Analysis Paralysis or What If I Call Them and They Say No?
“In any moment of decision, the best thing you can do is the right thing.
The worst thing you can do is nothing.”
Theodore Roosevelt
(Link to video)
Analysis Paralysis is when as an individual or as a group process
· the fear of either making an error or foregoing a superior solution,
· outweighs the realistic expectation or potential value of success in a decision made in a timely manner.
· This imbalance results in suppressed decision making in an unconscious effort to preserve existing options.
· An overload of options can overwhelm the situation and cause this "paralysis," rendering one unable to come to a conclusion, solution, or course of action.
Martin Cothran calls it the Cheesecake Factory Syndrome: “In case you didn't know, the Cheesecake Factory has a menu the size of Harry Potter and the Order of the Phoenix. There are so many options that you feel depressed afterward thinking about all the things you could have had but didn’t because you could order only one thing out of so many.
I am not a Millennial, but I am with Becky Kane on this: “When in doubt, Google it. This is my first instinct whenever I’m faced with a problem I don’t know enough to solve. As a Millennial, I can barely remember the Internet before Google made the vast collective knowledge of the web readily accessible for any whim or query that crossed my mind. Though we’ve never had more access to high-quality information to help us make those decisions, it hasn’t made decision-making any easier.”
Psychologist Barry Schwartz used the phrase “Paradox of Choice” describing his findings that, while increased choice allows us to achieve objectively better results, it also leads to greater anxiety, indecision, paralysis, and dissatisfaction.
Obviously, Analysis Paralysis comes with all the downsides of not making a decision. In a work or team environment it also comes with further negative impact:
It kills creativity.
It decreases willpower.
It reduces happiness.
It lowers performance.
Most often, when thinking of Analysis Paralysis in business, examples of projects, teams, new development, or change management come to mind. What happens when it occurs in the roam of sales, influencing clients, the sales process, team members, or leadership? Here are a couple of examples, and what to do about it:
1. Marcus Chan provides a shortlist of thoughts that go through a salespersons’ mind… and they all indicate how our own thoughts can paralyze us. The solution in each case is to not assume or overthink and to just do it:
What if I call them and they say "no"?
Should I just swing in to check in on them or will that make me look too pushy?
I can't make that phone call until I know _____.
Based on what I know, I don't think they may be a good prospect and that may not be worth my time...
If I send them marketing material, they may get annoyed...
Well, it's the 4th of July / Canada Day / Boxing Day / Christmas / New Year's / Thanksgiving / Other Holiday Excuse, etc. this week, they probably are too busy to meet with me...
2. Customers suffer from Analysis Paralysis, often as a result of our actions as sales professionals. Nick Kane describes it accurately: “…, we want to make sure we meet the needs of customers so that we can become trusted advisors. But sometimes, in a rush to be sure we fulfill those needs, we overload the customer with too much information and too many options. The customer is then left dizzy, dazed and confused, and backs away from us, eventually later choosing someone who simplified their options and was not overwhelming.” How about just starting out that way, present fewer options, maybe just two for a binary choice?
3. How many choices is the right number? Ezra Meyers: “A good rule of thumb is to have at least three choices, essentially giving shoppers a small/medium/large range (though the options need not be related to size or anything similar). That's enough for a potential customer to feel like they can select their best option.”
4. In addition, customers can be guided, even when only three choices are provided: use labels such as “Staff Recommendation”, “Best choice”, or “Best Value” to enable a quick decision.
5. A product or service may be deemed as too complicated and a decision is never made. The buyer may desire a perfect solution but may fear making a decision that could result in an error, while on the way to a better solution. Equally, the buyer may think that a superior solution is a short step away, and stall in its endless pursuit, with no concept of diminishing returns. The solution is to simplify, create (invisible) bundles, or purposely remove options.
6. Decision falling prey to Analysis Paralysis may also be the result of hierarchies. Every level of an organization involved in the decision making feels an urge to ask (a) for a full review, and (b) changes or reconsiderations (just because they are the next hierarchy level up, and what came to them from below can’t possibly be fully vetted). The solution is empowerment and decision making at the lowest sensible level of the organization.
And in reference to Vendux and our business: if your sales leadership does not have the capacity or capability required, make a decision! Brian O’Neil recently wrote, “making decisions makes most people afraid. Either because they want to protect their position or lack the courage to challenge the status quo.” Doing nothing is the worst decision! No owner of a professional sports team would let the team coach itself, or have some inadequate stand-in do the job. If the success of your business is dependent on winning customers and contracts, do something!
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Becky Kane – The Science of Analysis Paralysis: How Overthinking Kills Your Productivity & What You Can Do About It
Barry Schwartz – The Paradox of Choice
Nick Kane – How Analysis Paralysis Can Hurt Your Sales and Productivity
Ezra Meyers – The Paradox of Choice and Analysis Paralysis: Why Limiting Options Can Increase Sales
Marcus Chan – 3 Ways to Fight Overthinking (AKA Analysis Paralysis) As a Sales Professional
CIENCE - B2B Buying Analysis Paralysis: The Hardships of a Decision-Maker in the Era of Information Abundance
Martin Cothran – Restaurants Are Giving People ‘Option Paralysis’