We are all aware that there is a difference between wisdom and intelligence even though it’s quite difficult to pin down. You must always be willing to truly consider evidence that contradicts your beliefs, and admit the possibility that you may be wrong. I think that intelligence isn’t knowing everything, it’s the ability to challenge everything you know.
““Sell your cleverness and buy bewilderment.””
Game theory is a mathematical framework to understand how decision-makers make choices and interact strategically in situations where the outcomes of their decisions depend not only on their own actions but also on the actions of others. I have used game theory to study and analyse strategic interactions between decision-makers and competitors. Markets are not perfectly efficient they are discovery mechanisms, and through this discovery process it will clarify what people will willing to pay for. Therefore, price reduction is not a strategy as there is an appropriate level of costs for your business and for the market niche you seek to fill.
I think you can’t really understand human behaviour unless you understand game theory because we are social species and most of our mental evolution has evolved by developing how to second guess other people.
c/o Adobe
Yesterday, our American friends celebrated Juneteenth, which is a new federal holiday to mark the official end of slavery in the United States, symbolising the triumph of freedom over oppression. Understanding this history is crucial to fully comprehend the legacy of slavery and its impact on American society, it’s also a reminder of the ongoing struggle for racial equality and social justice. We must remember that the whole discussion around diversity and inclusion is not unique to America. I look forward to the day when embracing cultural understanding and the respect for diverse experiences becomes a norm in society.
My approach is a circular and holistic research approach that combines both qualitative and quantitative methods. On the qualitative side, I focus on identifying the softer, emotional qualities that underpin why customers behave in certain ways, and this involves delving into their motivations and understanding the reasons behind their actions. On the quantitative side, I aim to communicate with business leaders using a language they can easily understand, relying on undisputed facts and evidence to prove or disprove hypotheses. To achieve this, I utilise quantitative data and research findings to inform and enrich the qualitative investigations, employing methods such as ethnology and anthropology. By integrating the insights gained from qualitative research back into the quantitative analysis, I can provide a comprehensive understanding of customer behaviour and its underlying factors. Contact me via e-mail to arrange a meeting.
Our brain has to use shortcuts to make sense of the world, and any form of behavioural change whether positive or negative requires communication. In many real-life situations, we lack complete knowledge, face an uncertain future, and must depend on instinctive heuristics. A heuristic is a simple rule of thumb which is not perfect but offers quick and dependable results for most intents and purposes. I think that many of our beliefs are formed to prevent cognitive dissonance; we seek to maintain a positive self-image and often engage in constructing narratives to support those beliefs.
There are two different perspectives on finding satisfaction and solving problems.
1. Diminish your wants by finding contentment within oneself rather than seeking external material possessions. Here one would focus on gratitude, mindfulness, and personal growth.
2. By increasing your means or resources one can improve their quality of life and find contentment. This approach aligns with the pursuit of material possessions, wealth, and external achievements.
There’s a psychological solution to happiness or the materialistic economic version. Both perspectives have their merits, and the choice between them ultimately depends on personal values, beliefs, and circumstances. I think it's important to note that these perspectives are not mutually exclusive, and individuals may incorporate elements from both approaches to find their own unique path to fulfillment.
Is economic value material or can it be psychological?
Economic value can be both material and psychological, depending on the context and perspective. In the traditional sense, economic value is often associated with tangible and measurable factors such as physical assets, goods, services, or resources. The psychological aspects of economic value are driven by individual or collective beliefs, preferences, and emotions. I think the next burst in economic growth will be driven by improvements in marketing efficiency, specifically resulting from in academic research in psychology, human behaviour, anthropology, and behavioural economics.
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.
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.
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.””
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.
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 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.
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.” ”
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
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.””
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.
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.
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.””
I think leaders lead with…
Character
Confidence
Certainty
Communication
Conviction
Collaboration
Capabilities
