solves their problem. It's great if you can offer things like free trials, have online demos available, etc.
3. Make it easy for prospects to get a number of their questions answered (before they have to call you). Whatever business you are in, take a look at the problems that plague your target audience
and take the time to publish how your product/service solves those problems. One example could be a great features/benefits or FAQ section on your website.
When inertia takes grip of your small business prospects, it's probably best to make the difficult decision to move on. Focusing your energy on the share of your target audience that is willing to make a decision (yes or no) will always prove to be a better investment of your time than working with prospects that will never decide.
How Does Inertia Suck the Life Out of Your Small Business - To learn more about this author, visit Mark Smiciklas's Website.
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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