The ever-quotable Warren Buffett says, “Never invest in a business you can’t understand.” Well, as we round out another terrific year, I want to challenge you a bit by noting that many of us regularly invest in people we may not understand. So, why make relatively blind “people investments” when you (hopefully) would not make such a financial investment?
Granted, I am a bit of a shameless evangelist for the power of validated behavioral insights, but I genuinely believe they are applicable – and I would venture imperative – across virtually any scenario, organization or industry. Harvard research tells us that 87% of business and life performance challenges are caused by behavioral differences. So, applying our proven online behavioral management solutions, may not take the number of those challenges to zero, but we can get you damn close.
One reason we can do that – in addition to our powerful products and processes – is that we have an impressive cadre of partners and colleagues who help us vet and deploy the solutions. In turn, our phenomenal clients invest in the process with us, providing valuable feedback that helps us – and them – play at a higher level. Winning is good, but a win-win is better.
It takes a (global) village
Because of those unparalleled alliances, we’re poised to not only play better in 2019, but to play bigger. Our team has discovered and embraced the book “Play Bigger”, which cleverly and clearly identifies the approach needed for positioning a company for high growth: It’s all about identifying the problem you are solving and setting your business up to be a category king (think Uber).
It is more about creativity in market positioning than directly disrupting an industry, though disruption can be the impact or part of it. Whatever work you are doing; this book is a “must read”. In fact, I am so enthusiastic about the book that I’ll commit to sending the first 18 people who respond to this (2019 will be DNA Behavior’s 18th year) the book – on me. Digital or hard-copy, your choice.
At DNA Behavior we are solving the problem of how an organization delivers meaningful customized experiences to its employees and clients on a mass scale. To do that you must know their unique style, and knowing their marketing “persona” based on demographics is not enough. Two people can have the same persona, but not the same personality. So, unless personality insights – beginning with communication insights – are integrated, you do not get there.
Meeting and exceeding the market
As we play bigger, we’ll be demonstrating, in the words of the book, what category we are king of: Online behavioral management. In 2019 we are launching our end-to-end real-time behavioral management tooling – a highly automated discovery profile debrief that is situationally dynamic. We already have this in Financial DNA with the “Market Mood” tool that integrates real-time stock market movements to behavioral style. But in 2019 we will take this further and also launch a platform for Business DNA. We can only do this now because technological developments allow us to, and the market place is demanding customization.
Thanks to you, 2018 has been a landmark year for landing major deals that implement our API strategy, through which we become the “behavioral chip” inside the tech platforms of other businesses. This helps us realize our brand promise of delivering meaningful experiences to employees and clients customized to their unique style. In particular, we have had success with large financial services firms and banks launching platforms in the employee financial wellness space. They all have very different angles and approaches – but the key point is that the online management of financial personality is here to stay and becoming a category king in its own right. This reinforces our strategy.
Validation and affirmation
We completed one of the world’s largest known behavioral finance studies looking at the financial behavior data of more than 35,000 people and how it connects to validated personality insights. The research demonstrates a high degree of alignment between the spending habits, planned giving, investing style and other behaviors to the personality style measured by DNA Behavior. We knew our system produces highly predictive results with a 91% overall reliability, this research confirms how people live it out.
Deloitte’s just-released 2019 Banking Industry Outlook also affirms our work and the path ahead we’ll be on with our banking (and other financial) partners and clients. This Big Four firm is optimistic, noting promising times ahead for banking and capital markets, as well as opportunities to double down on transformational technology, including an even better understanding and leveraging of data. We’re excited to be part of deciphering what that means to different organizations and helping them implement. (In the meantime, you may want to add this great Deloitte report to your reading list.)
We know what’s ahead; thanks for being part of it
Finally, our “why” in business is to foster people to become more self-empowered. The work noted above is a big step to achieving this “why” goal on a mass scale. We want to be part of changing the culture of business with the adoption of an Understanding People before Numbers approach. We know that, businesses of any category must do far more work in the area of culture if they are to grow on a sustainable basis. Behavioral management is just one of many components needed to build a strong culture.
Looping back to the wisdom of Warren, Buffett says, “Only when you combine sound intellect with emotional discipline do you get rational behavior.” I would posit that you also need that winning combination in order to optimize your organizational culture. So, in 2019 we will be championing the growth of culture and want all of you involved.
Let’s play bigger!