In this chapter Chip and Dan focus on how short-term emotions can negatively impact decision making. They open by taking us through an exercise on how car salesmen work to get the buyer to make an emotional connection that overrides common sense.
One of the methods to overcome immediate emotions is to create some distance between yourself and the object of your desire. They use the example of the individual who purchased the car he wanted over the phone without ever visiting the dealer. It took time and calls to several dealerships, but in the end he obtained the car that matched his needs.
Another method is to use the 10/10/10 system developed by Suzy Welch. How will you feel about it 10 minutes from now? How about 10 months from now? How about 10 years from now? Not only does this provide some distance, but forces you to really consider the longer term impact. Have any of you ever used this method before? If so, what were the results?
They address two short-term emotions that often impact our decision making: mere exposure – we like what’s familiar to us and loss aversion – losses are more painful than gains are pleasant. As example they use students who are given a mug and what they would be willing to pay for it and what would they be willing to sell if for.
They end with what I felt was a very potent point: What would I tell my best friend to do in this situation? This most often results in what decision you should make.
What would you tell your best friend if they were seeking employment at your credit union or place of employment?
- The Rule of 10-10-10 by Suzy Welch (halliecrawford.typepad.com)