Options: A blessing and a curse for your business
Humans love options. It gives us a sense of control. But, according to the Paradox of Choice, when we have too many options then it takes more energy to make a decision increases and our satisfaction in the choice we make decreases.
So, what are the options (both internal and external) that impact your business? And, how can you make the decision process easier.
Internal options to consider
We've all heard about the great resignation. At it's core, it's a trend of people who have taken the last couple of years to reevaluate what they want from the work that they do. Do they want a job that provides the flexibility of working from home? Do they want more money? Do they want to start their own online business? They have options.
So, how can you make sure that your company is the best option for your employees? There are two things to consider:
Listen to your employees. What do they want from the work they are doing? How can your business accommodate those wants while balancing the need for the business to survive? You can't give everyone a 20% raise, but you can allow them to work from home on Fridays.
You can't please everyone. People will leave at some point, so how do you want that transition to happen and what infrastructure do you have in place to recruit new employees? This goes back to listening to your employees (especially the ones you find most valuable) and building those systems to attract more valuable talent.
The past few years have shifted how we buy things and where we buy them from. You're no longer "stuck" buying from the same three companies who are within a 20-mile radius of your store. You have options.
Just like your employees may be evaluating what they find valuable, you should also be considering your options. It may turn out that you have the best suppliers for your business, but it won't hurt to look around.
As a marketer, one of the most frustrating things I hear from business owners is that "everyone is our customer". Sure, anyone who has money can buy your product or service, but is that really where you're going to make your money. Where is 80% of your business coming from? That's your target market. This is the group that you'll want to target your marketing efforts for your current products and services.
Your options come into the strategy when you consider new products, services, or revenue streams (e.g., direct-to-consumer, online sales, etc.). How will your target market react to the change? Will you target new customers? What do they actually want or need?
External options to consider
Your customers - from their perspective
Several studies, including this article from Forbes', show that consumer buying behaviors are changing for both B2B and B2C. Customers are wanting more online and omni-channel options that fit their needs, and they are increasingly looking for companies who fit their needs.
How can you position your business as the best option for that decision-maker?
According to the American Psychological Association, "That said, psychologists also are studying ways to help people choose more wisely, so their visit to the commodity jungle becomes an informed journey that maximizes self-determination rather than undermines it."
The best way to be the final choice is by making the customer's (or employee's) journey to a decision as easy as possible. Digital marketing can help you communicate the benefits without overwhelming people. For example, you can use social media to show how people use your product and service in real-life. Or, you can proactively address questions with an email to your current customers and content on your website.
You, your employees, and your customers have options, we can help make the decision making process easier. Let's schedule a meeting to talk through the options that are on your mind and find solutions that fit your business.