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

In this episode of The Brainy Business podcast, Melina Palmer is joined by Steve Martin, the acclaimed author of Influence at Work and a leading expert in the psychology of persuasion. Steve is known for his collaboration with Robert Cialdini and his extensive work in applying influence and persuasion science to business and public policy.  Steve shares insights into his influence equation, a framework designed to simplify the complex nature of influence by integrating evidence, economics, and emotion. The conversation explores the transformational potential of influence beyond mere transactional interactions, emphasizing its role in organizational and global change. Steve also highlights the importance of context in determining the balance of these elements and shares practical examples from his research and experiences. In this episode: Explore the influence equation and learn how to apply it for transformational change. Understand the role of reciprocity in building relationships and networks. Discover strategies for influencing large organizations towards consumer-centric approaches. Gain insights from Steve's most frequently asked questions on influence. Learn about the importance of context in crafting successful influence strategies. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Steve Martin and his work in influence and persuasion. 00:04:12 - Steve's Background Steve discusses his journey and collaboration with Robert Cialdini. 00:10:30 - Influence Equation Introduction to the influence equation and its components: evidence, economics, and emotion. 00:20:45 - Reciprocity and Relationships The role of reciprocity in influence and relationship-building. 00:30:12 - Transformational Change Strategies for influencing large organizations towards consumer-centric approaches. 00:40:50 - Top 10 Influence Questions Steve shares his answers to frequently asked questions about influence. 00:50:35 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Steve: LinkedIn Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Employees Need and Can't Tell You, by Melina Palmer Influence, by Robert Cialdini influence Is Your Superpower, by Zoe Chance Influence at Work, by Steve Martin Invisible Influence, by Jonah Berger Top Recommended Next Episode: Robert Cialdini Interview (ep 312) Already Heard That One? Try These:  Social Proof (ep 87) Reciprocity (ep 238) Zoe Chance Interview (ep 308) Unity (ep 216) Vanessa Bohns Interview (ep 318) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer explores the fascinating world of social proof, a cornerstone of behavioral economics and a powerful tool for influencing decision-making. Melina goes beyond mere ratings and reviews, emphasizing our inherent tendency as a herding species to look to others for guidance in decision-making. She discusses how businesses can effectively leverage social proof to build trust and credibility, using real-world examples and the six types of social proof: expert, celebrity, user, wisdom of the crowd, wisdom of friends, and certification. In this episode: Learn about the origins of social proof and its significance in behavioral science. Discover the six types of social proof and how they can be utilized in business strategies. Explore practical examples of social proof in action, from testimonials to celebrity endorsements. Understand the psychological mechanisms behind social proof and its impact on consumer behavior. Gain insights into how to incorporate social proof into your business effectively. Show Notes: 00:00:00 - Introduction Melina Palmer introduces the episode and the relevance of social proof in behavioral economics. 02:30:00 - The Origin of Social Proof Discussion on Robert Cialdini's introduction of social proof in his book Influence. 11:00:00 - Types of Social Proof Overview of the six types of social proof: expert, celebrity, user, crowd wisdom, friends' wisdom, and certification. 21:00:00 - Expert and Celebrity Influence How experts and celebrities can provide social proof and the importance of alignment with brand values. 31:00:00 - User and Crowd Wisdom The role of user testimonials and crowd wisdom in influencing decisions. 36:00:00 - Friends' Wisdom and Certification Leveraging friends' recommendations and certifications for credibility. 41:00:00 - Ethical Considerations Discussion on the ethical use of social proof in marketing and business. 43:00:00 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Customer Wants and Can't Tell You, by Melina Palmer Nudge, by Richard Thaler & Cass Sunstein Thinking Fast and Slow, by Daniel Kahneman What Your Employees Need and Can't Tell You, by Melina Palmer Sludge, by Cass Sunstein Top Recommended Next Episode: Prefactual Thinking: How to Turn “What If” Into “Why Not” (ep 71) Already Heard That One? Try These:  Unlocking the Secrets of the Brain (ep 1) Framing (ep 296) Priming (ep 252) NUDGES and Choice Architecture: Introduction (ep 35) Habits (ep 256) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Principles of Persuasion The Psychology of Marketing: 18 Ways to Use Social Proof to Boost Your Results The Open Psychology Journal 20 Examples of Social Proof in Action in 2020 Principles of Persuasion The Psychology of Marketing: 18 Ways to Use Social Proof to Boost Your Results The Open Psychology Journal

In this episode of The Brainy Business podcast, Melina Palmer is joined by DJ Sprague, an expert in e-commerce, enterprise sales, and reputation management. DJ has worked with major brands such as Hyundai, Toyota, and NASCAR, and has a wealth of experience in improving online brand reputation and increasing site traffic and conversions. As the CMO of Shopper Approved, DJ shares insights into creating an integrated marketing strategy that delivers a cohesive brand experience to delight customers. The conversation kicks off with DJ's entrepreneurial journey, including his early success in the limousine business, where he differentiated his service by providing a five-star experience. This strategy of exceeding customer expectations is a recurring theme throughout the episode. DJ emphasizes the importance of an integrated marketing strategy, where every department aligns to deliver on the brand promise, ensuring a consistent and memorable customer experience. In this episode: Discover how to create a five-star customer experience that delights and retains clients. Learn the importance of an integrated marketing strategy for brand consistency. Understand the role of reputation management in driving traffic and conversions. Explore strategies for leveraging reviews and Q&A content to enhance SEO and brand authority. Gain insights into the peak-end rule and its impact on customer satisfaction. Show Notes: 00:00:00 - Introduction Melina Palmer welcomes DJ Sprague and introduces the topic of integrated marketing and reputation management. 00:04:00 - DJ's Background DJ shares his journey from running a limousine business to becoming CMO of Shopper Approved. 00:12:45 - Creating a Five-Star Experience DJ discusses the importance of exceeding customer expectations to create memorable experiences. 00:22:00 - Integrated Marketing Strategy The conversation explores how integrated marketing ensures consistency across brand touchpoints. 00:35:00 - Reputation Management DJ explains how effective reputation management can boost traffic and sales. 00:45:30 - Leveraging Q&A for SEO Strategies for using Q&A content to improve search rankings and brand credibility. 