Return on Investment (ROI) vs. Cost of Inaction (COI)
When I talk with business owners about digital marketing and strategy, ROI is always an important part of our discussions.
Because I focus on ‘legacy’ commercial/industrial companies I sometimes encounter skepticism about investing in digital strategy – is it worth the cost?
The answer is almost always YES, especially given the decreasing ROI and effectiveness of traditional sales and lead generation tactics.
But that is not the point of this post. This post is about “COI”
COI - COST OF INACTION
The Internet has fundamentally changed the buying process for all businesses, including commercial/industrial companies.
What happens if you do nothing?
If you don’t have a well-designed digital strategy, you are left vulnerable as your competition quietly builds their base of prospects who prefer working online. They will be slowly eroding your base as the old guard moves on and younger digital savvy buyers move in. Companies with a strong digital presence get stronger while those without, get weaker.
Because of the speed and scalability of the Internet, this slow erosion can turn into a rapid landslide. If your competition finds the right digital formula they can scale fast … think Uber!
I don’t mean to scare you. Wait that is a complete lie - I do want to scare the hell out you because if your competition gets that jump, you might be too weak or too late to fight back.
Business is risky, and change can be difficult, but INACTION is certainly the riskiest course.
Ok- now for the good news. Digital is all about ROI and can be measured more accurately than traditional tactics. It just takes a well-designed digital strategy to ensure you are the strong leader and not the weaker followers.
There are some great resources out there. Shoot me an email if you would like me to send you some links.