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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

Melina Palmer

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Consumers are weird. They don't do what they say they will do and don't act how we think they "should." Enter Melina Palmer, a sales conversion expert with a personal mission to make your business more effective and brain friendly. In this podcast, Melina will take the complex concepts of behavioral economics (the study and science of why people buy - or not) and provide simple, actionable tips you can apply right away in your business. Whether you're a small business or thriving corporation, Melina's tips can help your business increase sales and get more customers.
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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics - 177. How to Successfully Pitch Your Business Using Behavioral Economics

177. How to Successfully Pitch Your Business Using Behavioral Economics

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

play

11/05/21 • 31 min

A company's success nowadays is so reliant upon pitching and getting media coverage. Having a credible source say positive things about you and your company can be pivotal when it comes to whether your brand is going to be seen or not.

That is exactly why this episode of The Brainy Business is dedicated to giving you some concise tips on how to use behavioral economics to pitch your brand. I know pitching yourself can feel awkward, but when you understand the brain science it doesn't have to be, especially if you follow my tips!

I discuss different brain biases such as social proof, authority bias, familiarity bias, and really focus on availability bias. Availability bias is critical to pitching success. You can take advantage of it by predicting and paying attention to trends and finding a way to offer people a fresh perspective on them.

We close with three key points to keep in mind when pitching: (1) keep it short (2) be happy with your language and (3) follow directions. This and so much more in this episode, which will help you use behavioral economics to successfully pitch yourself and your business, so listen now...

Show Notes:

  • [00:06] In today’s episode, I talk about using brain science to successfully pitch to media.
  • [02:22] Pitching yourself can be awkward and uncomfortable, and there are brain biases that can explain why that is. Understanding them can help you turn them around and use them to your advantage.
  • [05:05] There is good news – pitching doesn't have to be so hard if you use my tips!
  • [07:20] I explain why media coverage and pitching are so important, beginning with social proof.
  • [08:43] Authority bias leads us to believing that anything that the news or media reports is true or else it wouldn't be featured.
  • [09:32] Familiarity bias makes us lean toward things that we already know or know of.
  • [10:26] The final (and I would argue, most important) brain bias that is to your benefit when pitching is availability bias.
  • [12:48] One of my favorite examples of availability bias is how travel to Norway drastically increased following the release of Disney's movie Frozen!
  • [14:20] In order to take advantage of availability bias, you need to predict trends and offer something unique in relation to them.
  • [16:30] Pitching to reporters can be stressful, but remember that reporters are people doing a job. You can be a resource to them they are thankful for if you connect with them properly.
  • [19:06] A simple and easy habit you can create to make you a master at pitching by taking advantage of availability bias.
  • [21:55] Recognize where you fit and where you can fill in gaps.
  • [24:23] Remember to take advantage of familiarity bias! Get people to know who you are and like you before you ask for anything
  • [25:41] I recommend signing up for HARO (Help a Reporter Out).
  • [27:10] It's important to remember that not all of your pitches will land, but that only makes it that much more rewarding when they do.
  • [27:43] I give you some key tips to keep in mind: (1) keep your pitch short and sweet, (2) be sure that you're satisfied with how your pitch is worded, and (3) follow directions that reporters put into their requests and do what they ask.
  • [29:30] A quick and simple summary of all the tips in the episode.
  • [31:03] Registration is now open for my Setting Brainy Goals course!

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

Let’s connect:

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics - 370. Rethinking Business as Usual: Adapting Strategy for Changing Times (Refreshed Episode)

370. Rethinking Business as Usual: Adapting Strategy for Changing Times (Refreshed Episode)

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

play

02/27/24 • 20 min

In this episode of The Brainy Business podcast, Melina Palmer explores the concept of normalcy bias and its implications for decision-making. She provides compelling examples of how normalcy bias impacts individuals and industries, emphasizing the necessity of overcoming this mindset to foster adaptability and innovation. Melina underscores the significance of seizing virtual opportunities and leveraging behavioral economics for business success, urging her audience to consider the enduring value of maintaining virtual offerings.

Additionally, she addresses the perils of normalcy bias, emphasizing the need to acknowledge and confront the tendency to underestimate potential future challenges or changes. Melina teases an upcoming episode with Cass Sunstein, where the concept of normalcy bias will be thoroughly examined, offering listeners an exciting chance to gain further insights. This segment offers valuable insights on embracing change, capitalizing on virtual prospects, and challenging conventional norms, making it essential listening for business professionals seeking to enhance their decision-making acumen.