00:49:47 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with DJ: LinkedIn Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: Reputation King, by Scott Brandley and DJ Sprague What Your Customer Wants and Can't Tell You, by Melina Palmer Choice Hacking, by Jennifer Clinehens Elements of Choice, by Eric Johnson Alchemy, by Rory Sutherland Top Recommended Next Episode: Robert Cialdini Interview (ep 157) Already Heard That One? Try These:  Disney (ep 144) Rory Sutherland Interview (ep 373) Surprise & Delight (ep 60) Peak-End Rule: Why Averages Don’t Always Matter (ep 97) Roger Hurni Interview (ep 405) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer dives into the topic of negative reviews and how to approach them with insights from behavioral economics. Melina shares personal anecdotes and expert insights, including a fascinating tidbit from her friend Kurt Nelson and Dr. Robert Cialdini about the ideal star rating sweet spot for conversions. She explores why negative reviews stick with us more than positive ones, touching on psychological concepts like herding instincts, social proof, the focusing illusion, and cognitive dissonance. With practical advice on responding to reviews and understanding your brand's core values, this episode is a must-listen for anyone looking to turn negative feedback into a positive learning experience. In this episode: Learn why negative reviews can be beneficial and how to reframe your perception of them. Understand the psychological reasons behind why negative reviews affect us more than positive ones. Discover strategies for responding to negative reviews that align with your brand's values. Explore the importance of knowing your customer and focusing on those who resonate with your brand. Gain insights into how to handle reviews without apologizing unnecessarily. Show Notes: 00:00:00 - Introduction Melina Palmer introduces the episode's focus on negative reviews and behavioral economics. 00:02:30 - The Sweet Spot for Reviews Melina shares insights from Kurt Nelson and Dr. Cialdini about the ideal star rating for conversions. 00:11:00 - Why Negative Reviews Stick Discussion on psychological factors like herding instincts and the focusing illusion. 00:20:15 - Responding to Reviews Tips on how to respond to reviews thoughtfully and align with your brand's values. 00:30:00 - Knowing Your Customer The importance of focusing on customers who resonate with your brand. 00:40:00 - Apologizing and Acknowledging How to acknowledge feedback without unnecessary apologies. 00:48:47 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Customer Wants and Can't Tell You, by Melina Palmer Influence, by Robert Cialdini Alchemy, by Rory Sutherland Nudge, by Richard Thaler & Cass Sunstein Metaphors We Live By, by George Lakoff and Mark Johnson Top Recommended Next Episode: Surprise & Delight (ep 276) Already Heard That One? Try These:  Framing (ep 296) Priming (ep 252) The Most Important Step In Applying Behavioral Economics: Understanding the Problem (ep 126) Anchoring & Adjustment (ep 394) How To Create a Brainy Brand (Refreshed Episode) (ep 230) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer welcomes Dr. Robert Kurzban, author of Why Everyone Else Is a Hypocrite, for an enlightening discussion on the modular nature of our brains and the evolutionary psychology behind our behaviors. Robert shares his extensive background in psychology and evolutionary biology, offering insights into how our brains are compartmentalized with different modules responsible for various functions and beliefs. Throughout the conversation, Melina and Robert explore fascinating concepts such as strategic ignorance, the power of nonverbal communication in social interactions, and the complex interplay of competing motives within our minds. They also explore real-world applications of these ideas, including how subtle changes in context can significantly influence behavior. In this episode: Understand the concept of modularity in the brain and its implications for human behavior. Explore the idea of strategic ignorance and how it plays out in everyday life. Learn about the impact of nonverbal communication on social interactions and cooperation. Discover the role of context in shaping behavior and the importance of considering it in behavioral economics. Gain insights into Robert's entrepreneurial venture, Bondzy, which uses behavioral economics principles to encourage reliability and commitment. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Dr. Robert Kurzban and the focus of today's episode on the modular brain and evolutionary psychology. 00:04:30 - Robert's Background Robert shares his journey in psychology and evolutionary biology, highlighting his work on modularity in the brain. 00:15:45 - Strategic Ignorance Discussion on the concept of strategic ignorance and how it manifests in real-world scenarios. 00:25:00 - Nonverbal Communication and Cooperation Exploration of how nonverbal cues can enhance cooperation and social bonds. 00:35:50 - The Role of Context Understanding the importance of context in influencing behavior and decision-making. 00:45:00 - Bondzy and Behavioral Economics Introduction to Bondzy, Robert's app that uses behavioral economics to promote reliability and commitment. 00:50:30 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Robert: LinkedIn Substack Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: Why Everyone (Else) Is a Hypocrite, by Robert Kurzban Indistractable, by Nir Eyal How to Change, by Katy Milkman Happier Hour, by Cassie Holmes Thinking Fast and Slow, by Daniel Kahneman Top Recommended Next Episode: Sludge (ep 384) Already Heard That One? Try These:  Habits (ep 256) Status Quo Bias (ep 376) Katy Milkman Interview (ep 151) Tapping into the Power of Habit (ep 368) Wendy Wood Interview (ep 428) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Bondzy

In this episode of The Brainy Business podcast, Melina Palmer revisits a key topic from the foundational series on nudges, emphasizing the importance of feedback in correcting expected errors and guiding decision-making. Melina explores how thoughtful feedback mechanisms can keep individuals on track by providing timely and relevant cues, whether it's in daily life or within business processes. Melina shares practical examples of feedback in action, such as the use of flashing lights on speed limit signs or the innovative pink-to-white ceiling paint by Glidden, highlighting how feedback can be effectively integrated into various contexts to improve outcomes. She also discusses the significance of feedback in sales processes and customer interactions, encouraging businesses to design thoughtful interventions that prevent errors and enhance customer satisfaction. In this episode: Understand the role of feedback in the nudge framework and its impact on decision-making. Explore real-world examples of feedback mechanisms in everyday life and business. Learn how to design effective feedback interventions to prevent errors and enhance customer experience. Discover strategies for incorporating feedback into sales processes and customer interactions. Gain insights into the importance of thoughtful communication and follow-up in maintaining customer relationships. Show Notes: 00:00:00 - Introduction, Melina introduces the 450th episode and its focus on the "Give Feedback" concept in nudges. 00:05:30 - Importance of Feedback Melina discusses the significance of feedback in preventing errors and guiding decision-making. 00:10:45 - Practical Examples Examples of feedback in action, such as speed limit signs and Glidden's ceiling paint, are explored. 00:20:00 - Feedback in Sales Processes Strategies for incorporating feedback into sales processes to enhance customer experience. 00:30:00 - Thoughtful Communication The importance of thoughtful communication and follow-up in maintaining customer relationships. 00:40:00 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Customer Wants and Can't Tell You, by Melina Palmer Nudge, by Richard Thaler & Cass Sunstein Thinking Fast and Slow, by Daniel Kahneman What Your Employees Need and Can't Tell You, by Melina Palmer Sludge, by Cass Sunstein Top Recommended Next Episode: NUDGES and Choice Architecture: Introduction (ep 35) Already Heard That One? Try These:  Unlocking the Secrets of the Brain (ep 1) Framing (ep 296) Priming (ep 252) Habits (ep 256) Prefactual Thinking: How to Turn “What If” Into “Why Not” (ep 71) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Glidden® Pink to White Ceiling Paint Nissan ECO-Pedal THE ENERGY ORB: Visualize Electricity Consumption! Domino’s Track Your Order stickK

