IN THIS ISSUE
- The Ellsberg Paradox gives a name for why you make the choices you do
- How Liminal Thinking can set you free
- Why world-building may be better than funnels
- Building a real estate referral world
While I’m transitioning to whatever this newsletter will be, I thought I’d dash off a quick round-up of what I’ve been reading and thinking about and make an attempt to thematically tie it together.
The Ellsberg Paradox
Many people are held back because they are risk-averse and consistently make the safe choice.
There’s a human tendency that contributes to this known as the Ellsberg Paradox:
…a person tends to prefer choices with quantifiable risks over those with unknown, incalculable risks
How can you make a safe choice if you don’t know what your odds are?
Few people choose the unknown risks option. It’s just not safe, right?
And yet sometimes the unknown is the overwhelming winner.
Every now and then we should figure out how to walk on the wild side.
If living on the wild side is not who you are, you could benefit from liminal thinking.
Not a day goes by that I don’t either think or say the phrase, “belief system.” And it’s almost always a musing on the belief systems in play within me or in the others in my presence.
Each of us lives in a world powered by our beliefs—and they are invariably wrong and limiting.
You won’t walk on the wild side because your faulty beliefs won’t let you. You need reprogramming.
But you need to know you need the reprogramming and how to do it.
I suggest you read the book—it’s short—where you’ll learn the detailed version of these three steps:
- Get in touch with your ignorance
- Seek understanding
- Do something different.
The book suggests you can then create the world you want to live in.
I offer this topic up because I believe most people live in a world someone else has created for them.
And naturally, they aren’t happy.
It turns out, if you can create a world for yourself, you might find it valuable to do the same for others.
Yes, I know this conflicts with what I just said but keep reading.
Instead of using aggressive direct response or media production approach, we build “worlds” for our audiences to inhabit.
If you’ve got yourself an Invisible Selling Machine—aka an email list—your emails and your public content are your doorways into a world that your ideal prospects long to be in. And they get there by becoming customers.
Once there, they choose their own adventure through the world you’ve created—the world you want them to live in.
Your world can be a community, free courses, email sequences, and so on. The idea is that you bond with your customers.
In Travis Sago’s Royalty Ronin world, there’s even a glossary document to help people understand the words that their fellow Ronins are using.
Here’s more about the concept:
Worldbuilding creates interconnectedness and cohesion among touch points which creates a sense of being a part of something bigger in ways that are often surprising and genuinely relevant.
What this concept does not include is funnels.
I know, sacrilege!
Somewhere Russell Brunson just felt a ripple in the force.
Hey man, you can still be one funnel away if you want to be. I’m just pointing out there’s another way.
But anyway, this approach enables you to pull people toward you that want to be in your world. And then, if done well, your world inhabitants become raving fans and will buy just about anything you make available for them.
It’s a creative long game.
Referral Real Estate World
As I mentioned originally in Real Estate Caddy and then in an update last time, I am planning on launching a website that essentially incubates and nourishes real estate clients. But in the end, they are residents living life in between moves.
What do they need? They need education and guidance leading up to a move, but they also would appreciate residential help in between. Think of their projects:
- Window Replacement
- Clear outs (e.g. Pods or dumpsters)
- …and so on.
And then, of course, they represent one steady stream of household purchases.
I should build them a world that parallels their reality. Yes, I know this describes a lot of existing sites, but none of them are as personal. I’d essentially be their concierge.
You could imagine them wandering through the world and opting into a mortgage sequence or a moving sequence or a real estate investing sequence and so on.
In the end, I will have educated and pre-sold folks and added a ton of value before referring them off to a realtor that I’ve carefully matched for them.
I’m only writing about this because I think it’s an interesting approach to a very staid and traditional field. I mean, who collects real estate commissions purely through email marketing?
…while their feet are propped up on their coffee table?
There you go.
The Ellsberg Paradox, Liminal Thinking, World-Building, and how these are influencing my thoughts and plans as I put my real estate license asset into circulation.
The meta lesson is to accept that your choices follow your beliefs and your beliefs may not be founded or optimal. Find a way to pressure test yourself and be prepared to move on if your beliefs and choices don’t serve you.
Live long and prosper.
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