MedTech + Mindset Newsletter #004

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This week we cover Reciprocity and How I Redefined Success (and You Can Too).

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1. Reaping Rewards from Reciprocity

Insight from Natanya Wachtel-Jones

Have you ever been invited to a party?  Have you had someone surprise you with a small gift, or treated you to a cup of coffee?

Did you find yourself returning the favor without thinking twice about it?

Or maybe you did something nice after feeling a little guilty that they did something so nice for you?

 If you answered "Yes," then you’ve been exercising the reciprocity principle. This concept was first introduced by Dr. Robert Cialdini in his book Influence…the Psychology of Persuasion.

 According to this principle, if someone does something good for you, you feel obligated to reciprocate the favor. When opportunity arises, you do something good for them. This process increases cooperation between the two parties and facilitates the development of new relationships or the improvement of old ones. The reciprocity rule is mutually beneficial because it allows giving to others without losing anything.

 When someone receives a favor from us, they will probably help us in the future.  Following this unspoken ‘rule’  is encouraged by our society and failing to comply with it violates social norms.  Adhering to reciprocity is a social norm.

 People return the favor to avoid being looked down upon!

 Studies found that this principle is so powerful that in most cases people would feel indebtedness and reciprocate a favor to strangers:  even to people they dislike.

 As a result, this rule can be easily incorporated in marketing activities in order to increase the conversion of your customers.

 This can be done by offering something to your customers or followers first -  and then asking them for something in return.

 A simple example: free trials or samples. Your customer benefits by getting experience with your product and at the same time feels the need to reciprocate, making it more likely that they will choose your brand.

Another: free and valuable content and tools.  The optimal way to drive interaction is to provide the valuable content first – which naturally employs the reciprocity principle – followed by a request to them.

While you could ask for something (contact data, customer insights) from the users before allowing them to access the content, more users would leave the website without taking any action because they would be reluctant to offer their personal information before seeing the content.

Instead, we give them free access to our content – they get value - and in the end we ask them for something in return and it's up to them to decide if they want to return the favor…which they probably will.

They will view us as a trustworthy, giving brand, and they are more willing to pay that back. Of course, you should consider if the value of the exchange is equivalent.  If it's not, there may not be the return you expect.

Reciprocity also increases cooperation and builds trust. When we show trust towards others in return, they exhibit trust towards us.

 It’s a natural reaction that is ingrained in us and facilitates social bonding, and can be effectively used with brands too.

 Let's summarize: 

• Reciprocity principle = we feel obligated to give back to someone who has given something to us.
• It’s an innate reaction, and it is also strengthened during the process of socialization to appease this innate reciprocal instinct, brands can offer to their customers free samples, trials, and more.
• Intertwined with the reciprocity principle is the concept of showing trust towards your customers.  They will be inclined to do the same.
• Following these principles helps you increase the cooperation of your customers and improve their perception of your brand.
• Using reciprocity naturally drives more adoption with less unnatural (forced) actions.

Want more? In this video, Natanya and Matt Tucker talk about her upcoming series in MedTech + Mindset.

2. How I Redefined Success (and You Can Too)

Insight from Kevin Kermes

I'm fortunate that I constantly have conversations with some extraordinary human beings.

For example:

• One entrepreneur who built a company that has helped its clients generate a billion dollars plus in revenue, yet he’s working through imposter syndrome…
• Another has been taking a series of larger steps, personally and professionally, to include being more vocal about her story in order to lead others AND declaring her quest to find love after a divorce and a long dating hiatus…
• And, another walked away from an exceptionally lucrative corporate career (Fortune 10, C-Suite) to dive right into going out on her own and tackling all the deprogramming, evolutionary, growth, and identity work that comes along with it.
•  And, another has been creating a series of opportunities and investments for himself to easily step away from his corporate role into a new, personally designed position that offers his freedom, impact, and profitability (three words that are music to my ears).

They are all creative, resourceful, and committed…

Leaning into building from their hearts guiding their heads, versus the other way around.

They are my kind of humans.

Those conversations and how they zig where others zag…

The relentless pursuit of what they want, see, and can feel they are creating (even when it isn’t crystal clear nor “all mapped out”) inspires me…

And they ALL have visions I'm excited to get behind and support - whatever that looks like.

Those conversations also got me thinking about success and how I've come to define it for myself.

Each of them achieved what most people deem traditional, status quo “success” and…

While they are grateful for it…

They were left wanting something more.

That's something I've experienced more than once in my life and to which I can totally relate.

So, here’s what came to me as I sat with those observations and insights…

Success is mine to define, is holistic, and does not compromise. It encompasses all aspects of my life and meets three criteria: freedom, impact, and profitability.

(read that out loud before reading on)

It’s Mine (Yours) to Define

A friend of mine and I were having a discussion about processes versus frameworks.

For me, frameworks (like values) are guides while processes (like rules) are more rigid.

BTW - I’ve always been a “rule breaker.” 

(shocking to some, based on my military background...and no surprise to those who know me well :))

The important piece here is to envision, critically, what you want your life to look like…

And step into that immediately.

This is something I (you) can do right NOW.

It’s Holistic

I’m the last guy to hate on physical possessions. 

While I’m not a car guy, I love our boat. I love the freedom it easily provides me to have experiences on the water (primarily fishing) with family and friends.

My attachment to it, as I see it, is as a vehicle (literally and figuratively) for the intrinsic fulfillment I get from experiencing nature and doing so with those closest to me.

Take it away...I’m still getting on the water and doing all the aforementioned :).

It simply makes it easier…

This brings me to the holistic part of success, for me.

It’s defining the feeling...the feeling of success.

Extrinsic trappings (money, houses, boats, planes, etc.) can help connect me to those experiences…

AND the pursuit of them can definitely, as I’ve experienced, suck the joy out too.

So, for me, there needs to be a broader, more holistic definition of success…

Which can be changed by making new decisions.

This is something I (you) can do right NOW.

It Requires No Compromise

How often do you find yourself saying things like...

“Yeah, but s/he’s really successful.”

"Sure, I'd give up "x" for "y" amount of money."

What does that mean to you? What does that mean you’re willing to compromise in order to achieve? What's "important" but can be bought or bartered for something else?

Compromise becomes a true test of where we say we are committed versus our true commitment.

I’ll give you an example…

I have two children: 24 and 8. 

When my 24-year-old was much younger, I often made compromises that I believed would lead to more “success” that…

Even when achieved…

Left me feeling more empty. I felt I didn’t live my word. I didn’t live my spoken values…

Because I exchanged “x” for “y.”

I wavered.

That is something I am exceptionally vigilant about with BOTH of my kids now.

As well, it’s something I step into and live NOW.

BE-ing vs. DO-ing

Whether this conversation of defining and stepping into your vision of success NOW is easy or presents friction (or, maybe it doesn’t land at all)…

It does require the belief that success is a state of BE-ing versus DO-ing.

EVERYTHING I outlined above requires one thing only from me in order to achieve success… 

BE-ing the human who…

• owns the responsibility and actions of creating my own success.
• holistically checks in that I’m feeding intrinsic creation (rather than focusing solely on the extrinsic outcomes).
• achieves success without compromising what I say is most important to me. 

“Hell Yes” or “Hell No.”

And those are ALL things I can choose to BE - RIGHT NOW.

So, I’m curious…

What comes up for you as you read this and…

How do you define being successful, right now?

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