Question
The concept of Status Quo can significantly affect sales and pitches as it represents the current state of things or the existing state of affairs. In the context of sales, it often refers to a customer's decision to stick with their current solution or do nothing, rather than purchasing a new product or service. This can be a major obstacle in sales and pitches because it's often easier for customers to stick with what they know, rather than taking a risk on something new. Therefore, sales strategies need to effectively address and overcome the Status Quo bias.
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Gaining a competitive advantage is tough because the majority of sales and pitches are usually "killed by the silent but deadly alternative: Status Quo." But this, of course, in no way means that the situation is hopeless. There are ways to put up a good fight. "Accepting and acknowledging the competitor is the best place to start, and it goes a long way," a venture capitalist, Michael Smerklo, writes in his piece for Forbes. By doing so, Smerklo argues, you'll gain the following:
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