In this episode of The Brainy Business podcast, Melina Palmer is joined by Dr. Kari Leibowitz, a health psychologist, speaker, and writer. Kari, who holds a PhD in social psychology from Stanford University, shares her insights on the power of mindsets and how they influence our health and well-being. She discusses her research on how people in the Arctic embrace winter, as well as her new book, How to Winter, which explores the opportunities that winter presents both literally and metaphorically. As the episode is released on Thanksgiving, it serves as a timely reminder to shift our mindsets from viewing winter as a bleak season to one full of potential and joy. Kari shares practical strategies for embracing winter, such as focusing on the positive aspects of the season and adapting our routines to align with the natural rhythms of winter. She also delves into the broader application of these mindset shifts, offering insights on how to navigate personal "winters" in our lives, such as career setbacks or health challenges. In this episode: Discover how mindsets influence our perception of winter and how to shift from a "winter is dreadful" to a "winter is wonderful" mindset. Learn practical strategies for embracing winter, including adapting to the season and finding joy in winter activities. Explore the metaphorical application of winter mindsets to personal challenges and how to find opportunities in adversity. Understand the power of rituals and how they can transform mundane tasks into meaningful experiences. Gain insights into the role of light and creativity, and how dim lighting can enhance creativity and intimacy. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Dr. Kari Leibowitz and the topic of embracing winter mindsets. 00:02:00 - Kari's Background Kari shares her journey in health psychology and her research on winter mindsets in the Arctic. 00:10:00 - Winter Mindset Research Discussion on how people's mindsets about winter can influence their experience and well-being. 00:25:00 - Practical Strategies for Embracing Winter Kari shares tips for adapting to winter and finding joy in the season's unique opportunities. 00:35:00 - Metaphorical Winters Exploration of how winter mindsets can be applied to personal challenges and career setbacks. 00:45:00 - The Role of Rituals Discussion on how rituals can transform mundane tasks into meaningful experiences. 00:50:00 - Light, Creativity, and Intimacy Insights into how dim lighting can enhance creativity and intimacy. 00:55:00 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Kari: LinkedIn Kari's Website  Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: Good Habits, Bad Habits, by Wendy Wood Indistractable, by Nir Eyal How to Change, by Katy Milkman Happier Hour, by Cassie Holmes How to Winter, by Kari Leibowitz Top Recommended Next Episode: Tapping into the Power of Habit (ep 368) Already Heard That One? Try These:  Habits (ep 256) Status Quo Bias (ep 376) Katy Milkman Interview (ep 151) Wendy Wood Interview (ep 428) Sludge (ep 384) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer delves into the world of familiarity bias, a psychological phenomenon that makes us favor the known over the unknown. Our brains are naturally inclined to prefer the familiar, which can impact decisions in both personal and business contexts. This episode revisits the topic, originally aired in April 2021, to explore how familiarity bias affects our choices and how we can leverage it to our advantage. Melina discusses the implications of familiarity bias on business decisions and personal growth, highlighting how it can lead to holding onto outdated practices or resisting beneficial changes. She shares practical insights on overcoming this bias, encouraging listeners to embrace new opportunities despite initial discomfort. By understanding the subconscious preference for the familiar, businesses can better cater to customer preferences and avoid unnecessary changes that disrupt established trust. In this episode: Understand the concept of familiarity bias and its impact on decision-making. Learn how to identify and overcome familiarity bias in personal and business contexts. Explore strategies to leverage familiarity bias for customer satisfaction and brand loyalty. Discover the balance between innovation and maintaining familiarity in marketing and product design. Gain insights into practical examples, including Disney's approach to nostalgia and familiarity. Show Notes: 00:00:00 - Introduction Melina Palmer introduces the topic of familiarity bias and its relevance in today's episode. 00:01:30 - Why Familiarity Bias Matters Explanation of how familiarity bias influences our choices and the importance of understanding it. 00:05:00 - Real-Life Examples Melina shares anecdotes illustrating how familiarity bias can affect our preferences, using music as an example. 00:10:00 - Business Implications Discussion on how familiarity bias can lead to poor business decisions and the dangers of the sunk cost fallacy. 00:18:00 - Overcoming Familiarity Bias Tips on recognizing and overcoming familiarity bias to embrace beneficial changes in life and business. 00:25:00 - Leveraging Familiarity in Marketing How businesses can use familiarity bias to their advantage, including examples from Target and Coca-Cola. 00:35:00 - Repurposing Content and Branding The benefits of maintaining recognizable branding and messaging to build customer loyalty. 00:45:00 - Conclusion, 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Customer Wants and Can't Tell You, by Melina Palmer Nudge, by Richard Thaler & Cass Sunstein Thinking Fast and Slow, by Daniel Kahneman What Your Employees Need and Can't Tell You, by Melina Palmer Sludge, by Cass Sunstein Top Recommended Next Episode: Priming (ep 252) Already Heard That One? Try These:  Unlocking the Secrets of the Brain (ep 1) Framing (ep 296) NUDGES and Choice Architecture: Introduction (ep 35) Habits (ep 256) Prefactual Thinking: How to Turn “What If” Into “Why Not” (ep 71) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer welcomes Dr. Siobhan McHale, author of The Hive Mind at Work. Siobhan's fascination with bees from her childhood in Southern Ireland led her to explore human ecosystems and the power of group intelligence in transforming workplaces. With over 30 years of experience, she has guided leaders in creating agile and productive environments, drawing from her role as an executive in charge of transformation at international firms like ANZ Bank. Throughout the episode, Siobhan discusses the concept of the hive mind and its application in business, emphasizing the importance of understanding group intelligence (GQ) alongside traditional IQ and EQ. She shares insights from her book, including case studies from her career, and explains how organizations can overcome challenges by diagnosing patterns and reframing roles. The conversation also delves into the nine laws of group dynamics and the role of storytelling in facilitating change. In this episode: Discover the significance of group intelligence (GQ) in modern workplaces. Learn about the nine laws of group dynamics and how they can transform organizations. Explore the parallels between bee behavior and business ecosystems. Understand the role of storytelling in driving meaningful change. Gain practical insights into diagnosing and addressing group dynamics issues. