The Status Quo Bias: What It Is & How To Overcome It

By Megan Allinson (Account Supervisor)

Ah, my good friend the Status Quo Bias. You probably know him too.

If you’re not familiar, it’s the whole idea of not doing something or changing a behavior, because we’re okay with what we’re doing now, or we’re used to doing things the same old way.  And making a change — even if for the better — seems to be too much effort.

Succumbing to the Status Quo Bias is often the reason we don’t start exercising or stop smoking. It’s why we don’t eat healthier, increase our savings or make a dentist appointment if we haven’t been in a while.

We see all these things on paper and nod “yes”, because they all seem like good, smart decisions. We might even go so far as to say “I’m going to change the way I eat”. But then we don’t do anything different, because it’s easier to keep doing what we’ve always done.

This is the number one reason why those in the healthcare industry place so many incentives around changed behavior. They know we know healthy living and eating is good for us, but they also know it’s harder to change a behavior than it is to continue doing something the same way.

For example, some health insurance providers gave a specific group of members a choice: pay more for insurance or start exercising. The result? People started exercising. In fact, only 3% failed to meet the goal that was set.

Outside of the healthcare industry, insurance and financial services professionals are also focused on getting their customers and prospects to overcome the Status Quo Bias.

When the product or service is positioned as a clear benefit to the consumer, consumers are then able to clearly identify the value to themselves and take action. In turn, the insurance or financial companies also win.

For example, positioning 401k packages as a little out of your pocket today that can add up, so that you’re able to do more when you’re retired.

Another way to help overcome the status quo is by offering incentives. Cable providers often do this. Even though you know you could be saving more with one cable company, it seems to be too much of a hassle to change from your current provider.

You have to be home for a 4 hour block of time. You have to change your cable boxes and, likely now, your wireless. However, these inconveniences associated with the switch might be worth it for a $300 incentive.

So how can you get your current customers and prospects to overcome the Status Quo Bias? Follow these 5 easy tips:

• Focus on what could be lost, rather than what might be gained.
• Position your product or service as a benefit for the end user.
• Make it easy for your customers or prospects to take action.
• Provide an incentive, free trial or other enticing offer.
• Leverage other behavioral science principles, such as Mental Accounting or Social Proof.

Of course, if you’d rather get to know us a bit before reaching out, you’re welcome to follow our social media pages on Facebook, LinkedIn or Twitter.

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