Let me first acknowledge that I know the recession is real. I know people are losing their jobs, homes and life savings. I get that.
But the truth is ... we’re making it worse. We’re letting fear make it worse.
Just like the kid who works himself up into a frenzy because he imagines what might be under his bed -- we're allowing panic and all the hype freeze us with fear. The evening news tells us to be afraid, so we are. We have buyer's paralysis. That paralysis is the biggest threat your business has ever faced.
Look around you. Ask other business owners. They will sheepishly admit that business is good. Some, under the promise of anonymity, will confess that it’s great. For the vast majority of businesses, especially B2B and the service sectors – things are fine. Yet, they behave as though they’re down to their last dime.
I was talking to a friend of mine who owns a small business last week. He admitted they’re having a fantastic start to the year and everything looks good moving forward. He went on to tell me that he needs a new company car. He has the money to pay cash for it. Car prices have never been lower. But he’s holding off. Just in case. Sure they may go down even further, but the paralysis is what will drive them down further.
Many businesses are doing the same in their print campaigns and the rest of their marketing attack. Customers may be dwindling, but you must continue to contact them or the supply will further diminish.
Have you suffered from the same paralysis? Were you able to shake it off? What would you recommend to other companies?