In this episode:

  • Recognize the impact of normalcy bias on decision-making processes.
  • Utilize virtual opportunities to leverage behavioral economics for business growth.
  • Enhance business success by maintaining virtual offerings in the current market landscape.
  • Implement diversification strategies to mitigate risks and optimize business resilience.
  • Address normalcy bias to improve decision-making and strategic planning.
Show Notes:

00:00:00 - Introduction Melina introduces the concept of normalcy bias and its impact on decision-making during times of crisis or change. 00:03:02 - Impact of Normalcy Bias on Decision Making Melina discusses how normalcy bias affects decision-making, leading to complacency and resistance to change, using examples from different industries. 00:09:20 - Clinging to Normalcy in Times of Change Melina explores the tendency to cling to normalcy even when change is inevitable, and how this can hinder adaptability and innovation in businesses. 00:12:48 - Impact of Normalcy Bias on Financial Industry Melina provides an example of how normalcy bias affected decision-making in the financial industry, leading to missed opportunities and potential risks for businesses. 00:15:08 - Adapting to Change and Overcoming Normalcy Bias Melina shares insights on the need to adapt to change, prepare for unforeseen circumstances, and overcome normalcy bias for long-term business sustainability. 00:16:05 - Exploring New Opportunities Melina discusses the need to look for virtual opportunities, the importance of behavioral economics for business success, and the potential for adding new product lines accessible from home. 00:16:34 - Market Fit and Future Planning Melina emphasizes the importance of aligning with market needs, maintaining future sustainability, and considering brand continuity in business decisions. 00:17:25 - Diversification and Normalcy Bias Melina highlights the significance of diversification in business and the impact of normalcy bias on decision-making and problem-solving in the face of change. 00:18:09 - Underestimating Change Melina discusses how normalcy bias leads to underestimating the impact and duration of problems, and the need to regain sensitivity to notice both positive and negative aspects of life. 00:19:25 - Conclusion Melina's top insights from the conversation. What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

Let’s connect:

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics - 88. Marketing to Mindstates: A Discussion With Author, Will Leach

88. Marketing to Mindstates: A Discussion With Author, Will Leach

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

play

02/21/20 • 38 min

Companies are getting more savvy about using behavioral economics not only to sell products, but to help consumers make better choices. Will Leach has taken the concepts of behavioral economics and social sciences to the next level with his book Marketing to Mindstates: The Practical Guide to Applying Behavior Design to Research and Marketing. I am very excited to talk with him today. He is the founder of the behavioral consultancy TriggerPoint. Previous to starting his business, Will led behavioral science methods at PepsiCo, and he has won numerous awards for his innovative work in behavioral economics.

When reading Will’s book, I knew within the first few pages that he needed to come on the podcast. This is even before I realized that he got his master’s from Texas A&M University (I talked about the Texas A&M Human Behavior Lab in episode 33 where I interviewed Dr. Marco Palma.) Will and I had a lot of fun talking about the lab and team down there before we jumped into the interview. Will was at A&M before the lab was built, but we have both seen it in person thanks to Dr. Palma.

Will does such a great job of breaking down a really complex area of marketing into a formula that any business can follow – from global corporations like PepsiCo to small businesses. One area I know non-marketers (and even many marketing teams to be honest) struggle with is determining their target market and really narrowing it down and then knowing how to properly communicate with them. Will and I talk about his and the concept of the 18 different mindstates and nine motivations. He also shares his step by step process to help you determine which is the best for your company. This is an innovative and mind opening interview.

Show Notes:

  • [03:46] For Will, behavioral economics was the classic “I didn't know it existed until I stumbled upon it.”
  • [03:56] Will joined the military right out of high school. He then studied classical economics.
  • [04:16] He discovered marketing research through a graduate program and fell in love with it. It wasn't just looking at economics, it was looking at why people do what they do.
  • [04:39] While working at PepsiCo, he discovered behavioral economics and behavioral science. In 2009, PepsiCo invested $20 million in a laboratory to study the neurological impacts of messaging.
  • [05:08] Will was lucky enough to get to run behavioral science experiments, and he loved it so much he started his own business and wrote a book about it.
  • [05:55] His favorite project was working on a brand new snack. It was a healthy baked hummus chip. The brand called Wicked Crisps was designed using purely behavioral sciences. The target market was the owner's daughter (or millennial moms). Will helped design the name, logo, tagline, bag, and website. Behavioral science was behind everything that they designed from fonts to benefits.
  • [11:58] Will studied economics. He didn't want to just talk about theory. He wanted a practical book.
  • [13:02] He conveys specific models through story.
  • [14:01] He also dug into motivational psychology and goal theory. He looked at all six social sciences and found patterns.
  • [16:25] Will thinks of mindstates as moments in time when we are being influenced. We aren't always consistent with our beliefs and attitudes. Our environment changes us.
  • [18:20] His book is about moments in time and why a certain archetype may behave outside of the norm for them. Applying mindstates can help understand beliefs and values and impacts of the environment on these moments.
  • [20:57] Companies now look at how to help customers make better choices. Making their whole life better gives the company permission to sell them more. Brands are getting smarting and taking a holistic approach.
  • [24:46] Will is the most excited about the idea of getting the mindstates out for everyone to use. They want to get more and more people to understand that there is science behind our decisions. There are also emotions around our decisions and just understanding a few small rules is a huge benefit.
  • [25:57] We can sell more with behavioral economics. We can also reduce anxiety levels and create a better society.
  • [26:30] Will is getting more excited about the education side and using these concepts to help understand and overcome biases.
  • [27:02] He uses goal theory to help understand what people are trying to accomplish. Helping people reach their goals can create a better society.
  • [29:39] The nine motivations are achievement, autonomy, b...

