Blogs are Bricks in Decision-Making Architecture

Financial planners don’t slay dragons. Instead, they do battle with biases.

Now retired from my career as a CFP®, I stay interested in behavioral finance, which is using science to move individuals in the direction of better decision-making. In fact, I see my present work as content writer for business blogs as very similar – helping readers gain access to – and process – the information they need to make good buying decisions.

In the latest issue of the Journal for Financial Planning, researchers Dave Yeske and Elissa Buie discuss “decision architecture”, a fascinating concept that goes beyond describing “the cognitive systems that people use for interacting with the world”, to actually helping individuals  support rapid – and intelligent – decision-making in the face of a changing environment.

We humans think both fast and slow, the authors explain.  The automatic system is fast, using shortcuts and relying on information that is easiest to recall. “Slow” decision-making is based on policies and principles that help us make more complex decisions.

So how can blogs, by definition short, personal, and conversational, help potential clients and customers make better, sometimes complex, decisions?

• By suggesting questions readers can ask themselves while choosing among many options. (Do they want ease of use? Current functionality? Future capabilities?)
• By “mapping”, meaning showing how choices are related to consequences.  How much sooner will your mortgage get paid off if you add $100 each month to your payment. How should the prospect feel about the purchase (Relief? Trust? Premier status?)
• By offering easy ways to make choices, so that the decisions are not pressure-packed.

Linda Gorchels at the Wisconsin School of Business reminds us that, while customers don’t like being sold, they do need help in making buying decisions. “Arm them with the necessary tools to convince themselves and others that this is the correct decision.”

Blogs don’t make up an entire marketing structure, but blog posts serve as bricks in the decision-making architecture!