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February 2024 The Contractor’s Advantage
HarrisonLawGroup.com (410) 832-0000 jwyatt@harrisonlawgroup.com
On Feb. 2, America celebrates Groundhog Day, a holiday where a rodent and his shadow determine the coming of spring. But, it’s also a holiday that inspired a movie where the main character — Phil, played by Bill Murray — is stuck in a time loop, repeating the same day over and over. Although it may seem like a strange concept and maybe a simple movie gimmick, it reveals a story of authentic personal growth upon closer examination. If you haven’t seen the movie, Murray’s character starts as a jerk. He’s not the nicest guy, but as he gets trapped in this never-ending loop, he changes. It’s not an overnight transformation, but he goes from a total mess to genuinely caring about others. If we’re honest with ourselves, we already live in a sort of Groundhog Day. Most days, with our strict routines, can feel repetitive and mundane. My wife and I have this thing where we’ll sit down at the end of some days, look at each other, and say, “Today was one of the good ones.” This means that in the endless repetition of waking up, going to work, coming home, eating, and sleeping, some days are better than others. And in this admission, there is valuable insight to be gained. Like Murray’s character in the movie, we must take time each day to discover ourselves and figure out who we truly are. It won’t come overnight or in a day; we have to work at it over and over until it comes to fruition. BREAKING THE LOOP How Groundhog Day Offers a Blueprint for Personal Growth
I see this idea in a much simpler version with my son now. He’s in third grade, tackling multiplication, and I often find myself reminding him that, unfortunately, there’s no magic trick to it; he just has to put in time every day to get better. Life’s a bit like that, too. The routine is how we make a living, and we repeat it until, hopefully, something comes of it one day, whether that be wealth or understanding. But knowing this doesn’t mean we have to accept a life of monotony. Within our own Groundhog Days, we do have the opportunity to change things.
Personally, I have found a way to do so by practicing law and getting creative with solutions. But you don’t need to be a lawyer to break the routine. You can do something interesting like traveling, watching a live show, or anything that excites you. These little breaks can make a huge difference and prevent life from feeling like a never-ending loop. So, maybe Groundhog Day isn’t just a quirky holiday or comedy movie; maybe it’s a wake-up call, telling us, “Hey, in your routine, there’s room for growth.” Of course, change won’t happen overnight, but you’ll get there bit by bit, day by day. And when you sit back at the end of the day and
think, “Today was a good one,” you know you’re onto something. Besides, it’s the small, consistent efforts that add up to big changes in the end, and in repetition, you find the path to genuine growth.
“It’s the small, consistent efforts that add up to big changes in the end, and in repetition, you find the path to genuine growth.”
-Jeremy Wyatt
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Enhancing B2B Marketing Strategies With Behavioral Economics
The Endowment Effect The endowment effect is when individuals value something more highly once they own it. In the B2B context, marketers can provide trials or demos, giving potential clients a sense of ownership. This increases the perceived value of the product or service. Social Proof In marketing, social proof recognizes that the actions and approvals of others influence people. In a B2B setting, this can be harnessed through client testimonials, endorsements, and detailed case studies. For instance, showing how other businesses have successfully integrated a product or service can significantly sway potential clients’ decision-making. The Illusion of Scarcity Creating a sense of scarcity can drive urgency and prompt quicker decision-making. Limited-time offers or exclusive services available to a select number of clients are part of this strategy. However, use this method judiciously to maintain trust and credibility. Incorporating the principles of behavioral economics in marketing strategies can provide B2B entrepreneurs with a distinct competitive advantage. It’s about more than just the product or service; it’s about understanding the underlying psychological drivers of client decisions to craft compelling, customer-centric marketing strategies. By understanding and applying behavioral economics, B2B marketers can reshape their approach to align with their clients’ psychological motivations. This alignment results in more effective communication, enhanced customer relationships, and ultimately, a more successful business. The strategic application of these principles can transform B2B marketing from a traditional, product- focused approach to a more nuanced, client-centric strategy. This shift maximizes customer satisfaction and increases business success. Applying behavioral economics in B2B marketing is a transformative approach that can redefine how businesses interact with their clients. By understanding the psychological underpinnings of decision-making, B2B marketers can develop more resonant and effective strategies, leading to lasting relationships and sustained business growth. This comprehensive approach ensures that businesses not only meet their immediate sales goals but also build a foundation for long-term success.