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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics - 176. Reframing Annoying Disruptions to Support Innovation, with Adam Hansen, coauthor of Outsmart Your Instincts

176. Reframing Annoying Disruptions to Support Innovation, with Adam Hansen, coauthor of Outsmart Your Instincts

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

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10/29/21 • 50 min

Have you ever had a disruption in your routine – moving to a new house, taking a new route to work – and found yourself exhausted every day?

This is common when our habits are upended (the subconscious can’t use its rules anymore so your conscious is having to do a lot more work!). And while it may feel annoying, this is also a great opportunity to innovate and change your life for the better.

Today, I’m joined by Adam Hansen, VP of behavioral innovation at Ideas To Go and coauthor of Outsmart Your Instincts who happened to be in the midst of a move, so we talk about how to reframe an annoying disruption in habits to make it work for you. We also discuss the curse of knowledge and how it impacts businesses, risks of omission versus risks of commission, and other fun behavioral goodness sprinkled throughout (including my new favorite term of being an “omnivore of information”). Listen now...

Show Notes:

  • [00:07] In today’s episode, I’m excited to introduce you to Adam Hansen, VP of behavioral innovation at Ideas To Go and coauthor of Outsmart Your Instincts.
  • [03:18] Adam shares about himself and his background. He always knew that innovation would be part of his career.
  • [05:18] When working on the book, they started looking at all the cognitive biases to figure out which ones were causing most of the mayhem in innovation.
  • [06:16] If you adopt the behavioral innovation approach, you can see three to four times improvement in performance and quality of ideas very early on in innovation. You can get to better ideas faster.
  • [09:01] All of the thousands of small decisions we make every day that have been automated are lost when you move. Each little thing is so minor that we don’t realize what the cumulative effect of all those small decisions is.
  • [10:02] It is important for us to automate everything we can.
  • [12:19] It is impossible for us to place ourselves fully back in the shoes of our first-time clients. Our version of dumbing things down to meet them where they are is still going to be more advanced than where we need to get to. We can work on this by following up with first-time clients and asking what you could have done better.
  • [13:46] There is so much more jargon in your business than you think there is.
  • [16:10] Our need for tangibility is much greater than we assume. Most people need help to break down abstraction. The more tangible you can be the better.
  • [18:13] The curse of knowledge is the idea that once you become knowledgeable in a given area, you can't unknow what you know and you can’t fully place yourself back in the shoes of the subject.
  • [23:27] Negativity Bias is the idea from our ancestors of thinking of all novelty as threat and not opportunity.
  • [25:12] Especially in innovation, we need to be as opportunity minded as possible. We need to be aware of threats and take smart action to minimize and mitigate those threats.
  • [27:43] When we are in moments of threat, to still be able to take swift decisive action is fantastic (and sometimes life-saving!)
  • [28:29] The research shows that negativity can appear super profound. Too often we are shooting down ideas and not coming up with alternatives. That is not progress.
  • [30:31] We are predisposed to go toward the negative any time a new idea comes up.
  • [31:38] The more you can value ideas early on for their provocative value rather than for their immediate merits the better. Then you are in a better frame of mind to take on the negatives.
  • [33:54] When you approach challenges to problems in this way, there is real value. The language is brilliant, priming to get people to deal with problems and concerns in a much better way.
  • [35:10] If you are an optimistic person it doesn’t mean that you don’t have a negativity bias and pessimistic people still have optimism bias.
  • [36:44] Go in understanding that there will be some differences and then the task becomes “How do we get the most out of the differences?” The more you can approach differences with curiosity than defensiveness...the better.
  • [37:48] Curiosity is very smart and super adaptive. Be curious even when it is hard to be curious.
  • [39:07] Curiosity kills the cat, satisfaction brought it back. (Did you know there was more to that saying?!)
  • [41:49] It is hard to gather data on what you don’t do.
  • [43:42] Every year to 18 months every person should “fire themselves.” If you fire yourself and come into your job as if you had new eyes...what would you do differently? When you start a new job you are looking for all these opportunities of growth and then you become stagnant.
  • [45:07] We need to be more intentional and realize we can choose better becaus...
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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics - 174. The Elements of Choice, with Dr. Eric J. Johnson

174. The Elements of Choice, with Dr. Eric J. Johnson

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

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10/15/21 • 50 min

A few months ago, in episode 162 you got to hear from Leidy Klotz about his fantastic new book Subtract, which is based on this question of why we humans look to add first when often subtracting can be a better option. It is a little bit of minimalism/essentialism and a really great episode to help people overcome loss aversion and see that, as he says, “less is not a loss,” such a cool insight.

