Mar 27, 2020
Have you ever wondered why it's
blindly accepted to just do things the same way they’ve always been
done? Have you noticed how a new business can completely disrupt an
industry by doing things totally different? Sometimes they put
established companies out of business, even though the original
business could have implemented the same strategies before the
disruptor. A big reason this happens is normalcy
Normalcy bias is where the brain
believes that everything will be normal and waits for things to be
normal again in a time of crisis. This principle not only applies
to business, but it very much applies to some of the reasons many
people weren't prepared for the coronavirus pandemic even though it
had been on the news weeks before the shutdown. This normalcy bias
episode is directly influenced by episode
91. Coronavirus and How the Human
Brain Responds to Pandemics.
If you have not yet listened to
that episode…I highly recommend it. There is so much going on right
now with new announcements every day of countries taking new and
very important precautions to stop the spread of this disease. That
episode talks about why the brain is wired to react the way it does
during a novel and frightening situation like this, and why we all
feel inclined to hoard lots of supplies like toilet paper even when
we know that is a bit irrational.
Normalcy bias is very much tied
in with the situation we all find ourselves in as coronavirus is
changing our entire world. It is also a bias that you can overcome
to benefit your business. It’s also something we are talking about
in the BE Thoughtful Revolution.
If you’re interested in
joining the BE Thoughtful
Revolution, you can get
a 7 day free trial and a 50% discount using the code HALFOFF
through March 31, 2020.
- [03:39] Normalcy bias is the tendency for the
brain to believe that everything will be normal – and to wait for
things to be normal again in times of crisis or change. This
impacts both sides of change.
- [04:20] It's easy to assume that things will
stay the same and remain normal. This combines with availability
bias and time discounting.
- [05:09] We have a hard time preparing for
something before it happens.
- [05:48] Disruptors are able to infiltrate
because those in the industry are too close, and their normalcy
bias is telling them that things will always be the
- [06:09] Disruptors can see things differently,
because they aren't subject to the same constraints of the
- [07:29] Progressive’s head of marketing “fires
himself” every 12 to 18 months to reset as if he just got
- [10:03] Normalcy bias makes it so we all don’t
properly prepare for or anticipate a big change. The other side of
this, is that once change is thrust upon us, while we are in the
midst of it…we cling to “normal” more than ever.
- [10:28] The brain grieves for what used to be,
what it was used to, and its inclination is to ride out the storm
until things are normal again.
- [11:12] Our brains love the status quo and what
they are used to.
- [12:02] An example of the finance industry,
status quo, and Apple Card.
- [14:29] The desire to wait and see…to weather
the storm when you are in the midst of change…is normalcy bias
keeping you stuck. If you aren’t careful, it can cause you to miss
the boat and your business could be in serious trouble.
- [15:47] My brain is constantly wanting to say
that this is a temporary setback. I can’t rely on that being the
case. My business model needs to adapt to the possibility that
there may only be a few conferences in the coming
- [16:44] This is the time to look at other
opportunities: what can be done virtually?
- [17:33] I also need to make sure that I am
investing time and energy into what is the best fit for the market.
What do people want, and need and where does that coincide with my
- [18:29] Having too much reliance on any
particular product line, client, or type of service is always
something that should be reviewed.
- [19:07] If you are listening to this episode
right when it comes out or shortly thereafter, coronavirus is
presenting the opportunity for you to practice getting out of your
own normalcy bias and looking at your business
- [20:04] If you aren’t already a member of
Revolution, please do
join us now. You can take advantage of a 7 day free trial if you
join by March 31, 2020 and use the code HALFOFF to get a 50%
- [20:41] Normalcy bias is constantly impacting
you in life and business. Now is the time your brain wants you to
wait and see…and I’m here to tell you that strategy will not suit
your business well.
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