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

In this episode of The Brainy Business podcast, host Melina Palmer welcomes Nobel Prize winner Dr. Bob Lefkowitz for an insightful discussion on mentorship, focus, and the power of saying no. Dr. Lefkowitz, a distinguished professor at Duke University Medical Center, shares his journey from a passionate physician to a Nobel laureate in Chemistry, highlighting the impact of his research. Dr. Lefkowitz delves into the importance of mentorship, recounting his own experiences and the significance of his mentee, Brian Kobilka, with whom he shared the Nobel Prize. He emphasizes the value of asking good questions, being thoughtful, and the crucial skill of focusing like a laser on what truly matters. This episode is packed with wisdom on how to balance stubborn pursuit with strategic decision-making in both scientific research and business. In this episode: Understand the significance of mentorship and how it shapes successful careers. Discover the importance of focus and saying no to distractions. Gain insights into the power of storytelling and synthesizing data. Explore practical advice for fostering creativity and seeing things from different perspectives. Show Notes: 00:00:00 - Introduction Melina introduces Nobel Prize winner Dr. Bob Lefkowitz, highlighting his distinguished career and contributions to science and medicine. 00:04:30 - Dr. Lefkowitz's Background Dr. Lefkowitz shares his journey from aspiring physician to Nobel laureate, detailing his research on G protein-coupled receptors. 00:10:15 - The Importance of Focus Dr. Lefkowitz discusses the critical role of focus in achieving success and how he developed this skill over his career. 00:15:45 - Mentorship and Its Impact The conversation shifts to mentorship, with Dr. Lefkowitz sharing his thoughts on what makes a great mentor and the legacy of training successful scientists. 00:25:00 - Storytelling in Science Dr. Lefkowitz emphasizes the power of storytelling in presenting scientific data and making impactful discoveries. 00:30:20 - The Power of Saying No Dr. Lefkowitz provides practical advice on how to say no to distractions and focus on what truly matters. 00:35:50 - Creativity and Humor The discussion highlights the role of creativity and humor in scientific discovery and problem-solving. 00:45:00 - Closing Thoughts Melina and Dr. Lefkowitz wrap up the conversation, reflecting on the key takeaways and the importance of thoughtful mentorship. 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 Dr. Lefkowitz:  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 The Ultimate Guide to Great Mentorship, by Scott Miller Mentoring, by Dr. Ruth Gotian and Andy Lopata A Funny Thing Happened on the Way to Stockholm, by Robert J. Lefkowitz M.D. The Speed of Trust, by Stephen M.R. Covey Top Recommended Next Episode: Ruth Gotian Interview (ep 419) Already Heard That One? Try These:  Vulnerability Loops (ep 229) Unity (ep 216) Scott Miller Interview (ep 69) Confirmation Bias (ep 260) Focusing Illusion (ep 330) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer explores the concept of defaults, how they impact our decisions, and the critical role they play in business and everyday life.  Melina discusses the omnipresence of defaults and how they influence our choices, often without us even realizing it. She explains the concept of status quo bias and how it makes us more likely to stick with default options, even when they may not be in our best interest. Using examples from retirement savings to organ donation, Melina illustrates the power of defaults and the importance of thoughtful choice architecture in both personal and business contexts. In this episode: Understand the pervasive influence of defaults in everyday decisions. Learn about status quo bias and its impact on behavior. Explore practical examples of defaults in various contexts, including retirement savings and organ donation. Discover the ethical considerations in setting defaults and choice architecture. Gain insights into how to design better defaults to help customers and employees make beneficial choices. Show Notes: 00:00:00 - Introduction, Melina introduces the episode and the topic of defaults, highlighting its relevance to her upcoming conversation with Nobel laureate Dr. Bob Lefkowitz. 03:15 - The Omnipresence of Defaults Melina discusses how defaults are everywhere and influence nearly every decision we make, often without us realizing it. 08:30 - Status Quo Bias An exploration of status quo bias and how it makes us more likely to stick with default options, even when they may not be in our best interest. 15:45 - Retirement Savings Example Melina uses the example of retirement savings to illustrate the power of defaults and how different default options can significantly impact behavior. 22:00 - Organ Donation Study A discussion on the ethical considerations of defaults using the example of organ donation and how opt-in vs. opt-out policies affect donation rates. 29:15 - Practical Business Applications Melina provides practical advice on how businesses can use defaults to help customers and employees make better choices, emphasizing the importance of ethical considerations. 36:00 - 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: A Funny Thing Happened on the Way to Stockholm, by Robert J. Lefkowitz M.D. 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 Top Recommended Next Episode: Status Quo Bias (ep 376) 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