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Dr. Siobhan McHale and the topic of group intelligence in the workplace. 00:03:15 - Siobhan's Background Siobhan shares her journey from a small village in Ireland to a career in organizational psychology and transformation. 00:09:45 - The Hive Mind Concept Discussion on the inspiration behind The Hive Mind at Work and the lessons from bees. 00:15:30 - IQ, EQ, and GQ Explanation of group intelligence and its importance in navigating complex business environments. 00:22:00 - Diagnosing Organizational Patterns Insights into identifying and addressing hidden patterns in workplace dynamics. 00:30:00 - Case Study: ANZ Bank A detailed look at the successful transformation of ANZ Bank using group intelligence principles. 00:38:00 - The Nine Laws of Group Dynamics Overview of the laws and their application in business contexts. 00:45:00 - Storytelling and Change The role of storytelling in making complex ideas accessible and memorable. 00:52:00 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Siobhan: LinkedIn Siobhan's Website Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Employees Need and Can't Tell You, by Melina Palmer Influence, by Robert Cialdini The Speed of Trust, by Stephen M.R. Covey Drive, by Daniel Pink The Hive Mind at Work, by Siobhan McHale Top Recommended Next Episode: Change Management (ep 226) Already Heard That One? Try These:  Confirmation Bias (ep 260) That’s not fair! (Inequity Aversion) (ep 224) Planning Fallacy (ep 346) Fundamental Attribution Error (ep 268) Manuj Aggarwall Interview (ep 192) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, host Melina Palmer revisits a fascinating topic: the sense of taste. Originally aired as episode 26, this episode is part of a series exploring the five senses and their impact on behavioral economics and decision-making. Whether your business is service-based or product-focused, Melina emphasizes the importance of considering all senses, including taste, in your strategy. Melina delves into the intricate relationship between taste and smell, revealing that taste is 80% smell. She discusses the concept of anosmia, a condition where individuals lose their sense of smell, and how it significantly diminishes their sense of taste. The episode also explores the role of mirror neurons, which allow us to empathize with others' experiences, including taste. Throughout the episode, Melina shares insights on how taste is influenced by all other senses, such as sight, sound, and touch, and how these can be leveraged in branding and marketing. From the impact of color on taste perception to the power of brand expectations, listeners will gain a deeper understanding of how to create a holistic sensory experience for their customers. In this episode: Discover how taste and smell are interconnected and why taste is 80% smell. Learn about anosmia and its effect on taste perception. Explore the role of mirror neurons in experiencing taste and other senses. Understand how all senses, including sight, sound, and touch, contribute to the perception of taste. Gain insights on leveraging sensory experiences in branding and marketing. Show Notes: 00:00:00 - Introduction 00:02:00 - Both taste and smell use chemical receptors to the brain and are more primitive senses 00:09:16 - Mirror neurons were partially discovered because of taste and our desires to eat food 00:13:33 - Using food imagery in branding can backfire on you because of mirror neurons 00:17:16 - Sound and touch can impact taste, as well as texture and temperature 00:19:05 - Ambiance affects perceived flavor and the amount someone was willing to pay 00:28:00 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Customer Wants and Can't Tell You, by Melina Palmer Nudge, by Richard Thaler & Cass Sunstein Thinking Fast and Slow, by Daniel Kahneman What Your Employees Need and Can't Tell You, by Melina Palmer Sludge, by Cass Sunstein Top Recommended Next Episode: Framing (ep 296) Already Heard That One? Try These:  Unlocking the Secrets of the Brain (ep 1) Priming (ep 252) NUDGES and Choice Architecture: Introduction (ep 35) Habits (ep 256) Prefactual Thinking: How to Turn “What If” Into “Why Not” (ep 71) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Taste & Smell: Crash Course A&P #16 What is Taste? How does our sense of taste work? Confusing Tastes and Smells: How Odours can Influence the Perception of Sweet and Sour Tastes Coke Won the Cola Wars Because Great Taste Takes More Than a Single Sip

In this episode of The Brainy Business podcast, host Melina Palmer welcomes Evelyn Gosnell and Dr. Isabel Macdonald from Irrational Labs. Evelyn, as the managing director, applies behavioral insights to help product teams drive business outcomes and customer value. She has collaborated with leading companies like Lyft, TikTok, Google, and more. Isabel, a behavioral scientist with a PhD in public policy from Harvard University, focuses on leveraging economic and psychological forces to guide the development of technology tools for social good. The episode delves into a recent project with Lyft, where Evelyn and Isabel share key insights on using behavioral science to enhance user engagement. They discuss the Women+ Connect feature, aimed at increasing matches between female drivers and riders, and how different behavioral messaging strategies were tested to optimize driver opt-in rates. In this episode: Discover the behavioral mapping process used by Irrational Labs to identify psychological factors impacting user decisions. Learn about the three messaging strategies tested with Lyft drivers and the surprising results that emerged. Understand the importance of being "uncomfortably specific" when defining key behaviors to change. Explore how behavioral science can be applied across various industries to improve product engagement and business outcomes. Gain insights into the challenges and opportunities of incorporating behavioral science into product development. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Evelyn Gosnell and Dr. Isabel Macdonald from Irrational Labs and sets the stage for a discussion on applying behavioral science in business. 00:05:32 - Evelyn's Background Evelyn shares her journey from product management to behavioral science and her role at Irrational Labs. 00:10:45 - Isabel's Background Isabel discusses her transition from academia to behavioral science and her passion for applying economic and psychological insights. 00:15:23 - The Lyft Project Discussion on the Women+ Connect feature and the behavioral science approach used to increase driver opt-ins. 00:25:14 - Behavioral Mapping and Messaging Strategies Evelyn and Isabel explain the behavioral mapping process and the three messaging strategies tested with Lyft drivers. 00:35:47 - Results and Insights Analysis of the test results and the surprising effectiveness of the concreteness message in changing driver behavior. 00:45:29 - Importance of Being Uncomfortably Specific The significance of defining specific behaviors and how it aids in designing effective interventions. 00:50:12 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Evelyn and Isabel: Evelyn website Isabel LinkedIn Evelyn LinkedIn Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Customer Wants and Can't Tell You, by Melina Palmer Alchemy, by Rory Sutherland Blindsight, by Matt Johnson and Prince Ghuman Using Behavioral Science in Marketing, by Nancy Harhut Immersion, by Paul Zak Top Recommended Next Episode: Sudy Majd Interview (ep 444) Already Heard That One? Try These:  A Behavioral Economics Analysis of Costco (ep 47) Disney (ep 292) Peloton (ep 338) Starbucks: A Behavioral Economics Analysis (ep 73) Amazon (ep 159) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Irrational Labs 3B Framework Case Study: Doubling New Engagement With Lyft’s Women+ Connect Feature

