We had an evening at the greyhound racing last week. Something that fascinates me is different people’s tolerance to risk.
I’m what you might call a calculated risk taker. I’ll make lots of small gambles on the chance of one really paying off. At the dogs, I’ll place a smallish bet as often as I can be bothered going to the tote booth.
Linzi on the other hand is different. Her second bet of the evening was a £1 bet on a dog to place (come first or second). Which earned her £2.86. After that she was done. Why bet any more, when you’re already up?
This attitude to risk plays out in many areas: job choices; life decisions; major purchases. The bigger the decision, the more cavalier my decision making becomes.
On balance we probably balance each other out. I’ll jump into something as soon as it feels right. She’ll need more information, and a lot more convincing. Which if we turn the spotlight on your business, highlights that different people will move through your funnels in different ways. Linzi and I would not buy from you using the same criteria.
I did an interview on this last year with Kenda Macdonald. Kenda has a process for identifying three customer avatars with completely different risk tolerances and buying behaviour. It’s worth a watch.