In this episode of The Brainy Business podcast, Melina Palmer and Christopher Frank, Chief Client Officer at PSB Insights, dive into the art of decision-making in a data-driven world. Christopher, who has a rich background with industry giants like American Express and Microsoft, shares his expertise in leveraging consumer insights to gain a competitive edge. As a thought leader in critical thinking and decision science, he offers valuable perspectives on how to ask the right questions and interpret data for smarter business decisions. Christopher’s insights are not only theoretical but also practical, drawn from his extensive experience and his acclaimed books, Drinking from the Fire Hose and Decisions Over Decimals. He emphasizes the importance of starting with the right questions to truly understand the problem at hand and how to make decisions that are both informed and intuitive. His approach to synthesizing data with judgment offers a fresh perspective on navigating the overwhelming amount of information available today. In this episode: Uncover the power of asking the right questions to make better decisions. Learn how to leverage data and intuition to drive business strategy. Discover the importance of context in interpreting data points. Explore the concept of "quantitative intuition" and how it can be developed. Understand the role of culture in fostering an environment that thrives on data-driven decisions. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Christopher Frank and highlights his extensive experience in data analytics and decision science. 00:04:12 - Christopher Frank's Background Christopher shares his journey through American Express, Microsoft, and his current role at PSB Insights, emphasizing his focus on leveraging data for smarter decisions. 00:09:35 - The Importance of Asking Questions Christopher discusses the value of starting with questions to understand the problem and make better decisions, sharing some of his favorite questions to ask. 00:16:28 - The Power of "What Surprised You?" Christopher explains how asking "What surprised you?" can unlock valuable insights and create a safe learning environment. 00:22:50 - Case Study: Outliers in Data Christopher shares a compelling story about how investigating outliers in customer satisfaction data led to significant business insights and strategic decisions. 00:30:17 - Moments of Truth in Consumer Behavior Christopher talks about identifying and understanding the critical moments that matter to consumers and how they can shape business strategies. 00:35:42 - Summary vs. Synthesis Christopher explains the difference between summarizing data and synthesizing it with judgment to make informed decisions. 00:40:05 - The Context Triangle Christopher introduces the concept of the context triangle and how it helps in interpreting data points from multiple perspectives. 00:41:05 - 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 Christopher: Christopher on LinkedIn Christopher on 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: Decisions Over Decimals, by Christopher Frank, Paul Magnone and Oded Netzer May Contain Lies, by Alex Edmans A More Beautiful Question, by Warren Berger What Your Customer Wants and Can't Tell You, by Melina Palmer Drinking from the Fire Hose, by Christopher Frank and Paul Magnone Top Recommended Next Episode: The Most Important Step In Applying Behavioral Economics: Understanding the Problem (ep 126) Already Heard That One? Try These:  Framing (ep 296) Felicity Heathcote-Marcz Interview (ep 324) Warren Berger Interview (ep 340) Alex Edmans Interview (ep 423) Beatrix Daros Interview (ep 424) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer explores the power of questions in project scoping with Beatrix Daros. Originally aired in 2022, this episode revisits their collaborative work from 2019, focusing on leveraging behavioral economics to enhance project outcomes. Beatrix emphasizes the importance of balancing technology with deep human connections, a principle she applied while working on Mars' KIND brand. As you listen, consider how clearly Beatrix articulates their value proposition and approach, and think about how this clarity can be applied to your own business practices. Beatrix shares insights on the global differences in snacking habits and health perceptions, the role of ethnographic studies, and the significant impact of regulatory changes on product placement and marketing strategies. The episode also delves into the innovative use of virtual reality for consumer testing during the pandemic, highlighting how technology can expedite and enhance research processes. This episode is packed with valuable lessons on using behavioral science and technology to drive successful project outcomes. In this episode: Discover the impact of asking the right questions to scope projects effectively. Learn about the global differences in snacking habits and health perceptions. Explore the use of virtual reality and technology in consumer research. Understand the importance of balancing technology with deep human connections. Gain insights into navigating regulatory changes and their impact on marketing strategies. Show Notes: 00:00:00 - Introduction, Melina introduces the episode and guest, Beatrix Daros, highlighting their collaborative work on leveraging behavioral science for project scoping. 