Have you seen a KwentongJollibee video on YouTube? Jollibee came up with this innovative ad campaign in 2017 to address this problem: the generation that grew up with Jollibee – who had their first birthday there and had good memories there – got older and became very conscious of their image, hence they went to other brands, to places where they can be away from their families.
The emotional tales of KwentongJollibee clearly hit a note among Filipinos. Within a matter of days from launch, the videos collectively reached millions of views. The campaign was so effective and successful that it was emulated by most if not all, companies who promoted themselves on YouTube.
Jollibee’s marketing campaign demonstrated the power of engaging emotions to drive buying decisions.
Financial Advisors can use this insight of using emotions to engage clients in meaningful conversations so that they can more effectively help them. To do this, it is important to understand the science behind the idea of emotions being the key to buying decisions.
MEET THE LIMBIC BRAIN
Deep within the mysterious labyrinth of our minds lies a hidden powerhouse, silently orchestrating the choices we make every day known as the limbic brain. Don’t be fooled by its unassuming size; this little nugget of evolutionary wonder holds the key to understanding why we behave the way we do.
Imagine your brain as a massive corporation, with different departments working in perfect harmony to keep things running smoothly. The limbic brain, often referred to as the emotional brain, is the chief executive officer (CEO) of this neuro-corporation. It’s nestled deep within the brain’s core and acts as the decision-making powerhouse.
The limbic brain has special and very important components. First is the amygdala, the brain’s alarm system. It’s responsible for triggering your instinctive fight-or-flight responses and making snap judgments about potential threats. The amygdala is like a Drama Queen responding to every stimulus with contrasting feelings depending on the situation.
Next, we have the hippocampus, the brain’s memory maestro. It stores our experiences, both pleasant and not-so-pleasant, and retrieves them to guide future decisions. Think of it as a personal library, stacked with mental bookmarks that help us navigate life’s choices. This is the Memory Wizard.
Finally, meet the nucleus accumbens, the brain’s pleasure center. It’s the delectable slice of the brain responsible for motivating us to seek rewards and reinforcing pleasurable experiences. Just imagine it as a pint-sized cheerleader waving pompoms and chanting, “Go for it! You deserve it!” The nucleus accumbens is the Pleasure Addict of the limbic brain.
Now that we know the limbic brain’s components, let’s dive into how they influence our decision-making process. Remember the amygdala and its fight-or-flight responses? Well, it can hijack our rational thinking and push us toward impulsive choices when we’re in survival mode. You know that time you bought that unnecessary gadget during a mega sale? Yep, blame it on the amygdala!
On the other hand, the hippocampus plays a vital role in decision-making by leveraging our memories. It accesses our mental library and uses past experiences to evaluate potential outcomes. This is why we tend to repeat actions that have brought us joy in the past, like devouring a mouthwatering slice of pizza or binge-watching a Netflix series.
Last but not least, the nucleus accumbens takes center stage when it comes to reward-driven decision-making. It pushes us to pursue pleasurable experiences and motivates us to work toward our goals. It’s the euphoric feeling you get when you receive praise for a job well done. Thank the nucleus accumbens for keeping you hooked on success!
Now that we’ve uncovered the secrets of the limbic brain, how can we harness its power to help clients make smarter decisions?
USE THE POWER OF THE LIMBIC BRAIN
Financial advisors armed with limbic brain insights can empathize with their clients’ fears, hopes, and desires. They can create a safe space where emotions are acknowledged, allowing clients to make more informed decisions by combining rational analysis with emotional intelligence.
Moreover, by tapping into the Memory Wizard, financial advisors can help clients reflect on past financial experiences, learn from mistakes, and build a solid foundation for future decision-making. They can help clients break free from impulsive behavior driven by the Drama Queen and steer them toward a more balanced and thoughtful approach.
By understanding the Pleasure Addict, financial advisors can motivate clients by aligning their financial goals with their values and aspirations. They can help clients find joy in the journey toward financial freedom, making saving and investing not just a chore, but a meaningful pursuit.
In harnessing the power of the limbic brain, financial advisors become more than just number crunchers or investment experts. They become guides, mentors, and advocates for their client’s financial well-being. By acknowledging the influence of emotions, memories, and desires, they can empower their clients to make smart choices that align with their long-term financial goals.
So, start to cultivate empathy, tap into memories, and ignite motivation. With your guidance, clients can navigate the complex financial landscape, make sound decisions, and embark on a path toward financial prosperity and peace of mind.