In the dynamic realm of B2B marketing, a deep understanding of customer behavior is essential. Behavioral economics, which merges psychology with the economic decision-making of individuals and institutions, provides critical insights into customer behavior. By integrating these principles, B2B entrepreneurs can significantly elevate their marketing strategies, enhancing customer engagement and increasing sales. The Power of Choice Architecture A crucial concept in behavioral economics is choice architecture. This approach involves structuring the environment where customers make decisions. For B2B businesses, this translates to presenting options that guide customers toward a desired outcome while preserving their freedom to choose. An example is the strategic arrangement of service packages, making certain options more appealing. This strategy not only simplifies decision- making but also subtly influences customer choices in favor of the business’s objectives. Anchoring Effect Anchoring is a cognitive bias where the first piece of information offered significantly influences decision- making. In B2B marketing, the initial price or feature introduced to a client can set the stage for how they perceive overall value. An effective strategy might involve presenting a high-quality option at a premium price first, thereby setting a high-value perception that makes subsequent offers seem more reasonable, even if they are priced above the market average. The Decoy Effect The decoy effect, or asymmetric dominance, is a tactic in which presenting a third, less attractive option can influence preferences between two other choices. B2B marketers can leverage this by introducing a less appealing product tier that makes a more profitable option appear more valuable. For example, you can make a standard service package more appealing by placing it next to a basic package that offers fewer benefits for a slightly lower price. Understanding Loss Aversion Loss aversion is the tendency to prefer avoiding losses over acquiring equivalent gains. This principle can be particularly effective in B2B marketing. For instance, a company offering cloud storage solutions might focus on how their services prevent data loss and ensure security rather than simply highlighting storage features.
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No. 1: Always value yourself and your health. You need to be at your best to do your best. As the adage goes, if you don’t have your health, you don’t have anything. No. 2: Make your work ethic a priority. This helps establish a pattern to persevere when things are difficult. No. 3: Ensure you invest your time and energy in yourself and those who believe in you. Having the right team members and cheerleaders makes all the difference. This is especially true on difficult days when things look bleak.
Using her business acumen, Pratte slowly brought the company back from the edge by digging into her personal experiences and passion for wellness. Now, this formerly unknown company is a multimillion- dollar juggernaut and one of the largest female-run companies in the health and wellness industry. Pratte states her company’s mission as follows: “We’re giving our customers the best product they can take for whatever they need it for.” After bringing NBPure back to profitability and success, Pratte co-founded The Candidly. This brand focuses on women who can’t find satisfaction with other health and wellness brands available. Finding another niche, Pratte aimed at helping these disillusioned women, ages 35 and up, find a company dedicated to their wellness needs, one that listens to and delivers on what they want and expect from a wellness brand. Thanks to her success and hard work, Pratte has learned some valuable lessons, which she has distilled into three pieces of advice that will help anyone on their journey toward business success:
Like Pratte, you can transform your passion, personal experiences, and failures into a vibrant and viable business. Don’t let failure hold you back.
To paraphrase the great Dale Carnegie, use your
losses as stepping stones to your success. Keep trying, and you may one day be a leader in your respective industries.
HAVE A Laugh
History is more than just a chronicle of battles; it’s a rich tapestry woven with unbelievable events that can mystify us. A dive into the corners of the past reveals historical anomalies. UNLOCK HISTORY’S STRANGEST SECRETS Ancient Brews to Ghostly Winners!
The First Beer Ancient Sumerians were the original brewers.
Archaeologists unearthed a 5,000-year-old tablet depicting individuals consuming a beer-like beverage through reed straws from a bowl. Racing to the Grave In a 1923 horse race at Belmont Park, New York, jockey Frank Hayes achieved victory from beyond the grave. Suffering a fatal heart attack mid-race, he remained in the saddle and finished in first place. Horse Senator Ancient Rome was rife with ruthless priests, back-stabbing commanders, and at least one horse senator. Emperor Caligula allegedly declared his horse, Incitatus, a senator. Caligula also built him a marble stable and fed him gold. These stories demonstrate that the annals of history are not just repositories of significant events but also a collection of the bizarre.
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Jeremy Wyatt jwyatt@harrisonlawgroup.com HarrisonLawGroup.com (410) 832-0000
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Inside This Edition
1. Embrace Routine as a Path to Genuine Change 2. How Cutting-Edge Behavioral Techniques Can Elevate Your Business 3. Ancient Brews, Horse Politicians, and Ghostly Wins! 4. A Business Leader Who Persevered
From Bankruptcy to Global Recognition How Danna Pratte Became a Leader in Health and Wellness
Dale Carnegie once said, “Develop
was about to take off and, through hard work, brought the company back from the brink of bankruptcy. Born in the small town of Mansfield, Texas, Pratte’s childhood made her passionate about nutrition later in life. She was an obese child and was constantly bullied. After persevering through this abuse, she was able to make it to college, where she dedicated her life to learning more about nutrition and pursuing a healthy lifestyle. Once she had completed her master’s in international management, Pratte searched for opportunities in the health and wellness industry and quickly found her niche. Most supplement companies at the time were using filler ingredients. This lowered the quality of the supplements and, in many cases, negatively affected profit margins. When she first got involved with NBPure, they were having trouble making a name for themselves. So, in revamping the company, which was operating on razor-thin margins, Pratte set out to use only pure ingredients, making her an innovator and disrupting the male-dominated industry.
success from failures. Discouragement and failure are two of the surest stepping stones to success.”
To be sure, failure is always challenging,
especially in business. In any business venture, you spend money, passion, time, and energy. As a result, failure can feel overwhelming. Fortunately, countless success stories can inspire and shape your business ambitions. One example is the story of Danna Pratte. Pratte is the CEO of the global supplement company NBPure and one of the co-founders of The Candidly. When she acquired NBPure in the early 2000s, it was struggling and on the verge of bankruptcy, but Pratte knew the wellness industry
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