00:06:07 - Beatrix Daros' Background Beatrix shares her career journey at Mars and her role in consumer intelligence, focusing on the KIND brand. 00:10:40 - Global Snacking Habits Beatrix discusses the differences in snacking habits and health perceptions across various countries, emphasizing the importance of ethnographic studies. 00:15:34 - Regulatory Challenges Beatrix explains the impact of regulatory changes, such as the HFSS regulation in the UK, on product placement and marketing strategies. 00:20:21 - Behavioral Science and Questionstorming Melina and Beatrix discuss the importance of using behavioral science and questionstorming to scope projects effectively and align team members. 00:24:15 - Ethnographic Studies Beatrix elaborates on the role of ethnographic studies in understanding consumer behavior and preferences. 00:28:57 - Virtual Reality in Consumer Research Beatrix shares how Mars leveraged virtual reality for consumer testing during the pandemic, highlighting its efficiency and effectiveness. 00:31:48 - Technology and Human Connection Discussion on balancing the use of technology with maintaining deep human connections in consumer research. 00:35:51 - Deep Human Connection Beatrix elaborates on KIND's focus on deep human connections and how it influences their approach to consumer engagement and product development. 00:39:22 - Future of Insights Beatrix discusses the future of consumer insights, emphasizing the balance between technology and human connection. 00:47:30 - 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 Beatrix: Beatrix on 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: A More Beautiful Question, by Warren Berger Decisions Over Decimals, by Christopher Frank, Paul Magnone and Oded Netzer What Your Customer Wants and Can’t Tell You (ep 147) Alchemy, by Rory Sutherland Both/And Thinking, by Wendy Smith and Marianne Lewis Top Recommended Next Episode: Warren Berger Interview (ep 340) Already Heard That One? Try These:  Greta Harper Interview (ep 207) Sarah Wilson Interview (ep 206) Framing (ep 296) Questions or Answers? (ep 4) The Most Important Step In Applying Behavioral Economics: Understanding the Problem (ep 126) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter KIND Website

In this episode of The Brainy Business podcast, Melina Palmer welcomes Alex Edmans, author of May Contain Lies, to discuss the fascinating intersection of finance, behavioral economics, and misinformation. Alex, a professor of finance at London Business School with a Ph.D. from MIT, delves into the impact of emotions on the stock market, using intriguing examples from his research, including the emotional effects of international sports results on stock market behavior.  Throughout the conversation, Alex and Melina explore the broader implications of emotional influences on decision-making in both personal finance and business contexts. They discuss the dangers of confirmation bias and black-and-white thinking, and Alex offers practical steps to overcome these biases. He also introduces his concept of the "ladder of misinference," illustrating how statements, facts, data, and evidence can be misinterpreted or misrepresented, leading to misleading conclusions. In this episode: Understanding the emotional impact of sports results on the stock market. The broader implications of emotional influences on decision-making. The dangers of confirmation bias and black-and-white thinking. Practical steps to overcome biases and make informed decisions. The "ladder of misinference" and avoiding missteps in interpreting data. Show Notes: 00:00:00 - Introduction Melina introduces Alex Edmans, author of May Contain Lies, and outlines the episode's focus on emotions, decision-making, and misinformation. 00:01:45 - Alex's Background Alex shares his background in finance and behavioral economics, emphasizing his passion for conveying academic insights to a general audience. 00:06:10 - Dissertation Research Alex discusses his dissertation on the impact of emotions, particularly sports results, on the stock market, highlighting the significant emotional effects on trading behavior. 00:12:55 - Broader Implications Melina and Alex explore the broader implications of emotional influences on decision-making in personal finance and business, emphasizing the importance of acknowledging and managing emotions. 00:19:15 - Confirmation Bias Alex explains confirmation bias and its impact on how people respond to evidence and data, using examples from sustainable investing and other fields. 00:26:30 - Black-and-White Thinking Alex introduces black-and-white thinking as a twin bias to confirmation bias, illustrating how extreme viewpoints can overshadow nuanced understanding. 00:34:45 - Ladder of Misinference Alex outlines the "ladder of misinference," explaining how statements, facts, data, and evidence can be misinterpreted, leading to misleading conclusions. 