Anyway, while he and I were doing our pre and post-interview chat, he mentioned that his friend and colleague Eric Johnson had a book coming out soon called The Elements of Choice and that I should talk with him about it, so here we are. Dr. Johnson is not a newbie to the space by any means, as you will hear in the interview. He has had the opportunity to work and train with some of the most notable names in the field, including Herbert Simon, Amos Tversky, as well as his friends Richard Thaler and Cass Sunstein. He is the Norman Eig Professor of Business and the Director of the Center for Decision Sciences at Columbia Business School. He has been the president of both the Society for Judgment and Decision Making and the Society for Neuroeconomics. He has decades of experience and definitely knows his stuff, which is one of the many reasons I was so honored to chat with him and share the conversation with you.

Show Notes:
  • [00:07] In today’s episode I’m introducing you to Dr. Eric J. Johnson, author of the brand new book, The Elements of Choice.
  • [03:57] Eric shares his background and how he got into the field. His research has always been about helping people make choices and how the way we present information to them affects their choices.
  • [05:40] He was fascinated with the choices he observed people making.
  • [07:06] Eric shares research from a former student of his. She implemented the health records systems at a major New York hospital.
  • [09:18] Memory played an important role in the doctor’s behavior in her research.
  • [11:31] When you put in the time to plan the architecture upfront, the actual intention itself can be very small. Designers often have more influence than they realize.
  • [12:42] He shares his research about taking different doors at the Copenhagen airport.
  • [14:06] Little bits of effort at the beginning of the decision have an influence throughout the course of the decision. Choice architecture usually works by favoring one path over another.
  • [16:10] If I know exactly what you want I would give you just one option, but the person making the choice knows a lot about themselves so they often know more about what they want.
  • [18:10] There is a trade-off between how much you are asking of people (in terms of deciding) and how much variety you need to give them so they can find the option that is best for them.
  • [20:45] Choice is not determined by myself and my preferences alone.
  • [21:38] We are all designers all the time.
  • [23:14] Order will have an influence depending on your medium. There are many other things as a designer to think about also.
  • [24:50] Defaults are powerful. Eric and Dan Goldstein researched defaults in organ donations.
  • [27:07] Not all situations are the same, so you really need to look across all the studies and understand your own situation and context.
  • [28:44] Our preferences aren’t written in stone. We have many preferences. Depending on what comes to mind, I might make different choices.
  • [29:36] Eric shares one of his favorite studies where they ask people about climate change and would they pay a carbon tax (or carbon offset) to fight climate change.
  • [32:26] One study is not enough to actually build a science. We need to do cross studies.
  • [35:16] Eric shares how choice architecture can affect COVID vaccinations.
  • [38:00] Defaults work because they endow you with the option. You think less about the disadvantages.
  • [39:26] The decisions of our privacy and cookies are decisions we make multiple times a day.
  • [40:32] Choice architecture and designers have amazing influence. Hopefully, people will design in ways they want to be designed to.
  • [41:46] Melina shares a study about trying to influence people to take the stairs instead of riding the elevator.
  • [43:31] Defaults are everywhere. They save us effort by not having to make a decision every time.
  • [46:16] Melina shares her closing thoughts.
  • [47:44] The more you know about someone, the fewer choices you can provide to them. When you have no idea who your customer is – what they like, what the context is of them finding you, why they are there, what needs they are looking to fill or problems they need to solve, you then have to present a whole bunch of choices, which can make it harder for them to make a decision.
  • [50:33] Melina’s award-winnin...

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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics - 35. NUDGES & Choice Architecture: Introducing Nobel-Winning Concepts

35. NUDGES & Choice Architecture: Introducing Nobel-Winning Concepts

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

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02/15/19 • 36 min

Nudges and choice architecture are complex and advanced topics. During my master's program, I had an entire course on choice architecture, so I'm going to break down this foundational topic into a series. Today's behavioral economics podcast is an introduction to nudges and choice architecture. In each episode, I’ll share the concept and then give real life examples to illustrate that concept.You’re a choice architect whether you realize it or not, and honestly whether you want to be or not. So, it is best to understand the concepts. Don’t you owe it to the people you are presenting choices to? Wouldn’t you want someone in your same position to help you to make the best possible choice? This series is going to help you so much in your life and business both when you are making choices and when you are constructing them for others.

CLICK HERE FOR YOUR FREE DOWNLOAD!

