Has your life and business been impacted by FOMO (Fear of Missing Out)? Do you suffer from SOS (Shiny Object Syndrome)? Here a squirrel, there a squirrel, everywhere a squirrel squirrel.
There’s absolutely no shortage of new cool technologies and business tools that carry the promise of changing the world or taking your business into the stratosphere. Each week it seems like a new marketing tool appears at the top of your Google results or in your Facebook newsfeed. And who wants to be left behind? Not this guy. So, how do you navigate through the continual downpour of cool, shiny objects and find the ones that will benefit your business the most?
IF IT AIN’T BROKE
There’s definitely merit to this old saying. If you’re executing marketing strategies and tactics that provide a positive and profitable return on your investment, then don’t stop using them. You don’t need to adopt any new technology or approach just because it’s the latest thing.
It’s easy to think that if you aren’t on the bleeding edge of technology, you’ll miss out. Most of the time this isn’t the case. At times, if you are on the average edge, that may be the cutting edge to many of your customers. Not everyone is an early adopter.
For example, just because virtual reality headsets are all the rage within the video game industry, that doesn’t mean you need to develop a strategy to use them. If you were to find an appropriate application for them within your business—and there’s a potentially profitable ROI attached to it—go for it.
ASK THE RIGHT QUESTIONS
When considering a new technology, marketing strategy, or tactic, ask yourself if it will:
1) Bring you closer to achieving your goals and objectives? If you haven’t clearly identified goals and objectives, then the addition of a new tool won’t matter. If you aren’t executing on the day-to-day basics, bells and whistles aren’t going to help.
2) Provide cost reduction? For example, could you lower your cost per acquisition by using Google Adwords or Facebook ads versus direct mail or broadcast media? If you implemented a strong email marketing program, could you reduce your postage costs while driving even more sales?
3) Enable you to enhance your product or service? Think through whether your customers would have a better experience doing business with a new approach.
4) Position and give you a competitive advantage? Technology can provide insight and details into your business that can put you days, weeks, or even years ahead of your competition. No one knows the truth of that better than Jeff Bezos, founder of Amazon, who said, “If you don’t understand the details of your business you are going to fail.”
5) Help you get and/or stay organized? There’s never a shortage of plates to keep spinning. Staying on top of every marketing opportunity can be next to impossible. Implementing project and planning software may lead to stronger and more effective marketing and communications internally with your team and externally to your customers.
We’re living and doing business in a time like no other. Opportunities to combine old and new technologies and strategies exist that can produce significant results. Don’t let the fear of missing out cause you to make off-the-cuff decisions. Sometimes it’s better to take a wait-and-see approach. At the same time, don’t let the fear of technology or adopting new ways of doing business paralyze and hold you back. Some people still think this whole Internet thing is a passing fad.