00:43:10 - Practical Tips for Individuals Alex offers practical tips for individuals to overcome biases, including imagining the opposite result to challenge confirmation bias. 00:46:00 - 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 Alex: Alex on X  Alex on LinkedIn   Alex’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: Foolproof, by Sander van der Linden May Contain Lies, by Alex Edmans How Minds Change, by David McRaney Decisions Over Decimals, by Christopher Frank, Paul Magnone and Oded Netzer What Your Employees Need and Can't Tell You, by Melina Palmer Top Recommended Next Episode: Confirmation Bias (ep 260) Already Heard That One? Try These:  Sander van der Linden Interview (ep 337) Focusing Illusion (ep 330) Survivorship Bias (ep 400) Christian Madsbjerg Interview (ep 325) David McRaney Interview (ep 210) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter TED: What to Trust in a “Post Truth” World TEDx: The Pie Growing Mindset

In this episode of The Brainy Business podcast, Melina Palmer explores the fascinating world of lazy brain biases. This episode is part of an eight-part series exploring various biases, focusing on how our brains prefer to take the path of least resistance. This rapid-fire episode provides a brief overview of each bias, helping you understand their roles, interactions, and impacts on decision-making. Melina refreshes this episode in anticipation of her upcoming interview with Alex Edmonds about his book May Contain Lies, which discusses misinformation and the importance of understanding information responsibly. Lazy brain biases play a significant role in how we process and accept information, making this episode a perfect primer for the conversation with Alex. In this episode: Discover how the default effect influences our choices. Learn about the decoy effect and its impact on decision-making. Understand the automation bias and its implications in a tech-driven world. Explore the law of the instrument and functional fixedness. Gain insights into framing, anchoring, and the contrast effect. Examine biases and their influence on decision-making. Identify how surrogation and Parkinson's Law of Triviality affect business decisions. Learn strategies to push your brain’s limits and overcome lazy tendencies. Show Notes: 00:00:00 - Introduction Melina introduces the episode and its focus on lazy brain biases, part of an eight-part series on biases. 00:02:30 - Default Effect Melina discusses the default effect, where people tend to choose the default option presented to them. 00:04:00 - Decoy Effect The decoy effect is explained with examples from espresso machines and The Economist subscription options. 00:06:00 - Automation Bias Melina talks about our excessive dependence on automated systems and the importance of checking their effectiveness. 00:07:30 - Law of the Instrument and Functional Fixedness These biases are discussed with examples like the Apollo 13 mission. 00:09:00 - Framing and Anchoring Melina explains how framing and anchoring influence our decisions, with links to related episodes. 00:10:30 - Contrast Effect The impact of priming and previously presented information on decision-making is discussed. 00:12:00 - Biases Melina explains how our senses influence our external decisions, using judges' sentencing patterns as an example. 00:13:30 - Ambiguity Effect and Action Bias These biases are explored with examples from medical decisions and soccer goalies. 00:15:00 - Stereotyping and Illicit Transference Melina discusses how our brains make assumptions about groups and individuals. 00:16:30 - Surrogation The concept of surrogation is explained with an example of customer satisfaction surveys. 00:18:00 - Parkinson's Law of Triviality Also known as bikeshedding, this bias is discussed with examples from pricing strategies. 00:19:30 - Lag Effect and Levels of Processing Melina talks about effective learning strategies and how to trick your lazy brain into focusing. 00:21:00 - List Length Effect The impact of list length on memory is discussed, encouraging listeners to push their brain's limits. 00:22:30 - 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 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: May Contain Lies, by Alex Edmans Thinking Fast and Slow, by Daniel Kahneman Nudge, by Richard Thaler & Cass Sunstein What Your Customer Wants and Can't Tell You, by Melina Palmer Evolutionary Ideas, by Sam Tatam Top Recommended Next Episode: Functional Fixedness (ep 194) Already Heard That One? Try These:  Anchoring & Adjustment (ep 394) Bikeshedding (ep 99) Priming (ep 252) Color Theory (ep 61) 5 Things Your Business Must Learn From NASA (ep 57) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter The Greatest Space Hack Ever This Is the Actual Hack That Saved the Astronauts of the Apollo XIII Apollo Expeditions to the Moon – A Square Peg in a Round Hole Action Bias Among Elite Soccer Goalkeepers: the Case of Penalty Kicks Action Bias and Environmental Decisions The Inaction Effect in the Psychology of Regret

