Diminishing Returns

To my readers: “As the writer behind the "Other Side of the Coin" I am deeply passionate about the topics I address. My aim is not to engage in criticism or judgment but to offer valuable insights and practical tips helping others avoid common pitfalls and achieve optimal results. My hope is that by sharing my knowledge and experiences, it will contribute to a better-informed successful community."?

Recently someone said to me that cost savings is not important to me. This couldn’t be so further from the truth!??What is true, is that the words “cost savings” without validation doesn’t mean much to me. ?While advertising cost savings can be an effective way to get attention, it quickly becomes less valuable when everyone else is using the same tactic. ?This well-known phenomenon being brought to light of our industry is “law of diminishing returns” that the more we hear about something, the less intriguing it becomes. It goes beyond "cost savings." Numerous industry buzzwords have become exhausted including phrase like "employee experience" and "quality results" among others.

??Admittedly, I must be the first to recognize that proving tangible results can be incredibly challenging due to the distinctiveness of our industry's service model, and the intense passion and emotion that characterize it.

Are buzzwords still effective? Is the bandwagon becoming overcrowded? If we continue to go down the same path, any advantage that may have been gained may eventually begin to diminish.? How can we prevent from getting trapped in a cycle of staying with the comfortable?

Clients are looking for concrete reasons why a company is better than its competitors. I have always been a cheerleader that you must be unique in some way. In addition, clients are seeking solutions to real problems they are having.

?It's important for companies to find unique ways to describe their products and services and stand out from competitors. Although an actual unique product or service may be the best differentiator, it is not the only way to demonstrate your "out of the ordinary" mindfulness.

We should make a conscious effort to avoid saying what everyone else is saying and doing what everyone else is doing. ?Yes, it is much easier to accept and convince ourselves that it’s working, so we continue to hold onto our ordinary methods.?However, as resources become less and less as a result of our challenging economy, this sense of comfort will eventually get in the way of exploring new innovative approaches and seeking efficiencies to achieve one's goals.?

Here's a challenging task for you: Can you release strategies and tactics that are no longer contributing value? Identify what you are doing that no longer adds value, and are you willing to let it go? This resourcefulness can create more time to explore fresh value-added approaches that may position you better ahead of the competition and achieve greater success. Why not add a "Do-Not-Do List" to your "To-Do-List!".….and that’s “The Other Side of the Coin!”