In this episode of The Brainy Business podcast, Melina Palmer revisits a compelling conversation with Dr. Sudy Majd, a leader and behavioral scientist with a rich background in e-commerce purchasing behaviors. Originally aired in early April 2020, this episode delves into Sudy's work at Candid, a company that helps people straighten their teeth with clear aligners, and her journey to incorporate behavioral science into business practices. During the episode, Sudy shares insights from her research on consumer behavior, particularly focusing on the challenges of getting customers to return kits necessary for purchasing aligners. She discusses the surprising outcomes of applying behavioral science tactics and the importance of continuous testing and adaptation in real-world applications. The conversation also explores customer feedback, procrastination, and the psychological traits influencing consumer decisions. In this episode: Discover the intention-action gap and how it affects consumer behavior in e-commerce. Learn about the application of behavioral science tactics, such as nudging and social norms, in business. Explore the balance between qualitative and quantitative research in understanding consumer decisions. Understand the role of customer feedback in refining business strategies and improving conversion rates. Gain insights into the future of behavioral science in business and its application in digital spaces and big data. Show Notes: 00:00:00 - Introduction Melina introduces the episode and Dr. Sudy Majd, highlighting her expertise in behavioral science and e-commerce. 00:02:00 - Sudy's Background Sudy shares her journey from academia to applying behavioral science at Candid and other businesses. 00:08:00 - Challenges in Consumer Behavior Discussion on the challenges of getting customers to return kits and the initial application of behavioral science tactics. 00:15:00 - Testing and Adaptation Insights into the importance of testing and adapting strategies based on consumer feedback and psychological traits. 00:23:00 - Overcoming Procrastination Exploration of strategies to overcome consumer procrastination and improve conversion rates. 00:27:00 - Future of Behavioral Science Sudy discusses the future of behavioral science in business, including its application in digital spaces and big data. 00:29:00 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Sudy:  LinkedIn Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Customer Wants and Can't Tell You, by Melina Palmer Alchemy, by Rory Sutherland Blindsight, by Matt Johnson and Prince Ghuman Using Behavioral Science in Marketing, by Nancy Harhut Immersion, by Paul Zak Top Recommended Next Episode: How to Set Up Your Own Experiments (ep 63) Already Heard That One? Try These:  A Behavioral Economics Analysis of Costco (ep 47) Disney (ep 292) Peloton (ep 338) Starbucks: A Behavioral Economics Analysis (ep 73) Amazon (ep 159) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer welcomes Jason Voiovich, author of Booze, Babe, and the Little Black Dress, for a fascinating discussion about the consumer revolution of the 1920s. Jason, with over 25 years of experience in launching innovative products, shares his insights into how the Roaring Twenties shaped modern consumer behavior and choice culture. Jason discusses his journey from a family of artists, immigrants, and entrepreneurs to becoming a fractional chief marketing officer and chief innovation officer. He emphasizes the importance of history in understanding consumer behavior and innovation, revealing how lessons from the past can inform present-day business strategies. The conversation explores the pivotal innovations of the 1920s, highlighting how mass production, mass marketing, and mass finance converged to create a culture of choice.  In this episode: Discover the historical roots of modern consumer choice and behavior. Learn about the innovations that shaped the 1920s and their lasting impact. Understand the role of advertising and media in influencing consumer decisions. Explore the psychological aspects of identity and social proof in consumer culture. Gain insights into how historical lessons can inform current business strategies. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Jason Voiovich and his book Booze, Babe, and the Little Black Dress. 00:03:15 - Jason's Background Jason shares his journey and the influence of his family's entrepreneurial spirit on his career. 00:08:30 - The Importance of History Jason discusses how historical insights can inform innovation and consumer behavior. 00:15:45 - Innovations of the 1920s The conversation explores key innovations of the 1920s, including GM's model year changes and product ladder. 00:22:00 - Role of Advertising Jason explains how advertising serves as a primary source for understanding consumer behavior. 00:29:15 - Radio and Attention Management The impact of radio on consumer choice and attention management is discussed. 00:35:42 - Identity and Social Proof Jason delves into the psychological aspects of identity and social proof in consumer culture. 00:47:05 -  Conclusion, 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Jason: LinkedIn Jason’s Website  Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Customer Wants and Can't Tell You, by Melina Palmer The Experience Maker, by Dan Gingiss Booze, Babe, and the Little Black Dress, by Jason Voiovich Elements of Choice, by Eric Johnson Alchemy, by Rory Sutherland Top Recommended Next Episode: Roger Hurni Interview (ep 405) Already Heard That One? Try These:  Disney (ep 144) Rory Sutherland Interview (ep 373) Surprise & Delight (ep 60) Peak-End Rule: Why Averages Don’t Always Matter (ep 97) Robert Cialdini Interview (ep 157) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer revisits the foundational concepts of choice architecture and nudges, crucial elements in the field of behavioral economics. Originally aired as episode 35, this episode sets the stage for understanding how subtle changes in the way choices are presented can significantly influence decision-making. Melina refreshes this episode to prepare listeners for her upcoming conversation with author Jason Vojovich. Melina delves into the work of Nobel laureate Richard Thaler and his co-author Cass Sunstein, explaining how their book Nudge has shaped our understanding of nudges. She uses practical examples, such as school cafeteria food placement, to illustrate how choice architecture can guide better decisions without restricting freedom of choice. This episode is packed with insights on how to apply these concepts in both personal and professional contexts. In this episode: Learn the core definitions of choice architecture and nudges. Understand the impact of subtle changes in choice presentation. Explore practical examples of nudges in everyday scenarios. Discover how to design better choices for improved decision-making. Show Notes: 00:00:00 - Introduction Melina Palmer introduces the episode and its relevance to the upcoming discussion with Jason Voiovich. 