“Do not let the behavior of others destroy your inner peace.”
– Dalai Lama
The First Sip
Hey Sunday Brewers!
It’s another fresh cup o’ brew to kick off another week of opportunity.
Use these tactical tips and marketing psychology tidbits to grow personally and professionally this week.
Inside, you’ll find a permission slip to give constructive feedback to prospects and clients, a primer on the concept of “numerosity,” and much, much, MUCH more….
When 23-year-old Alli Marois posted a simple video on TikTok last month, she never could have imagined the support she’d get.
In the video, she explains that her father, Bill, recently retired from being a career firefighter in Des Moines, Iowa.
As a retirement gift, she wants to make a quilt from shirts featuring logos of fire stations from all 50 states.
Over the years, her father has made a habit out of collecting these t-shirts anytime the family travels out of state.
It was always Bill’s goal to collect a shirt from every state, but because of demanding work hours he was never able to do so.
Until Alli’s TikTok video that is…
Within a matter of days, she received over 100 shirts from all 50 states, as well as several from overseas departments in Afghanistan and Iraq.
She’s also collected handwritten letters, patches, mugs, and even coffee.
“My dad is really passionate about being a firefighter. That’s the one thing that he’s loved. If someone was born to do something, my dad was born to be a firefighter,” Alli said.
“My dad is one of my number one supporters and he … he is really one of the best men in my life and I wouldn’t trade him for anything.”
Alli and her family have been blown away by the support.
“As soon as all of these shirts started to come in, I got very emotional because [people are] helping someone they don’t even know,” she said.
“They’ve never met me, they’ve never even talked to me.”
1 Caffeinated Neurohack
People have a tendency to underestimate others’ desire to receive constructive feedback, a new study says.
As a result, we don’t provide feedback, even when it could improve another person’s life.
Whether it’s letting someone know there’s a typo in a report or a stain on their shirt, most people remain surprisingly mum.
In the study, just 2.6% of people informed someone when they had a visible smudge of chocolate or lipstick on their face.
The other 97.4% remained quiet.
As advisors, we have daily opportunities to provide constructive feedback that will change lives for the better.
Don’t view your feedback as an imposition but a favor.
If you’re ever unsure of whether or not you should say something, the study’s lead author suggests practicing empathy with prospects and clients.
“Take a second and imagine you’re in the other person’s shoes and ask yourself if you would want feedback if you were them.
“Most likely you would, and this realization can help empower you to give them feedback.”
Experts say the most effective way to give feedback is to pair it with very specific steps on how to remediate and overcome the issue.
Consider this your permission slip to be critical (and helpful).
☕ TL;DR: Prospects want (and deserve) constructive feedback. Don’t hold it back!
Marketing Psychology Quick Hit
If you want to take your financial advisor marketing skills to the next level, study some of the psychology behind effective campaigns you see.
One of my favorite marketing topics to nerd-out on is the psychology of pricing and numbers.
For example:
- Size matters. The “numerosity” concept says that people tend to infer larger sizes or quantities of something when large numbers are used. Want to make a guarantee sound more generous? Call it a “30-day” guarantee rather than a “1-month” guarantee.
- Order matters, too. The first number someone sees anchors their perception. It’s why it’s more effective to say “comprehensive estate plan for $3,000” than “$3,000 for an estate plan.” Leading with value then price helps people feel like they’re getting more.
Next time you find yourself using numbers in a marketing promotion or prospecting campaign, be mindful of how they’re being displayed!
☕ TL;DR: The human brain is influenced by numbers psychology – use it wisely!
What’s New SHIFT Nation?
9 out of 10 advisors are making these same mistakes…are you?
Weekly Industry Catch-Up
🔹 Mr. Money Bags. Elon Musk put in a bid to buy 100% of Twitter for $43 billion. While the Twitter board is unlikely to accept, it did force the company to adopt a limited duration shareholder rights plan (often called a poison pill.)
🔹 Wagmi. Crypto CEOs and execs from massive exchanges like Binance say the industry is turning a corner in terms of regulation. Their latest discussions with regulators show a warming to the idea of crypto in nations like the U.S. and Great Britain. As those in the crypto-verse like to say wagmi….a.k.a. We’re all going to make it.
🔹 New world order. Blackrock CIO, Tony DeSpirito says a new world order is coming for the stock market. While he calls it “fertile ground” for individual stock pickers, most investors will be wise to take a more conservative and selective approach in 2022.
Happy Sunday,
Jeremiah D. Desmarais
CEO, Advisorist
#1 in ROI-Driven Training for Advisors
