How Shiny Object Syndrome is Prohibiting Your B2B SaaS Growth
As an Account Manager for Accelity, I work with a particular type of client. Most are entrepreneurs, owners, CEO’s, presidents, etc. Each client comes in with a different level of experience, whether that be fundraising for their first startup, starting and selling their fifth company, and everything in between. No matter the job title, I find that Shiny Object Syndrome (SOS) can affect even the most focused and experienced clients.
Many entrepreneurs may not even be aware that they suffer from SOS, but you do. And it is hindering the success of your company. Before we get into how shiny object syndrome prohibits your B2B SaaS growth let’s actually define this term.
Shiny Object Syndrom (SOS): the disease of distraction
...Ooh look, a squirrel!
Let’s just call this what it really is, you’re easily distracted. Stay focused and pay attention. With so much riding on the success of your company, it’s imperative that you remove distractions that may take you in the opposite direction of where you want to be. Simply put, having SOS can prohibit the growth of your company.
Sometimes it’s hard to see the money you’re wasting when it’s not being ripped from your hands as you attempt to put it in your pocket. But, here are a few ways that shiny object syndrome impedes on your company’s success:
What’s beneficial for your business and budget?
There is nothing wrong with being ambitious. In fact, it’s a great thing, because it led you to this moment in time. But, little Icarus, ambition that is not properly channeled can mean bad news bears for your company. As an entrepreneur starting your own business, money is tight. You’re raising funds. Distractions are costly. So, when you get to a point where you’re ready to do all you can to make your business profitable don't knowingly throw money away.
When you realize all the pieces that go into turning a profit, it can be overwhelming, I get that. You want to do it all, quickly. Rightfully so, but everything happens in due time. In order to see true success, whether that be bringing in qualified leads, brand awareness or producing content - you need to decide on a single goal and be patient enough for the results to roll in. And if done right, they will.
Seeing the success of a single strategy
When you’re the boss, you can make things happen as quickly or as slowly as you want; you have the ultimate veto power. Success takes time. It’s hard to be patient when you have so much riding on the profits of your company. But, it takes time to see progress.
Marketing will be a very instrumental piece in the success of your business. Now, I am not saying that because I work for a marketing agency (I mean...well, kinda), but marketing goes beyond online ads, products in stores and jingles on the television. And let me tell you, marketing services, overall, are not cheap. Your money will go a long way if you are strategic in your company’s growth.
Inbound marketing is not for faint-at-hearts. Because it is such a strategic way to promote your business, it’s a process, not an immediate return. Yet if done correctly, it will yield great results for your business. The fact that it takes a few months to see the success of a single effort, SOS can easily set in and in most cases, attack with a vengeance. In order to stay on track, it’s imperative to create SMART goals with your team to create actionable goals and monitor your success.
Working with multiple people
Another reason Shiny Object Syndrome may be prohibiting your company’s growth is that your team is ever-changing. It is hard to see a return on investment if your internal and external team are constantly changing. Whether you have a one-person marketing team or you decide to go with an agency, if the team meant to bring strategy to your company is not consistent throughout the progression of your company, your growth will be stunted.
Distraction also can rear itself in the form of stubbornness. You may know a lot about your business, but that doesn’t automatically make you an expert when it comes to the best strategies to get you the results you are seeking. When you’re unwilling to listen to an expert’s opinion it slows down the growth.
- Get used to the word “no”
Ways to rescue you from your SOS
Resisting temptation is hard and distraction is the greatest of temptations. It is not always easy relinquishing control, but sometimes the way to be successful is to find a way to delegate tasks. As you focus on bringing in more business it may be time to find someone who can focus on the marketing aspect.
At its core, SOS is time-consuming. When you’re spending so much time on things that aren’t making you profitable, then you’re losing out on money. Thankfully for you, this is a diagnosis that can be cured.