Here's why COI is powerful.
ROI = by doing something, you COULD see this return
COI = by changing nothing, you ARE seeing this cost/risk
We have inherent skepticism about ROI claims.
Let's play this out.
My wedding is in 2 months. I have a compelling event to get in shape.
But, I've been complacent about going to the gym for the last 7 months. As much as I'd LIKE to tone up, I've become accustomed to not going. That's my status quo.
I know that by going to the gym I COULD tone up. But, it's not a guarantee (other things would have to change, too, like my diet).
So, it's easier for my status quo to prevail, even though I have a compelling event.
Or, I settle for minor âgood enoughâ DIY improvements, like cutting down on post-dinner snacks.
Now, let's say I went to the doctor. The doctor ran some tests and showed me I was at serious risk for a heart attack.
All of a sudden, there's a serious cost to my status quo. That's my cost of inaction (COI).
It's no longer about realizing a benefit (âI might be able to tone up for my weddingâ). It's about something much bigger and much more urgent.
I'm not suggesting we tell every buyer their business is at risk of a heart attack.
But, to defeat status quo and earn time with budget-conscious buyers, we won't be able to rely on the same benefit-led outreach that kept us fed when cash was abundant.
Ask yourself 3 Qs:
1) What's the under-appreciated cost/risk if your buyer does nothing differently in 2023? (If your answer is, âthey won't see 10x the leads/growth/etc.â, go back to the drawing board.)
2) How big are those costs of inaction relative to the costs/risks of buying and implementing your solution? (Think of it like a see-saw. Which side would win?)
3) What are the alternative investments/DIY approaches your buyer might be considering? (AKA what are their after-dinner snacks? What are the under-appreciated risks/costs of those alternatives?)
If this feels hard - you're on the right track. It's much easier to slap a 10x ROI in an email.
It's much harder to consider WHY a buyer's business can't afford to tolerate status quo.
But, that's the exact same business case they're going to have to make to their boss to get budget.