Show Notes

  • [03:29] In its most core definition, a nudge is a gentle touch or tap.
  • [04:37] An example of nudges in a school cafeteria where rearranging the food items impacted their consumption by 25%. A prominent position can increase consumption by 25% and a less prominent position can decrease consumption by 25%.
  • [06:55] An excerpt from Nudge which outlines the dilemma of where how to structure the food in the cafeteria: 1. Arrange the food to make the students best off, all things considered. 2. Choose the food order at random. 3. Try to arrange the food to get the kids to pick the same foods they would choose on their own. 4. Maximize the sales of the items from the suppliers that are willing to offer the largest bribes. 5. Maximize profits, period.
  • [07:50] Option 1 has obvious appeal, yet it does seem a bit intrusive.
  • [08:25] Option 2, arranging the food at random, could be considered fair-minded and principled.
  • [08:55] Option 3 might seem to be an honorable attempt to avoid intrusion (but the test shows why this is flawed).
  • [09:44] Option 4 might appeal to a corrupt person in the job (not us).
  • [10:02] Option 5 has some appeal, especially if we think the best cafeteria is the one that makes the most money.
  • [10:22] What would you choose? How would you choose? This, is the burden of the choice architect. Many of you are already choice architects and you might not even realize it.
  • [11:15] There are many parallels between choice architecture and more traditional forms of architecture. A crucial parallel is that there is no such thing as a “neutral” design.
  • [12:33] Small and apparently insignificant details can have major impacts on people’s behavior. A good rule of thumb (as you have heard me say many, many times before) is to assume that “everything matters”
  • [13:16] A choice architect must choose a particular arrangement of the food options for lunch (or whatever choice they are facilitating) and by doing so we can influence what people eat. We can nudge.
  • [13:39] “A nudge is any aspect of the choice architecture that alters people’s behavior in a predictable way without forbidding options or significantly changing their economic incentives."
  • [14:15] Some of the key takeaways from the paraphrased explanation are: 1. Everything matters 2. There are no neutral options 3. You cannot avoid being a choice architect – any format is influencing the choices, so it is best to be informed 4. Nudges can help simplify complex choices and help illogical humans make good choices 5. Nudges are not mandates – they need to be easily avoidable to still count as a nudge.
  • [15:02] Choice architecture and nudges are very closely tied – but they are not the same thing.
  • [15:12] A choice architect is someone who indirectly influences the choices of other people. The choice architecture is the mechanism you use to facilitate the choices.
  • [15:26] A nudge is something you would use to influence the decision.
  • [16:21] An example of the concepts using an HR department: You want to structure choices on a form to help encourage employees to contribute to their retirement account.
  • [18:21] The first item on the list will have the most weight on the brain. It's best to put the recommendation first (a nudge).
  • [19:28] Different wording has different results. Consider saying something like: “Experts recommend contributing 15% of your salary to a 401k, how much would you like to allocate?” (and how it differs from other verbiage)
  • [19:49] This example includes framing, priming, and anchoring and adjustment.
  • [23:39] For your options, you can include several positive options (which start with the word “yes”) and then one “no” option at the bottom. These nudgy options remind the user of the expert recommendations. You can also prime them to contribute at a later time.
  • [24:21]...

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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics - 64. How To Make Concepts Tangible

64. How To Make Concepts Tangible

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

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09/06/19 • 25 min

The physical representation of concepts is an important tool to use in your business. Things like colors and shapes can be recalled by our brains and associated with other non related things. This topic is really an amalgamation of other concepts, but it’s still a valuable tool to understand and use when communicating about your business. This episode gives examples of making concepts tangible, and their practical applications in business.

This topic is the last main concept from my research paper that I announced last week. I also gave tips on running experiments like: keep it small, be thoughtful, and test often. I am super excited about next week, because I’ll finally be sharing my study on on increasing savings behavior and its results.

And...speaking of exciting, the Brainy Pricing Course goes live Monday, September 9! Learn all about it and save with special discount codes below:

