Last Updated on July 1, 2020
It’s so easy to get caught up in the newest… the improved… the innovated… I mean with all the amazing things available on the market today, how could you not?! Between your business and your personal life, it doesn’t matter what you’re doing, there’s a gadget, tool or technology being designed to help you do it better.
Let me let you in on a little secret though: none of these new and improved offerings are going to be the end-all to anything you are doing now – or in the future. In fact some of the things may even disguise themselves as growth opportunities (like online lead generation for example), when in reality you are just putting in time, and draining your budget without getting much of a return on your investment.
Shiny Penny Syndrome
Getting distracted by a new opportunity, and putting all your effort towards it is what we call Shiny Penny Syndrome. In business, this can be dangerous when the pursuit of the extraordinary thing shifts focus away from other critical aspects of your operation, causing a chain reaction.
3 Steps for Avoiding “The Pull”
We’re pumped… we’re excited… we just found the next best thing since sliced bread! We’ve all been to the point where we think we’ve found something unbelievable and can’t wait to try it out – hold your horses though! Staying focused on the basics is the best way to achieve organizational health in your business.
Check to See if it’s Aligned with Your Core Values
First and foremost, you need to make sure whatever new initiative you’re implementing fits in with your core business values. Just because it’s a great solution, doesn’t mean it’s a great solution for you. Before you invest any time or money on anything new, ask yourself a few questions first:
- Do I really NEED this? Sometimes we are so focused on personal comfort that we overlook the fact that we don’t really need something. Make sure you’re fixing a known challenge and have a clear vision for the outcome of your initiative. Without a clear goal it’s impossible to know if you need it.
- Does it fit into my budget? Almost all new initiatives come with some sort of monetary investment but it should rarely – if ever – put a stress on your finances. If you have the money – great, but if it’s a worry, that’s maybe a good sign to postpone the initiative.
- Do I have time for it? I like to put a spin on the common phrase and say “My eyes were bigger than my calendar”. One of the most common failure points for any new initiative is a lack of time. It’s very easy to underestimate how much time you’ll need to put things in place – and maintain them! Before you do anything, make sure you have at least 1.5 to 2 times the amount of time you think you’ll need if you want to guarantee completion.
If the concept of your new shiny penny gets a YES from all 3 questions, it’s time to move on to the next stage of evaluation.
Do Your Homework & Beta Test
Even great concepts still have to fit within the physical limitations of your business. For example, generating new leads is great, but if they don’t integrate with your existing automated platforms they’re probably not worth it.
Often, the devil is in the details and it’s hard to tell if something will be everything you want until you’ve jumped in and started using it. So, try out new things in a limited sense and use them alongside your current solutions before getting rid of anything. You’ll end up saving yourself a lot of headaches in the long run.
Have an Accountability Partner
At the end of the day, when it’s just you and yourself weighing in on all of your own great ideas, there are bound to be mistakes made. It’s always good to check yourself and run things by another person. Here’s where it’s handy to have a business buddy, another real estate agent – someone who really understands the day in and day out of the way you have to run your business, so they can give you relevant opinions and advice. The Agent Inner Circle private Facebook group is a great place to do this.
Use Something That Works
If you want to make it easy on yourself, a tried true method for avoiding the Shiny Penny is to vet new initiatives thoroughly before investing anything into them, and to stick with the things that have worked to drive business consistently for decades. Finding out what other agents are saying can give you a better idea if something will work for you too.
When thousands of agents have used something to create 6 and 7 figure incomes for over 20 years, it’s worth looking at whether it can do the same for you. Service For Life!® is a great example of this:
“Everybody loves it, and best of all is, it really does work… my referral business this year has doubled!“ Rebecca Knisley, REALTOR® East Bethel, MN
“I’ve been using it for 7 years… It is a great marketing tool which I will continue to use in the future.” David Corbin, REALTOR® Duluth, MN
“The response I’ve gotten has been phenomenal… It’s probably one of the best investments I’ve made” – Kibe Lucas, REALTOR® Wasilla, AK
2 thoughts on “Avoiding the Shiny Penny”
I have used the Service For Life Newsletter ever since 2014 and it has proven to be the single best marketing tool I have ever used in my 22 year carreer, Hands Down! It is the sole reason that I maintain the top position in my community because everybody knows me due almost exclusively to the monthly Newsletter. Best money I ever spent and continue to spend!
Thank you so much for the kind words Ronald! We’re so glad Service For Life! has proven to be such a successful part of your marketing. Keep doing the awesome job that you are! I look forward to seeing you at the top of your community for years to come.