Five Powers You Get Understanding Behavioral Science

Starting a business is easier than ever. There are virtually no barriers to entry. Anyone with access to generative AI can call themselves a consultant or a coder. But growing a business? That's the hardest it's ever been.

A good product or service is just table stakes in today's hyper-competitive market. To succeed, you must know how to break through the noise and build digital relationships with your audience. But how do you do that when everyone else fights for the same eyeballs and wallets?

The answer lies in understanding the hidden forces that drive human behavior and tapping into the psychology of decision-making. That's why I started this podcast.

Welcome to B2B Courtship, where I study the science behind building digital relationships. I'm Doug Dotts, founder of D3mandable, and I'm here to break down the complex world of behavioral science then show you how to apply it to your marketing and sales strategies.

Today, we’re talking about 5 reasons why you should care about behavioral science… 

Punch above your weight class

Reason number one. You’ll be able to punch above your weight class. I’ve found that the best in the business have two defining traits: A deep understanding of the fundamentals and a relentless focus on executing them for long periods of time. Fortune 500 companies spend billions of dollars and countless hours each year studying consumer behavior— what makes consumers tick, what triggers them, and what calms them. These companies want to know how to get consumers to do what they want.

You might wonder why more people aren’t talking about this. Well, the research behind it can be complex. It takes time to understand and even more time with experience to apply it effectively. Very few people want to go back to school for that. Most people get a basic understanding filtered through numerous regurgitations. And this knowledge gap is what keeps small brands small and big brands big.

But here's the good news: You don't need a huge budget or a ton of effort to leverage these insights. Giant companies need massive swings to move the needle. It's simple physics. It takes a ton of force to move a train, but just a small push to get a bike going.

Think of behavioral science as your small, consistent push. You'll be surprised how quickly your business can gain momentum with a solid understanding and consistent effort.

Thrive in a time where knowledge has become a commodity

The second reason is being able to thrive in a time where knowledge has become a commodity. We’ve had all of the information in the world at our fingertips for decades, but few could interpret and act on it effectively. Now, we have instant interpretation with the rise of ChatGPT and other generative AI.

With seemingly endless access to information and interpretation, the ability to apply it effectively remains a crucial differentiator. And that means you need wisdom. Not wisdom as some philosophic vague term. But the intersection of experience, understanding, and sound judgment. 

Gaining wisdom in this context often requires the slow grind of time and execution. Or you can speed up that process by studying those close to the research rather than regurgitating secondhand information. Behavioral science provides a framework for understanding human decision-making and motivation. By studying these principles, you can gain valuable insights that accelerate your journey toward wisdom.

Wisdom saves you from common barriers to growth—for example, shiny object syndrome. First you’ll have the confidence in your chosen path to avoid constantly looking for something new to try. Second, even when you come across the newness, you’ll be able to discern between fads and something worth your attention quickly. 

In the coming years, wisdom will become the most highly sought-after but the most rare skill. Those that start today will feel like superstars.

Actively shape how the market perceives you

Third, you can actively shape how the market and your potential customers perceive you. We live in a world where perception is often reality, and it can change in an instant. The old saying "actions speak louder than words" doesn't always hold true anymore, especially for businesses.

A single viral social media post, a misconstrued statement, or an unfortunate incident can trigger a PR nightmare. We see it all the time - brands facing backlash over something misinterpreted or blown out of proportion. The court of public opinion is swift, and reputations can be tarnished overnight.

Unfortunately, it's easier for people these days to adopt others' opinions than to form their own. This is why influencer marketing is so effective. People know they're being sold to, but they'd rather trust someone else's judgment than do the hard work of figuring it out for themselves. 

But here's where behavioral science can be your superpower. By understanding how perceptions are formed and influenced, you can proactively shape how your brand is seen. You can build trust, establish credibility, and create a positive brand image that resonates with your target audience.

By actively shaping your brand perception using behavioral science principles, you can create a loyal audience that will stand by you even in challenging times. Remember, it's not just about what you do; it's also about how you're perceived.

Build a brand worth remembering

Fourth, you’ll be able to build a brand worth remembering. Regardless of the individual tactics, at its core brand building is being remembered by the right people for the right things. To accomplish this, you need understand how to build and influence positive memory structures about your business. Put simply, a memory structure is a set of beliefs formed over time that are stored in your mind for recall.

This is often easier said than done though. You’re battling three things in the fight to be remembered. 

1. First Divided buyer attention: In the digital age, buyers are constantly bombarded with information and distractions. Their attention is fleeting, divided among multiple tasks and platforms, making it difficult for any single message to truly resonate. Think about how many times you've scrolled past an ad without even noticing it.
2. Second Fading memories: Even when buyers do notice your message, the impression may not last. Memories fade quickly, especially in a competitive market where your brand is vying for attention alongside countless others. It's like trying to make a lasting impression at a crowded networking event.
3. Third Competitive interference: Your competitors are also fighting for your potential customers' attention. They're constantly trying to position themselves as the better choice, making it challenging to differentiate your brand. It's like being a small fish in a big pond, constantly swimming against the current.

When you understand behavioral science, you’ve got the tools necessary to overcome these challenges and stand the test of time.

Craft experiences that practically sell themselves

Fifth and finally, you'll gain the power to craft experiences that practically sell themselves.

Think about the last time you were truly delighted by a product or service. It could be the seamless online checkout process, the friendly and helpful customer support, or the unexpected personalized touch that made you feel valued. Those positive experiences didn't happen by accident. They were carefully designed with the customer in mind.

Take Chick-fil-A, for example. Their signature "My Pleasure" response to a customer's "thank you" is more than just politeness. It's a deliberate effort to create a memorable and positive interaction. This simple phrase reinforces their brand image of exceptional customer service, setting them apart from competitors and fostering loyalty.

Behavioral science provides a deep understanding of what motivates people, what drives their decisions, and what makes them feel good. By tapping into these insights, you can create experiences that resonate with your customers on a deeper level, making them more likely to buy from you and, more importantly, come back for more.

It's about understanding the subtle cues that influence behavior and using them to your advantage. When you craft experiences that are enjoyable, memorable, and aligned with your customer's needs and desires, you create a powerful force that drives sales and fosters loyalty. It's like having an army of brand advocates working for you 24/7.

Remember, people don't just buy products or services; they buy experiences. And with behavioral science, you have the tools to craft experiences that are so good they practically sell themselves.

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So there you have it – five compelling reasons why every SMB leader should care about behavioral science.

It's about leveling the playing field, thriving in an age of information overload, shaping your brand's perception, building lasting memories, and crafting experiences that turn customers into raving fans.

Behavioral science isn't just for the Fortune 500 companies with deep pockets. And I’m here to break it down into accessible tools that any business can use. 

Subscribe to B2B Courtship today, and I’ll study how the science applies to marketing so you don’t have to.

I'm your host, Doug Dotts, and I'll be back next time to help you build stronger digital relationships and achieve lasting business growth.