With fantasy football season upon us, I went to see its impact on our economy. Fortune says that fantasy football costs $17 billion per year in lost productivity in the U.S.
Big number, right? Bigger than many economies around the world.
In the same search, I saw that depression costs our economy $210 billion.
But then I tried to find the cost of fear in sales.
All those phone calls not made because we’re afraid of rejection, or upsetting the customer.
All the business not asked for because our fear of failure.
All the referrals we don’t request.
All the testimonials we don’t ask for.
There’s no research out there on the cost of fear in sales.
Here is what I think it is, based on observing it and implementing systems to overcome it for over a decade now:
If you work for a company that generates $5 million in annual revenue, fear has cost your firm tens of millions of dollars over the years.
If the company is a $20 million business, fear has cost this firm hundreds of millions of dollars over the years. And if the company does $100 million annually, the total lost is in the billions.
And that’s just for one company, right? What about for the companies in your city? Or your industry? Or in the economy, which is what the fantasy football and depression numbers look at.
What’s impact of fear on our economy? Easily in the tens or hundreds of trillions of dollars. After trillions comes quadrillions. And the total lost, overall, over the years, may well be there.
Deal with fear among your customer-facing people, and you’ll addressing your single greatest obstacle to new revenue. And business will instantly grow.
To discuss dealing with fear among your salesforce and customer service staff, call me directly at 847-459-6322 or simply reply to this email.
I'm a market strategist, consultant, coach and speaker for product and services companies that are looking for dramatic growth and increased revenues.
My clients include Fortune 500 firms like Amazon and Sprint - as well as publicly traded companies like Logitech, TiVo, Virgin Mobile and Yelp.