Pricing Course Workshop Bundle Save $100 with code BRAINY100OFF

Pricing Course Only Save $50 with code BRAINY50OFF

CLICK HERE FOR YOUR FREE DOWNLOAD! Show Notes:
  • [04:59] This isn't really a topic you can easily look up. It's more of an accepted premise. The physical representation of concepts is an amalgamation of various other concepts.
  • [05:35] The brain works on associations.
  • [07:47] Colors and shapes bring a physical presence that can be recalled easier than words. Your brain has been trained to recognize this physical representation of the concept of street signs (as explained here).
  • [08:56] Logos are physical representations of the concept of a business.
  • [09:27] The physical manifestation of the brand makes the business more real in your mind because there is a logo to relate to.
  • [10:21] This is not exactly the same as anthropomorphism, which is when animals or objects are given human-like tendencies; it can be a similar concept because it helps you relate to the item in question.
  • [10:52] Abstract concepts are everywhere in business, and they can easily cause miscommunication in conversations or messaging. Providing a physical reference point makes everything feel more real.
  • [15:16] I did not want to get rid of my DVDs during a decluttering session. The reason why was because the physical, tangible, representation – the box and the item itself – was tied to my emotional center and triggered loss aversion.
  • [16:06] Where could you inject physical form we're only concepts exist in your business today?
  • [16:48] How Progressive took the concept of insurance and made it tangible.
  • [18:41] When you take something from conceptual to tangible, it makes it easier for the brain to categorize, relate, and remember.
  • [19:19] Pictures, logos, and icons make your business and its features feel real.
  • [19:29] Physical representation can help remind you of associations that you have made previously or that are important to you.
  • [19:56] Physical items are a constant reminder to your brain.
  • [21:57] You can make physical items that remind people of your business without having your name plastered all over them, that will be subtle reminders of you and your business.
  • [22:04] A strong brand is able to live through the lack of words and evoke feelings – they leave an impression even without their name.
  • [23:31] What could your business do to be a constant association and reminder in the brains of your customers?
  • [25:01] I share a credit union concept where the idea of using logos on items could have gone very wrong. Keep in mind that small associations matter.
  • [25:53] For your business, consider the emotions you want to convey – the things you want people to think when they consider your brand. Or, when they might be most likely to need your brand. What can you provide that will help them and remind them of you?
  • [27:10] You can also create visuals around what you want to do to help achieve your goals. What you surround yourself with has a HUGE impact on your approach to life, business and your success. This is priming in action.
  • [27:32] I want to help you surround yourself with the right physical representation of the concepts you care about to help you be successful.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.

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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics - 367. Breaking Free: The Entrepreneurial Journey with Amy Porterfield

367. Breaking Free: The Entrepreneurial Journey with Amy Porterfield

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

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02/16/24 • 46 min

In this episode of The Brainy Business podcast, Melina Palmer interviews Amy Porterfield, an esteemed author and host of the Online Marketing Made Easy podcast, who shares her journey from working with Tony Robbins to becoming a successful entrepreneur. Amy's insights on leaving a 9-to-5 job and starting a business emphasize the importance of embracing entrepreneurship for personal freedom and the ability to design a fulfilling professional life.

She advises aspiring entrepreneurs to have the courage to pursue their dreams, highlighting the initial challenges and the significance of experimentation and niche focus in the early stages of entrepreneurship. Amy's expertise in creating profitable digital courses and her emphasis on the value of an email list and scarcity marketing make this episode a must-listen for aspiring entrepreneurs seeking increased confidence and clarity in their pursuit of entrepreneurship. Her relatable experiences and actionable insights offer valuable guidance for those considering a career change and venturing into entrepreneurship.

In this episode, hear discussions about:

  • Mastering the transition from a 9-to-5 job to entrepreneurship empowers you to pursue your passion and take control of your career.
  • Strategically building an email list facilitates direct communication with your audience, fostering stronger connections and increasing business opportunities.
  • Embracing the importance of scarcity marketing cultivates a sense of exclusivity, driving demand and urgency for your products or services.
  • Focusing on a specific niche allows you to become an authority in your field, attracting a loyal customer base and standing out in a competitive market.
  • Leveraging limited availability creates a sense of urgency, compelling customers to act swiftly and seize the opportunity, leading to increased sales and engagement.
Show Notes:

00:00:00 - Introduction Melina introduces Amy Porterfield, author of Two Weeks Notice and host of the Online Marketing Made Easy podcast, and shares her excitement about having Amy as a guest on the show. 00:04:05 - Amy's Background and Transition to Entrepreneurship Amy shares her transition from working for Tony Robbins to becoming an entrepreneur. She highlights the challenges she faced in her first two years of business and emphasizes the importance of finding the courage to quit a 9-5 job. 00:07:02 - Upsides of Entrepreneurship Amy discusses the freedom and opportunities that come with entrepreneurship. She encourages individuals to pursue entrepreneurship if they feel unhappy in their current job, emphasizing the freedom and control that it offers. 00:10:11 - Evolution of Business Model Amy talks about the evolution of her business model, highlighting the importance of experimentation and finding what works. She emphasizes the need to pivot and make changes based on what feels right and resonates with the entrepreneur. 00:13:24 - Overcoming Trivial Obstacles Melina and Amy discuss the concept of Bike Shedding and Parkinson's Law of Triviality, emphasizing the tendency to procrastinate on trivial tasks. They encourage entrepreneurs to focus on the most important aspects of their business and avoid getting stuck on minor details. 00:14:19 - Avoiding Common Business Mistakes Amy advises against spending too much time on non-essential tasks such as perfecting a website or business card. She emphasizes the importance of making decisions and taking action to move forward in business. 00:15:23 - Overcoming Analysis Paralysis Amy highlights how spending excessive time on decisions like website templates is a way to stay safe, but it ultimately keeps individuals stuck. Taking action and making decisions is crucial for progress. 00:16:40 - Importance of Website Content Amy stresses the significance of key website pages, such as the about page and creating weekly original content. She advises against comparing one's early business stages to established businesses and emphasizes the need for consistency in content creation. 00:18:28 - Building an Email List Amy discusses the value of an email list, emphasizing its control and reliability compared to social media. She underscores the importance of promoting freebies and nurturing the email list as a priority in business growth. 00:26:29 - Consistency in Business Strategy Amy shares her successful strategy of launching the same product repeatedly until it performs exceptionally well. She highlights the importance of familiarity and repetition in marketing for success. 00:27:36 - The Evolution of Digital Course Academy Amy discusses the evolution of her product, Digital Course Academy, and how she has been launching it since 2019, with each launch getting better and bigger. She emphasizes the importance of improving marketing and program quality over time. 00:28:31 - Building Brand and Growing Email List Amy explains how launching the same...