00:02:15 - Definition of Nudges Melina explains the core definition of a nudge and its significance in behavioral economics. 00:05:30 - Richard Thaler's Contribution An overview of Richard Thaler's Nobel Prize-winning work and the book Nudge. 00:10:45 - School Cafeteria Example Practical example of how food placement in school cafeterias can influence children's food choices. 00:15:00 - Behavioral Insights Team Discussion on the role of a Behavioral Insights team in implementing nudges at the policy level. 00:20:00 - The Role of a Choice Architect Explanation of what it means to be a choice architect and how it applies to various professions. 00:25:00 - Ethical Considerations Examination of the ethical implications of using nudges in decision-making. 00:30:00 - Examples of Choice Architecture Real-world examples of choice architecture in HR, healthcare, and other fields. 00:35:00 -  Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Customer Wants and Can't Tell You, by Melina Palmer Nudge, by Richard Thaler & Cass Sunstein Thinking Fast and Slow, by Daniel Kahneman What Your Employees Need and Can't Tell You, by Melina Palmer Sludge, by Cass Sunstein Top Recommended Next Episode: Cass Sunstein Interview (ep 371) Already Heard That One? Try These:  Unlocking the Secrets of the Brain (ep 1) Framing (ep 296) Priming (ep 252) Habits (ep 256) Prefactual Thinking: How to Turn “What If” Into “Why Not” (ep 71) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Choice Architecture

In this episode of The Brainy Business podcast, Melina Palmer welcomes Hunter Thurman, president of Alpha-Diver, for an engaging discussion on the intersection of neuroscience, market research, and consumer behavior. Hunter shares his journey from traditional market research to founding Alpha-Diver, a firm that leverages behavioral science to uncover the deeper motivations behind consumer actions. With a focus on the BEV 50 report, Hunter reveals fascinating insights into how pricing perceptions differ between high-interest, exploratory brands like Poppy and Olipop and routine staples like Coke and Pepsi. Hunter explains how consumers' concerns about price are often inversely related to the actual cost per ounce, challenging the conventional wisdom that price directly dictates consumer behavior. This episode delves into the psychological factors that influence purchasing decisions, emphasizing that the perceived cost and social context often outweigh the actual price. Hunter and Melina discuss strategies for brands to navigate these complexities, whether they are market leaders looking to maintain their dominance or new entrants aiming to carve out a niche. In this episode: Explore the unexpected relationship between price and consumer perception. Understand the importance of social context in influencing purchasing decisions. Learn about the different psychological drivers for routine and exploratory brands. Discover actionable strategies for both established and emerging brands to thrive in a competitive market. Gain insights into how to leverage behavioral science to better understand and predict consumer behavior. Show Notes: 00:00:00 - Introduction Melina introduces Hunter Thurman and the focus of today's episode on pricing insights from the BEV 50 report. 00:04:30 - Hunter's Background Hunter shares his journey from traditional market research to founding Alpha-Diver and applying behavioral science to understand consumer behavior. 00:10:15 - The BEV 50 Report Hunter discusses the BEV 50 report and the surprising findings about consumer perceptions of price and value. 00:15:45 - Price Perception vs. Actual Cost Hunter explains how consumers often perceive lower-priced routine brands as more expensive compared to higher-priced exploratory brands. 00:25:00 - Psychological Drivers The conversation shifts to the psychological factors that drive consumer behavior and how brands can leverage these insights. 00:30:20 - Strategies for Market Leaders Hunter provides actionable advice for established brands to navigate pricing challenges and maintain consumer interest. 00:35:50 - Strategies for Emerging Brands Hunter shares tips for new brands looking to enter the market and differentiate themselves. 00:45:00 - The Promised Land Hunter describes the "promised land" for brands that successfully balance routine use with high consumer interest. 00:50:30 -  Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Hunter: LinkedIn  Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: The Truth About Pricing, by Melina Palmer The Power of Scarcity, by Mindy Weinstein Influence, by Robert Cialdini The Psychology of Price, by Leigh Caldwell Semiotics In Retail, by Rachel Lawes Top Recommended Next Episode: Sigi Hale Interview (ep 335) Already Heard That One? Try These:  Quality Vs Value (ep 357) The Truth About Pricing (ep 356) How to Stack and Bundle Products and Services (ep 84) How to raise your prices (ep 354) Pain of Paying (ep 240) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Alpha-Diver Website

In this episode of The Brainy Business podcast, Melina Palmer dives into the fascinating intersection of artificial intelligence and behavioral economics with Sam Albert, Chief Digital Officer at Behaviorally. Sam shares his extensive experience in the research industry and discusses the innovative work his team is doing with Flash.AI to create predictive models that help businesses increase sales and improve customer connections. Sam explains how Behaviorally leverages a rich database of system one and system two behaviors, along with advanced image recognition, to predict consumer actions and reactions. He provides valuable insights into the dynamic nature of AI models and the importance of continuously updating them to reflect real-world changes. Sam also shares compelling case studies that illustrate how Flash.AI can help businesses make informed decisions about product packaging and placement, ultimately leading to better market performance. In this episode: Discover the power of combining AI and behavioral economics to create predictive models. Learn about the dynamic nature of AI models and the importance of continuous updates. Explore compelling case studies that demonstrate the impact of Flash.AI on product packaging and placement. Understand the importance of context and nuance in evaluating consumer behavior. Gain insights into the future of AI and its role in market research and consumer behavior analysis. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Sam Albert and highlights the focus of the episode on AI and behavioral economics. 00:02:45 - Sam Albert's Background Sam shares his journey from a pre-law political science major to Chief Digital Officer at Behaviorally, detailing his extensive experience in the research industry. 00:08:15 - The Evolution of Behavioral Science Sam discusses the early days of behavioral science and the innovative tools and techniques used to understand consumer behavior. 