Whenever someone tries to make a point by saying things like: “I feel like 𝗯𝗹𝗮𝗻𝗸…”, “It seems like 𝗯𝗹𝗮𝗻𝗸…”, or “Every time I 𝗯𝗹𝗮𝗻𝗸….”, I ask the question: “𝗕𝗮𝘀𝗲𝗱 𝗼𝗻 𝘄𝗵𝗮𝘁?”
We study consumer behavior trends for financial advisories and institutions, and as much as we think we know… we’ve learned that our gut instincts will more than likely 𝗹𝗼𝘀𝗲 against empirical data.
So, why is it that so many business leaders default to their gut instincts rather than the information at their fingertips? Nowhere is this truer than in the financial industry…where there is SO much accessible information to draw from.
The issue is compounded by the adamance and emotions of the gut-decision-maker (or GDM) who is “too smart” and has “too much experience” to need to do the research.
But, right around the corner is a person who’s willing to 𝗶𝗻𝘃𝗲𝘀𝘁 𝘁𝗶𝗺𝗲 into the empirical data and will, over time, erode the business of the GDM.
There is no substitute for gut instincts…but gut instincts should be applied only AFTER all of the data is in.
The next time you need to make a meaningful decision be sure that you’ve gathered a patchwork of necessary data: world data, industry data, and your own businesses data. If you haven’t taken the time to learn from your own precious data…START NOW.
And the next time you feel super adamant about a gut decision, consider the competitor, or prospect that knows the facts.
About the Author: John grew up in Schenectady, NY & received a scholarship to Norwich Academy. He began his broadcast management career at WOR, learning spoken word marketing from the best in the business with a specialty in financial and long form. John managed broadcast sales for some of the best known sports teams in the world, at the most legendary stations. However his true passion is in the world of direct response advertising to baby boomers and their parents. In this space he has worked with some of the best brands in America. John lives in Boston with his wife, Melissa who is also a broadcast executive, and French Bulldogs Lou and Sal.