Your biggest competitor is not your competition

It’s status quo bias. People choosing not to change. Doing zip. A big fat nadda. Just rinsing and repeating - pursuing the forlorn hope of generating a different outcome by doing the same thing. (the definition of madness?)

This behaviour is delegating your success to factors outside your control. Such as; interest rates drop, the weather creates unseasonal demand, a post goes viral. Leaving your success gripped in the hand of chance.

If we accept that change is a constant, then this is like choosing last week’s winning lotto numbers. What worked last time may not work next time….

Described like that, maintaining the status quo seems like a ludicrous strategy to grow your business.

But it’s not so ludicrous once you layer in the human element - our emotions and biases.

People’s preference to stick with the status quo occurs because:
- of the fear of trying something new and it not working out
- the benefit of change is not seen as great enough to reward the effort of changing
- the gains are long-term compounding ones that do not align with the incentives (which are focused on the short term)
- the change makes you no longer conform to group norms
- optimism bias assures them things are going to roll their way so there’s no imperative to change
- they fear implementing change will be perceived as having got it wrong previously

How do you convince your prospect to step out of their comfortable cocoon of status quo?

It’s a simple equation. They have to believe:
- the benefit of change outweighs the effort of changing for them
- it is a lower-risk option than maintaining the status quo.
Either works, but if you have both factors, it becomes a persuasive argument.

I see people tending to focus on the former and neglecting the latter. This is because the benefit argument is typically more concrete and evidence-based.

The risk argument is harder because we are dealing with the future, which is often uncertain so it does not compel action (unless it’s blindingly obvious). We like to assume things will remain constant in the short term (despite enormous evidence all around us to the contrary!)

But if change is sought as a risk mitigation strategy, this is a good unlock for people to examine their assumptions, the world around them, and the implications of what they observe. This can have a snowball effect, making them more open to seeking change going forward.

Key insights into what could change are sitting right in front of businesses - nestled quietly in their customers’ craniums.

If that gold is mined, businesses can be guided on change with certainty. Making the status quo less appealing than annual performance appraisals!