00:13:55 - Introduction to Flash.AI Sam explains how Flash.AI leverages a rich database of system one and system two behaviors, along with advanced image recognition, to predict consumer actions and reactions. 00:19:30 - The Dynamic Nature of AI Models Sam emphasizes the importance of continuously updating AI models to reflect real-world changes and ensure accurate predictions. 00:24:55 - Case Studies Sam shares compelling case studies that illustrate how Flash.AI helps businesses make informed decisions about product packaging and placement. 00:34:20 - The Future of AI in Market Research Sam discusses the future of AI and its role in market research and consumer behavior analysis, emphasizing the importance of context and nuance. 00:44:10 - AI Summary Melina wraps up the conversation, highlighting the key takeaways and encouraging listeners to explore the potential of AI in their own businesses. 00:49:35 -  Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Sam: LinkedIn Behaviorally Website Behaviorally on Twitter Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: The Truth About Pricing, by Melina Palmer The Power of Scarcity, by Mindy Weinstein Influence, by Robert Cialdini The Psychology of Price, by Leigh Caldwell Semiotics In Retail, by Rachel Lawes Top Recommended Next Episode: Unboxing Videos: Why Do They Work? (ep 180) Already Heard That One? Try These:  Quality Vs Value (ep 357) The Truth About Pricing (ep 356) How to Stack and Bundle Products and Services (ep 84) How to raise your prices (ep 354) Pain of Paying (ep 240) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Flash.AI Case Studies

In episode 439 of The Brainy Business podcast, Melina Palmer welcomes William Mailer, Chief Behavioral Scientist at Commonwealth Bank of Australia, to discuss the intersection of behavioral science and financial well-being. William, who leads the bank's Behavioral Science Center of Excellence, shares insights on how his multidisciplinary team of economists, psychologists, and data scientists work to improve financial well-being and climate action outcomes for millions of Australians. The episode explores the innovative projects led by Will’s team, including Benefits Finder, which has connected Australians to over $1.2 billion in government benefits. Will also explores his journey into behavioral science, starting from his early career in economics and various roles that focused on understanding human behavior. He provides valuable advice on building a behavioral science team within an organization, emphasizing the importance of establishing relationships with academic researchers and thinking creatively to solve problems. Additionally, the episode highlights the importance of operational transparency in financial products, showcasing how showing trade-offs in credit card options can lead to higher customer retention and reduced financial distress. In this episode: Learn about the innovative Benefits Finder project and its impact on financial well-being in Australia. Discover the importance of operational transparency in financial products. Understand the criteria for selecting high-impact behavioral science projects. Gain insights into building and leading a multidisciplinary behavioral science team. Explore Will Mailer's journey and experiences in the field of behavioral science. Show Notes: 00:00:00 - Introduction Melina Palmer introduces William Mailer and sets the stage for an insightful conversation on behavioral science and financial well-being. 00:02:30 - Will's Background Will shares his journey into behavioral science, including his early career in economics and roles focused on understanding human behavior. 00:10:00 - Building a Behavioral Science Team Will discusses the importance of establishing relationships with academic researchers and thinking creatively to solve problems. 00:15:45 - Benefits Finder Project Will introduces the Benefits Finder project, which has connected Australians to over $1.2 billion in government benefits. 00:25:00 - Operational Transparency in Financial Products Will explains the importance of showing trade-offs in credit card options to improve customer retention and reduce financial distress. 00:35:45 - Selecting High-Impact Projects Will shares the criteria his team uses to select high-impact behavioral science projects. 00:45:30 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with William: LinkedIn Profile X Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: Behavioral Investor, by Daniel Crosby Tightwads and Spendthrifts, by Scott Rick The Power of Regret, by Daniel Pink Dollars and Sense, by Dan Ariely and Jeff Kreisler Money Mindsets, by Vishal George Top Recommended Next Episode: Quique Belenguer Interview (ep 435) Already Heard That One? Try These:  Chuck Howard Interview (ep 213) Scott Rick Interview (ep 369) Can Behavioral Economics Increase Savings? (ep 65) Anthony Damtsis Interview (ep 415) Booms and Busts (ep 30) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter https://www.biorgpartnership.com/case-studies CBA’s ‘Benefits finder’ connects customers to $1 billion The Upside of Highlighting a Product's Downsides - HBS Working Knowledge

In this episode of The Brainy Business podcast, Melina Palmer revisits the impactful announcement of the Apple Card and its behavioral economics implications. Originally aired in April 2019, this episode explores the strategic genius behind Apple's reveal of its new financial product. Melina discusses the anticipation and expectations built by Apple, the delayed pricing strategy, and the clever use of framing and herding behaviors to captivate potential customers. She also explores how familiarity and celebrity endorsements are crucial to Apple's marketing success. Melina's analysis provides valuable lessons for businesses in any industry, emphasizing the importance of stepping out of the status quo and seeing opportunities from a fresh perspective.  In this episode: Understand the behavioral economics behind Apple's announcement of the Apple Card. Learn how anticipation and expectations can be strategically built to enhance customer engagement. Discover the importance of framing and herding behaviors in marketing. Explore the role of familiarity and celebrity endorsements in successful branding. Gain insights into how businesses can break free from the status quo and innovate. Show Notes: 00:00:00 - Introduction Melina Palmer introduces the episode and explains the relevance of revisiting the Apple Card announcement. 00:04:30 - Building Anticipation Discussion on how Apple built anticipation and expectations through their strategic announcements. 00:09:15 - Delayed Pricing Strategy Exploration of Apple's decision to delay pricing announcements and its impact on customer perception. 00:14:45 - Framing and Herding Analysis of how Apple used framing and herding behaviors to influence customer decisions. 00:20:10 - Familiarity and Celebrity Endorsements Examination of the role of familiarity and celebrity endorsements in Apple's marketing strategy. 00:25:30 - Subscription Models Insights into Apple's use of subscription models and their appeal to consumers. 00:30:45 - Apple Card Features Detailed breakdown of Apple Card's features and how they are framed to appeal to customers. 00:35:50 - No Fees Message Discussion on the framing of Apple Card's no fees message and its implications. 00:40:20 - Cashback Rewards Analysis of Apple Card's cashback rewards and their behavioral economics impact. 00:42:10 - Personal Financial Management Exploration of Apple Card's personal financial management tools and their user-friendly design. 