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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics - 170. When Machine Learning Meets Neuroscience, with Ingrid Nieuwenhuis of Alpha.One

170. When Machine Learning Meets Neuroscience, with Ingrid Nieuwenhuis of Alpha.One

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

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09/17/21 • 35 min

A few weeks ago, I had the honor of being a speaker at Greenbook’s IIEX Behavior Conference, an amazing event that brings people together from around the world to talk about behavior and insights and so much more. My piece of this event was doing a live podcast interview with Dr. Ingrid Nieuwenhuis for the session called When Machine Learning Meets Neuroscience.

A couple of weeks ago, Sam Albert joined me to discuss AI and its role in behavioral science, and this conversation with Ingrid was so fantastic and really building on that. I was delighted when the team at Greenbook said I could share this conversation here with you on The Brainy Business. This is the exact audio from that conference, and if you want to see it in video form, it will be shared via my free global community, the BE Thoughtful Revolution when the episode airs.

Show Notes:
  • [00:06] In today’s episode I’m thrilled to introduce you to Dr. Ingrid Nieuwenhuis, head of science at Alpha.One.
  • [00:56] My piece at Greenbook’s IIEX Behavior Conference was a live podcast interview with Dr. Ingrid Nieuwenhuis for the session called When Machine Learning Meets Neuroscience.
  • [03:21] Ingrid shares about herself, her background in neuroscience, and what she does as head of science at Alpha.One. She is trained as a neuroscientist.
  • [05:03] After a whole academic career, she joined a start-up company where she used similar techniques to measure consumers’ responses. Then she moved to New York and worked with the marketing department at Facebook. After ten years, she moved back to the Netherlands and joined Alpha.One.
  • [07:49] Ingrid has done amazing work over her career.
  • [09:12] Expoze.io is a technique based on deep learning.
  • [09:54] Deep neural networks are networks that are based on the brain layers and instead of having to tell the network what the rules are. If you have a lot of data the network can figure out the rules itself. To train this network you need a lot of labeled data.
  • [11:16] When you have this big data set where you have all this labeled data, you can actually get the network to create a heat map that is very similar to reality.
  • [14:14] Branding is very important. In the long term, to build value you have to build your brand.
  • [15:14] Building a brand and being able to communicate your brand in your packaging and ads is so essential for successful marketing and branding in general.
  • [17:43] We are so wired for social interaction that our eyes are unconsciously drawn to faces and are attracted to them.
  • [18:43] With small changes, you can really change how something is drawing attention.
  • [19:48] They are currently building a product that is measuring brand value. They are focusing on getting measurements on brands.
  • [21:34] Contrast is going to draw our attention.
  • [23:02] There is always a balance between the story you want to tell, the emotion you want to create, and how you want to draw people in.
  • [24:00] If your story has to build up and there is no brand in the first few seconds it is almost a wasted impression.
  • [26:20] Really good creative agencies are able to integrate a brand into a story in a way that isn’t intrusive and the brand can really be the hero in the story.
  • [28:25] You have to really work to create multi-disciplinary teams.
  • [29:41] Statistics is an area that is so important and not always present in companies. So much of what we are currently doing is big data.
  • [30:37] Be open to multi-disciplinary teams and realize that it helps. When you take the time, really good things automatically emerge and it becomes very fulfilling and rewarding for everyone.
  • [32:38] There is so much we can learn from each other if we are just open to it.
  • [32:55] Having a diverse team is really important in making sure you can think about as much as possible before you launch.
  • [33:25] Often you need the input from all the areas to actually get it right.
  • [34:18] Melina shares her closing thoughts.
  • [35:35] Melina’s award-winning first book, What Your Customer Wants and Can’t Tell You is available on Amazon, Bookshop, Barnes & Noble, Book Depository, and Booktopia.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and...

