A brand name provides the opportunity to incentivise future business based on positive experiences and discourage future engagement due to negative experiences. Therefore, individuals who prioritise the long-term success of their business will strive to fulfil their promises when those promises are associated with a brand. I think brands play a vital role in the functioning of consumer capitalism as they serve as the fundamental units of choice, a point that is often underestimated. Brands contribute to the improvement of products, and the absence of brands can result in the collapse of markets since individuals struggle to make confident decisions without them.
Disparity in roles
Some degree of disparity will emerge from preference because preference emerges from individual circumstances, for example, upbringing, experiences, and cultural background. Different groups of people growing up in diverse environments are likely to develop different preferences as a result. And It’s important to acknowledge this aspect when considering disparities among various groups. While biases can play a role in perpetuating disparities, it is not the sole determinant. Understanding the multifaceted nature of preferences and considering various influences, including upbringing, can provide a more comprehensive perspective on the matter.
I think that it’s crucial to acknowledge the influence of upbringing and other factors on preferences, it does not dismiss the existence of bias or discrimination. Bias can still contribute to disparities, especially when it comes to systemic issues and unequal opportunities. Striving for a fair and inclusive society involves examining and addressing all relevant factors, including both conscious and unconscious biases, as well as other contextual influences.
How to gain trust?
Open-ended questions encourage the person to elaborate and provide more information, allowing for a richer and more detailed conversation. To probe and gather more information on a specific topic, here are five open-ended questions you can ask:
- Can you provide more details about [specific aspect of the topic]?
- How does [specific aspect] impact or influence [broader concept]?
- What are some potential challenges or obstacles associated with [topic]?
- Could you share any relevant examples or case studies that illustrate [concept or phenomenon]?
- In your opinion, what are some promising areas of future research or exploration within [field or topic]?
I think that when you get the brain to think differently by asking questions, you are forcing the client to open up and think.
““The young man knows the rules, but the old man knows the exceptions.””
Working from home
The whole purpose of digital technology was to make location irrelevant; I mean where you are is irrelevant to the performance of a particular function. When I was growing up you could only really work on your computer when you were in your office, there were no laptops or mobile telephones. Nowadays, we have phone, tablets, and laptops, so you can do anything, anywhere. Today, there was a train strike in Copenhagen and therefore, many people chose to work from home.
Good taste is a skill
What is good taste?
Good taste refers to the ability to anticipate the preferences of your customers. For example, wearing a disco outfit to a disco-themed party would be well-received because it aligns with the theme and the expectations of the event. However, wearing the same outfit to a formal dinner party would be inappropriate as it does not match the formality and expectations of that particular occasion. Good taste also involves understanding how different elements complement or clash with each other. I think developing good taste typically comes through a combination of experience, observation, and an understanding of aesthetic principles.
Cicero speech structure
Cicero suggested that there were six main parts of a speech:
1. Introduction - Introduce the theme,
2. Narration - Outline your arguments,
3. Division - What are you trying to prove?
4. Proof - Evidence in support of your argument,
5. Refutation - Address oppositions,
6. Summary - conclusion.
Making a mark
We can measure time, units like cost and value, metrics and temperatures, but we don’t know how to measure feelings. And as a result we focus on what we can measure and not on what’s important. I think most people operate on primary motivations and the two default modes of human behaviour are habit and social copying. In other words, do what I have done before and do what everyone else does. Therefore, any new behaviours will take longer to adapt than you think. There are an awful lot of technologies that take a long time to penetrate or to become adopted but what’s really important is how sticky they are.
““If you can’t measure it, you can’t manage it.” ”
Lifestyle and behaviour
I like what I sell and love what it does for my customers. I’m now in the process of digging a little deeper to map out my customer’s psychographics:
⁃ What are their values?
⁃ What are their spending attitudes?
⁃ What makes them excited and what makes them tick?
#ThrowbackThursday
Why should buyers choose you?
There are certain things that are commonplace in every industry:
1) You rely on customers and clients for your success, and
2) You will have competitors.
Creating perceived value is subjective and depends on individual perceptions. Even if a product or service offers great features or benefits, its value is only meaningful if it is perceived as valuable by the target audience.
I think that understanding consumer psychology and using data to uncover insights about preferences and motivations will help businesses create perceived value in the minds of their customers. Effective marketing, branding, and communication strategies can influence perception and enhance the perceived value of your product or service. Contact me via e-mail for a confidential meeting about your organisations value proposition.
““The essence of power is the ability to define someone else’s reality and make them live according to that definition as though it were a definition of their own choosing.””
Saying less than necessary
There was an exchange across a dinner table between a couple of Spartans, and one of them just remained silent. Eventually, the talkative Spartan says, “Are you OK? You have not said anything.” The first Spartan replied, “A stupid person wouldn’t be able to be quiet.”
I think that the ability to remain silent is a mark of not just a very self-disciplined person, but also a very smart and wise person. Remember that there are times when it is unwise to be silent as silence can arouse suspicion. Therefore, silence and saying less than necessary must be practiced with caution, and only applies to the right situations.
Behavioural data is valuable
Do you know your customer?
I think that there is a huge value in understanding behavioural data and the importance of understanding the “why” behind people’s actions. Behavioural data has more value when it proves that people bought your goods or services, rather than when it tells you what people intend to do. Data provides the “what,” but doesn’t provide the “why”. Data will tell you a story and the story it tells depends on the interpretation and the interpretation probably depends on something psychological. You can create value in the mind as value is only meaningful to the extent that it’s perceived, because if people don’t want what you have made then you haven’t created any value at all.
