Monthly Archives: June 2017

How To Manage Change Using Loss Aversion

Marketing psychology studies consumer behavior to find out the reasons and influences behind people buying stuff. And just as with any body of knowledge, it can be used well, or to take advantage of others.

A hard-wired human trait that marketers take advantage of is loss aversion.
One of the hardest instincts to overcome, loss aversion can be explained like this: It’s scarier to think of losing something that you already have, than it is to consider a possibly risky action to get something you want but don’t have yet. What you have is yours. A threat to it, or a hint of losing it, will hit you harder than losing a chance to gain something else.

Fear is a very strong motivator to hold onto things. When you have something, you have it: you can touch it, look it up, console yourself that it’s in storage. You know it’s there, you know you have it, and that knowledge keeps your stable world view secure. It also gives you some peace of mind that you have control.

Witness hoarders from the minimalist to the extremists, and how the storage industry helps people hide more stuff than they can fit into their homes. Think of the data storage industry and how it uses assurance to assuage people’s worries about data protection. In your own home there’s the catch-all drawer, and, well, how many old, busted umbrellas do you have hanging around somewhere?

No one likes losing stuff. Marketers from every niche and industry know it, that’s why there’s insurance for damn near everything. People also buy stuff motivated by the need to protect the things they already have.

All of that being said, how can use you use the power of loss aversion for yourself?

Knowledge is power, and now that you’re aware of how the threat of loss can affect your decisions, even subconsciously, how can you use that power to work in your favor?
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When X Marks The Spot

It’s a general rule of thumb to break down big goals into smaller blocks.

  • Psychologically speaking, smaller blocks are easier for us to wrap our minds around, and make for easier mental digestion and responsive planning.
  • With this helpful breakdown, we can see the steps much more easily, and we’re able to adjust and improve our actions in carrying them out. This helps a lot in allocating time and labor accurately.
  • However small we make these blocks, each step we finish helps build momentum for the process, and we get to energize ourselves with the knowledge that we’re closing in on the target.

 

Positive brain hack:
Keeping a visible record of your micro-accomplishments — for example, a trailing word-count, a tally of calls made, a checklist of actions taken — keeps your brain engaged with frequent feel-good endorphin boosts at every small ‘win’ you make.

 

In working towards a goal you make incremental gains until the goal is met.
If the goal is time-bound and the time is scattered across days (or more) a good way to get it done at a sustainable rate is being methodical and, ahem, ‘metronomical.’

You make ready, and then make steady. Block out a time, and in that block pay attention to nothing else but that open action that needs closure. Between the required focused blocks, you can rest, attend to other matters and still get stuff done while paying steady action to this particular ‘string’ of finished blocks you’re building.

If the time-line to accomplish the goal is compacted, then doing the work without interruptions or spillage in the time you’ve got is necessary. When something important comes up our vision has a way of filtering out the less important issues until the main one gets solved.

It’s not the issue of bringing your A-game as it simply bringing yourself fully to the table. You choose to ignore worries and mental static from unrelated issues other than the one you tasked yourself to handle in this particular time block. You plant your tush in the chair, and you work on what’s in front of you. Even if it’s a B-minus game you’re doing, when you get the work done, then it’s A+.

Did you ever thing of ‘bonus’ work, though?
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Your Presence Is Required

What’s the difference between doing something and practicing doing it?

When we practice something, the consensus is, the practice is a lead-up. Framed this way, practice gets a different treatment from the ‘real thing.’ For example, doing something like taking a few practice swings to warm up and get into the groove before playing ball. Since practice gives you more space to allow and accept mistakes, it’s not as serious, nor for keeps.

With practice, you have more time to ‘get it right’ and not so much pressure to get it right as to ‘get into the flow.’ That’s how the practice of practice can give off the impression of it not being as important as ‘the real thing.’ Without, say, screaming crowds or an apprehensive, appreciative audience, you can’t be faulted for thinking that. It’s the exciting stuff that gets attention.

So, makes what’s the difference? Take your pick.

Goals.
The end defines the means. The clearer the goal, the more chances you have of finding appropriate ways and means to get there. Different goals for different fields show this. And even acquiring skills are counted as goals.

Goals that require physical mastery, for example, like playing the violin or playing basketball. Each area has different requirements, but in essence on the professional level one must be able to play with the instrument of choice as if it was an extension of one’s body. It does what you want it to. For that to happen, you need to train your whole body to know what to do to produce a desired effect, whether it’s producing a trill or making the perfect overhead shot, without you having to consciously think about it.

Goals that require intellectual discernment are different. Rote memorization can be boosted by memory exercises and practice. Discernment can only be gained through exposure, trial-and-error experience, and critical thinking. It isn’t making something do what you want it to as figuring out the how and whys, before going on to such questions as, what can I do with this, how can I make it do this instead.

 

Resources.
Limits help define what you can and can’t do in a particular situation. Limits can force us to be more creative with how we move within them, just like stretching a budget (limited funds), being fanatically good at time-management (limited time), and focused productivity (limited focus and mental energy.)

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