In this chapter Dan and Chip present the concept that we should rely more on outside results rather than going with our own instincts. They show how this is much easier to accomplish in some areas due to the blossoming of social media. The opening discussion centers around that we frequently trust the input from outside sources over our instincts, but not to the degree that we should. Gathering the best information is a combination of the two.
The brothers talk about the difference between the inside view and the outside view. The inside view is our evaluation of our specific situation. The outside view is how things generally unfold in situations like ours. Generally, the outside view is more accurate, but we tend to lean towards the inside view. This is a trap that many entrepreneurs fall into when deciding whether or not to launch a business. I have also seen credit unions fall into this trap when deciding to launch a promotion or new service.
They next move into a discussion of finding the base rate for your decision. In other words, what happens most frequently with others when facing the same decision. They urge using an expert to help establish a base rate if you are having difficulty doing it yourself. They also point out that experts are usually not very good at making predictions, just establishing your base rate.
In addition to an outside view the two also suggest conducting “close-ups.” This involves getting involved in at lower level to verify what is happening. An example that is used is senior management at Xerox being the customer service officer of the day.
Do you feel that your credit union would benefit in its decision making if senior management has to serve on a periodic rotating basis as member service officer of the day handling member concerns/problems as they come in? Has your credit union jumped too quickly on a promotion or service and had it fall flat because it ignored what was happening elsewhere?