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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics - 381. The Art of Effective Feedback w/ Therese Huston

381. The Art of Effective Feedback w/ Therese Huston

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

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04/04/24 • 52 min

In episode 381 of The Brainy Business podcast, Melina Palmer interviews Dr. Therese Huston, a cognitive scientist and author of Let's Talk: Make Effective Feedback Your Superpower. Therese's expertise in cognitive psychology and her personal experiences with feedback inspired her to provide insights into giving effective feedback in various contexts. She shares stories emphasizing the power dynamics and emotional impact of feedback, highlighting the need for thoughtfulness and empathy in delivering feedback.

The episode delves into the importance of specific feedback, regular evaluation, and the positive impact feedback can have on employee development. Therese's discussion on the three types of feedback that employees need—appreciation, coaching, and evaluation—provides a valuable framework for managers and leaders to improve employee growth and performance. Her emphasis on the significance of being specific about feedback type and offering regular evaluation aligns with the audience's goal of enhancing workplace feedback practices. The episode offers practical advice and actionable strategies, making it essential listening for managers and leaders seeking to improve their feedback delivery skills.

In this episode:

  • Learn to deliver effective feedback for enhanced employee growth and performance.
  • Understand the types of feedback crucial for driving employee development and success.
  • Discover the significance of specific feedback in fostering employee improvement and motivation.
  • Master the art of siding with individuals during feedback sessions for impactful communication.
  • Explore the power of asking questions as a tool for guiding employees toward growth and proficiency.
Show Notes:

00:00:00 - Introduction Dr. Therese Huston is introduced as a cognitive scientist and author of Let's Talk. She shares her background and experience as a writer and cognitive scientist, as well as her interest in giving effective feedback. 00:03:08 - The Importance of Good Feedback Therese shares a pivotal moment in her career where she received poorly delivered feedback, leading to her interest in helping others give better feedback. She highlights the impact of feedback on the receiver and the power dynamic between the giver and receiver of feedback. 00:10:25 - Impact of Framing and Setup Melina shares a personal story about receiving a vague and anxiety-inducing message from her boss, highlighting the importance of the framing and setup of feedback conversations. The discussion emphasizes the impact of small thoughtful gestures in feedback delivery. 00:12:29 - Types of Feedback Therese discusses the three types of feedback: appreciation, coaching, and evaluation, as outlined by Stone and Heen in their book Thanks for the Feedback. Each type of feedback is explained, focusing on the different purposes and challenges associated with giving each type. 00:14:03 - Evaluative Feedback The conversation delves into evaluative feedback, the least often given type of feedback, and its importance in letting employees know where they stand in terms of performance and impact. The challenges and significance of delivering evaluative feedback are highlighted. 00:14:30 - Employee Feedback Needs Therese discusses the three types of feedback employees need: appreciation, coaching, and evaluation. She emphasizes the importance of being specific about the type of feedback required. 00:16:39 - Asking for Feedback Therese provides advice on how managers can gauge the type of feedback employees want, suggesting open-ended questions and scheduling dedicated feedback sessions. 00:21:02 - Importance of Feedback Therese highlights the positive impact of giving employees feedback on where they stand relative to expectations, leading to career mentoring and a sense of reassurance. 00:24:40 - Me vs. We Strengths Therese introduces the concept of "me strengths" and "we strengths," emphasizing the importance of acknowledging both types of strengths in employees and providing opportunities for them to utilize these strengths. 00:27:00 - Acknowledging Impact Therese underlines the significance of acknowledging employees' "we strengths" and the impact they have on the team's performance, encouraging supervisors to provide support and recognition for these strengths. 00:27:37 - Recognizing Strengths Therese and Melina discuss the importance of acknowledging and recognizing both "me strengths" and "we strengths" in a team. They emphasize the value of asking team members about their strengths and how it can lead to a more empowered and supportive work environment. 00:28:21 - Uncovering Hidden Strengths Therese shares the idea of uncovering hidden "me strengths" in team members and how these strengths can potentially turn into "we strengths." She gives an example of someone who excels in persuading others, which is both a personal strength and a team strength. 00:31:08 - Siding wi...

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How many episodes does The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics have?

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics currently has 455 episodes available.

What topics does The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics cover?

The podcast is about Marketing, Podcasts, Social Sciences, Science and Business.

What is the most popular episode on The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics?

The episode title '370. Rethinking Business as Usual: Adapting Strategy for Changing Times (Refreshed Episode)' is the most popular.

What is the average episode length on The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics?

The average episode length on The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics is 42 minutes.

How often are episodes of The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics released?

Episodes of The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics are typically released every 5 days.

When was the first episode of The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics?

The first episode of The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics was released on Jul 5, 2018.

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