Knowledge sharing
Good communication is essential for conveying expectations, providing feedback, resolving conflicts, and fostering a positive work environment. Leaders and managers should be able to communicate clearly, actively listen, and adapt their communication style to different individuals. I think the biggest communication problem is we don't listen to understand we listen to reply. Contact me via e-mail for an evaluation of your interpersonal communication skills.
““The most powerful person in the world is the storyteller.””
Leadership traits
I think leaders lead with…
Character
Confidence
Certainty
Communication
Conviction
Collaboration
Capabilities
Provocative and effective new messages
Yesterday, I attended the Presidents Summit in Copenhagen where many industry leading experts shared their knowledge on leadership, organisational change, and growth. Here are some of the most actionable insights from the speakers:
· Rasmus Bagger – “What we do, we will master the most!”
· Dan Ariely – “What are the downsides of measuring without thinking?”
· George Mumford – “The keys to unlocking personal greatness are self-reflection, response control amidst adversity, and fostering a conductive success mindset.”
· Jen Sincero – “Why do we need data, facts, and proof before we trust our intuition?”
· Jay Abraham – “Risk vs. Yield: Look at your business differently as overlooked opportunities can be found from outside your industry. How will you mine, monetise, and maximise them?”
· Leslie K. John – “Interpersonal trust is declining, and loneliness is a chronic problem. What am I not sharing what I could be sharing?
· Stephen M. R. Covey – “We are moving away from the old leadership methods of command and control into a new era where leaders will trust and inspire to drive peak performance.”
It was great to see leaders and managers being challenged to look in the mirror when something isn’t going to plan in their organisation’s.
““The bottleneck is always at the top of the bottle.””
Kindness is a strength
I think practicing kindness and humility allows us to grow as individuals as it helps us cultivate self-awareness. When we understand our own strengths and weaknesses while appreciating the value and worth of others is a manifestation of inner strength and confidence. And this nicely demonstrates that we don't need to tear others down to feel good about ourselves. Being kind releases endorphins, which boosts our mood and reduces stress. Numerous studies have shown that acts of kindness can improve our mental and physical well-being. It also enhances our sense of purpose and fulfilment, contributing to overall happiness and satisfaction in life.
An influential SCARF
Every time we interact with someone, we are either meeting or depriving them of their social needs. The language and behaviour we use can either be uplifting and motivational or it will cause them to shut down and withdraw. In 2008, David Rock concluded in his neuroscience research paper "SCARF: A Brain-Based Model for Collaborating with and Influencing Others." The SCARF model introduced us to five key domains that impact people's behaviour and emotional responses in social situations.
Status – our relative importance to others.
Certainty – our ability to predict the future.
Autonomy – our sense of control over events.
Relatedness – how safe we feel with others.
Fairness – how fair we perceive the exchanges between people to be.
According to the SCARF model, these factors are considered to be fundamental to human motivation and can greatly influence how individuals perceive and react to different situations. I think the specific measurement of the SCARF model may be challenging, even though it provides a framework for understanding the important aspects that influence human behaviour and motivation.
Do you believe in magic?
Most businesses today lack the vision to optimise for changing human behaviour because they focus on optimising their processes and products based on existing consumer behaviour and economic trends. I think there are also businesses who actively seek to influence and shape consumer behaviour, often through marketing, branding, and product innovation. And these businesses understand the power of changing perceptions, creating trends, and altering the meaning and value associated with their products or services. As a marketer we can change the way people behave, we can change what things mean, we can change whether something feels cheap or expensive.
Unfortunately, the finance division of businesses are often based on rational and data-driven decisions. This approach tends to rely on analysing historical data, market trends, and economic indicators to make strategic decisions. I think whilst this analytical mindset is extremely valuable, it’s also important to recognise that unconventional and creative solutions can lead to breakthroughs and shouldn’t be ignored. Magic is not easy and not everybody can do it all the time, but it should be integrated into your decision making processes because there are magical solutions out there.
An entrpreneur's story
Henry Ford was the founder of the Ford Motor Company and he famously implemented the concept of the assembly line to increase production efficiency and reduce costs, which ultimately led to lower car prices and increased sales. Ford recognised the importance of leisure and its connection to his strategy for selling cars by making cars affordable and accessible to the average person it would enable them to have more leisure time and enjoy activities outside of work. I think Ford was brilliant and at the same time pathetic, he was both a genius and a fool, you can watch a wonderful documentary here and make up your own mind.
““Any customer can have a car painted any colour that he wants so long as it is black.” ”
Uncovering problems
This idea aligns with the principles of marketing, which focus on understanding consumer needs, wants, and desires, and then tailoring offerings to meet those expectations. Marketing plays a crucial role in bridging the gap between what is produced and what is desired by consumers. By identifying consumer preferences, conducting market research, and utilising various marketing techniques, organisations can effectively communicate the value of their products or services to potential customers. This process involves crafting messages, creating branding strategies, and utilising persuasive techniques to influence consumer perceptions and ultimately drive demand.
The sweet spot
c/o The New York Times
I think many economic problems are marketing problems in disguise as the root of these problems lies not in the logical aspects of economics, but rather in the psychological realm of human perception and desire. This perspective emphasises the importance of understanding and influencing consumer behaviour and preferences in order to create value and solve economic challenges effectively. One key aspect of this argument is the idea that value is subjective and exists primarily in the minds of individuals. While there may be inherent qualities and functions in a product or service, their value is ultimately determined by how they are perceived by consumers. And this is why many of the problems we try to solve logically would be easier to solve psychologically.