00:44:00-  Conclusion, 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Customer Wants and Can't Tell You, by Melina Palmer Alchemy, by Rory Sutherland Blindsight, by Matt Johnson and Prince Ghuman Using Behavioral Science in Marketing, by Nancy Harhut Immersion, by Paul Zak Top Recommended Next Episode: Paul Zak Interview (ep 437) Already Heard That One? Try These:  A Behavioral Economics Analysis of Costco (ep 47) Disney (ep 292) Peloton (ep 338) Starbucks: A Behavioral Economics Analysis (ep 73) Amazon (ep 159) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In episode 437 of The Brainy Business podcast, Melina Palmer welcomes Dr. Paul Zak, a distinguished University professor at Claremont Graduate University and a top 0.3% most cited scientist. Known for his pioneering research in behavioral neuroscience, Paul has authored several influential books, including Trust Factor and The Moral Molecule. His latest book, Immersion, explores the neuroscience behind happiness and extraordinary experiences. Paul is also a four-time tech entrepreneur and the founder of Immersion Neuroscience, a platform that measures brain activity to improve outcomes in various fields such as entertainment, education, and advertising. Throughout the episode, Paul shares insights from his extensive research, including the profound effects of oxytocin on human behavior and the importance of storytelling in building trust. He discusses the concept of immersion, a state of deep engagement driven by neurochemicals like dopamine and oxytocin, and how businesses can leverage this to create memorable customer experiences. Paul also introduces his latest venture, the SIX app, designed to measure and enhance emotional wellness by tracking peak moments of engagement. In this episode: Discover the science behind immersion and its impact on customer engagement. Learn how storytelling can build trust and influence behavior. Explore practical strategies for creating memorable customer experiences. Understand the role of emotional wellness in employee performance. Get insights into the SIX app and its potential to improve emotional health. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Dr. Paul Zak and his extensive background in behavioral neuroscience and entrepreneurship. 02:00 - Paul's Background Paul shares his journey, including his roles at Claremont Graduate University and Immersion Neuroscience. 07:00 - Neuroscience as a Service Discussion on the concept of neuroscience as a service and its applications in various industries. 12:00 - The Power of Oxytocin Paul explains the behavioral effects of oxytocin and its role in building trust. 17:00 - Immersion and Engagement Exploration of the concept of immersion and how it drives customer engagement and memorable experiences. 23:00 - Storytelling and Trust Discussion on the importance of storytelling in creating trust and influencing behavior. 28:00 - Practical Applications Paul shares examples of how businesses can create high-immersion experiences to enhance customer loyalty. 33:00 - Emotional Wellness and Employee Performance Introduction to the SIX app and its role in measuring and improving emotional wellness. 38:00 - Real-Time Feedback and Emotional Health Discussion on the app's features, including real-time feedback and its potential to enhance emotional health. 51:00 - Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Paul: LinkedIn Immersion App Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Customer Wants and Can't Tell You, by Melina Palmer The Experience Maker, by Dan Gingiss Choice Hacking, by Jennifer Clinehens Immersion, by Paul Zak Alchemy, by Rory Sutherland Top Recommended Next Episode: Work with Your Brain: Unleashing the Power of the DOSE Chemicals (Refreshed Episode) (ep 360) Already Heard That One? Try These:  Disney (ep 144) Rory Sutherland Interview (ep 373) Surprise & Delight (ep 60) Peak-End Rule: Why Averages Don’t Always Matter (ep 97) Robert Cialdini Interview (ep 157) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In episode 436 of The Brainy Business podcast, Melina Palmer dives into the fascinating biases our brains have toward novelty and stories. This episode, originally aired in 2019, is part of an eight-part series on biases and offers a rapid-fire overview of how our brains respond to new and intriguing stimuli. Melina explains concepts like the bizarreness effect, humor effect, pareidolia, and more, illustrating how these biases impact our decisions and interactions in both personal and professional settings. Melina also touches on the importance of storytelling in building trust and engagement, setting the stage for her upcoming interview with Dr. Paul Zak, a pioneer in the study of oxytocin and its role in storytelling. This episode is packed with insights on how to leverage our natural inclinations toward novelty and stories to enhance marketing strategies, improve customer interactions, and create compelling presentations. In this episode: Understand the bizarreness effect and how novelty impacts memory. Learn how humor and bizarreness can be effectively used in marketing. Explore the role of pareidolia in capturing attention. Discover the power of storytelling in building trust and engagement. Gain insights into biases like the empathy gap, optimism bias, and authority bias. Show Notes: 00:00:00 - Introduction Melina introduces the topic of biases toward novelty and stories and sets the stage for a rapid-fire overview of related concepts. 00:01:45 - Bizarreness Effect Explanation of the bizarreness effect and how our brains remember unusual items better than common ones. 00:03:30 - Humor Effect Discussion on the humor effect and how humorous content is more likely to be remembered. 00:05:15 - Pareidolia Exploration of pareidolia and how our brains are primed to see faces in random objects. 00:07:00 - Identifiable Victim Effect Examination of the identifiable victim effect and how personal stories are more impactful than statistics. 00:08:45 - Survivorship Bias Discussion on survivorship bias and the importance of considering all data, not just the successful cases. 00:10:30 - Just World Hypothesis Explanation of the just world hypothesis and how it affects our perception of fairness and morality. 00:12:15 - Authority Bias Exploration of authority bias and why we trust opinions from perceived authorities more than others. 00:14:00 - Reciprocity and Ben Franklin Effect Discussion on reciprocity and the Ben Franklin effect, and how favors influence future behavior. 00:15:45 - Social Desirability Bias Examination of social desirability bias and how it impacts the way we report our behaviors and characteristics. 00:17:30 - Omission Bias Explanation of omission bias and how we judge actions more harshly than inactions. 00:19:15 - Licensing Effect Discussion on the licensing effect and how doing something good can lead to justifying bad behavior. 23:12-  Conclusion 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: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books.  Get the Books Mentioned on (or related to) this Episode: What Your Customer Wants and Can't Tell You, by Melina Palmer The Life Saving Skill of Story, by Michelle Auerbach Magic Words, by Jonah Berger Metaphors We Live By, by George Lakoff and Mark Johnson Bridges and Barriers, by Troy Andrews Top Recommended Next Episode: Prince Ghuman Interview (ep 344) Already Heard That One? Try These:  Michelle Auerbach Interview (ep 288) Jonah Berger Interview (ep 301) David Paull Interview (ep 289) Biases Toward Novelty and Stories (ep 54) Sarah Thompson Interview (ep 259) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter