3♠️ Stop the shiny object syndrome: Persistence wins in business

This tip applies to any business leader who feels stuck in a cycle of trying new initiatives without seeing significant results. 

You've implemented different sales and marketing strategies, experimented with production methods, and explored various ventures, but the needle isn't moving.

Problem or challenge

Many leaders fall prey to the "Shiny Object Syndrome," constantly chasing the next big thing in the hopes of finding a magic bullet for success. 

Complexity

The challenge lies in recognising that sometimes, the problem isn't the strategy itself, but rather the execution. It's easier to jump ship and try something new than to analyse what's not working with the current approach and refine it.

Solution

The counterintuitive solution: persistence. Instead of constantly switching gears,  focus on mastering one strategy at a time. 

1. Choose a strategy: Select a core strategy that aligns with your business goals, whether it's email marketing, cold calling, a specific production method, or a marketing campaign.

2. Test and analyse: Implement the strategy and actively track its performance. Analyse the results to identify areas for improvement.

3. Learn and iterate: Don't be discouraged by initial setbacks. Use the data to understand what's not working and refine your approach.

4. Repeat and refine: Keep testing, learning, and improving your chosen strategy. Over time, you'll become highly skilled at execution, maximising the strategy's effectiveness.

Benefits

Here's why persistence pays off:

• Mastery: By focusing on one strategy, you and your team become experts at executing it. This leads to higher quality results and a greater return on investment.

• Focus: A persistent approach fosters a culture of focus within your organisation. Everyone is aligned towards a common goal, leading to more efficient operations.

• Momentum: As you refine your strategy and see results, it creates positive momentum. This motivates your team and fuels further success.

Why it works

Imagine trying to learn a new language. If you constantly switch between different languages, you'll never become fluent in any. The same applies to business strategies.  Persistence allows you to develop the deep understanding and expertise needed to truly unlock a strategy's potential.

Measurement

Track key metrics relevant to your chosen strategy. For example, if it's email marketing, monitor open rates, click-through rates, and conversion rates.  Use A/B testing to compare different versions of your strategy and identify what resonates best with your audience.

My story

I simply can’t refer this back to a source. It’s simply something I have learnt the hard way.  And it’s something I’ve found very hard to communicate to business colleagues as well. So often I’ve faced the situation where colleagues have been motivated by sales people to see the solution to our sales and marketing challenge as doing something new, not getting better at doing what we were already doing.

I completely understand why that happens and clearly I’m not arguing one should never try something new. I’m simply highlighting that there is a potential subconscious reinforcement going on between your own business leader brain desiring a solution and sales people and businesses that have an incentive to promote their solution as the answer to the challenge. So all the temptation is to do something different rather than to stick with and do the hard work of improving the existing approach.