In this episode of The Brainy Business podcast, Melina Palmer is joined by Beatriz Vallejo, CEO of Ethos BT, to discuss the impactful work of reducing misinformation and polarization in Colombia using behavioral science. Beatriz, a behavioral scientist and economist, shares her journey from studying economics in Colombia to completing a master's in behavioral change at UCL, focusing on the factors that lead to the belief and spread of fake news. The conversation visits her extensive research on misinformation, the psychological factors influencing it, and the innovative Detox Information Project aimed at mitigating these issues. Beatriz highlights the importance of understanding psychological factors like dehumanization, distrust, discrimination, and low tolerance to ambiguity, which contribute to the spread of misinformation. The episode also explores the success of various interventions, including personality tests and social experiment videos, which have proven to reduce misinformation vulnerability by 30%. This episode is a treasure trove of insights for anyone interested in behavioral science, misinformation, and societal improvement, showcasing the significant impact of behavioral interventions in real-world settings. In this episode: Discover the psychological factors contributing to misinformation and polarization in Colombia. Learn about the Detox Information Project and its innovative approach to reducing fake news. Understand the importance of research and data in designing effective behavioral interventions. Gain insights into the challenges and successes of applying behavioral science in diverse contexts. Get inspired by Beatriz Vallejo's journey and her impactful work in behavioral science. Show Notes: 00:00:00 - Introduction Melina introduces Beatriz Vallejo, CEO of Ethos BT, and highlights her work in behavioral science and misinformation. 00:05:20 - Beatriz's Background Beatriz shares her academic journey from studying economics in Colombia to completing a master's in behavioral change at UCL. 00:10:45 - Initial Research on Fake News Beatriz discusses her master's thesis on the psychological factors related to believing and sharing fake news in Colombia. 00:15:30 - The Detox Information Project Beatriz introduces the Detox Information Project, aimed at reducing misinformation through behavioral science interventions. 00:20:15 - Key Psychological Factors Beatriz explains the four psychological factors—dehumanization, distrust, discrimination, and low tolerance to ambiguity—that contribute to misinformation vulnerability. 00:25:50 - Effective Interventions Beatriz discusses the success of personality tests and social experiment videos in reducing misinformation vulnerability by 30%. 00:30:35 - Challenges in Behavioral Science Beatriz shares the challenges of convincing stakeholders to invest in research and the importance of understanding the problem before designing solutions. 00:35:50 - Tips for Aspiring Behavioral Scientists Beatriz offers advice for those looking to make an impact in behavioral science, emphasizing the importance of networking and continuous learning. 00:40:25 - 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 Beatriz: Beatriz on LinkedIn Detox Information Project Beatriz on 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: Foolproof, by Sander van der Linden May Contain Lies, by Alex Edmans The Voltage Effect, by John List Decisions Over Decimals, by Christopher Frank, Paul Magnone and Oded Netzer What Your Employees Need and Can't Tell You, by Melina Palmer Top Recommended Next Episode: Carlos Hoyos Interview (ep 285) Already Heard That One? Try These:  Sander van der Linden Interview (ep 337) BE OEFA Interview (ep 195) Ambiguity / Uncertainty Aversion (ep 243) Confirmation Bias (ep 260) The Most Important Step In Applying Behavioral Economics: Understanding the Problem (ep 126) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In episode 419 of The Brainy Business podcast, Dr. Ruth Gotian, co-author of the Financial Times Guide to Mentoring, shares her extensive expertise on mentorship and leadership development with host Melina Palmer. Ruth, who serves as the Chief Learning Officer and Associate Professor of Education in Anesthesiology at Weill Cornell Medicine, is a globally recognized expert in mentorship, hailed by institutions like Nature, Wall Street Journal, and Columbia University. She discusses the vital role of mentorship in achieving success and the importance of having a team of mentors to guide and support high achievers. Throughout the conversation, Ruth delves into the four elements of success from her book, The Success Factor, and emphasizes the significance of intrinsic motivation, overcoming challenges, continuous learning, and the power of mentorship. She also provides practical insights into the differences between mentors, coaches, role models, and sponsors, and how each plays a unique role in personal and professional development. This episode is packed with valuable takeaways for anyone looking to enhance their success through effective mentorship and leadership strategies. In this episode: Understand the four key elements of success for high achievers. Differentiate between mentors, coaches, role models, and sponsors. Learn how to effectively seek and engage with mentors. Implement successful mentorship programs within organizations. Recognize the benefits of both being a mentor and having a mentor. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Dr. Ruth Gotian and sets the stage for an insightful conversation on mentorship and leadership development. 00:01:30 - Ruth's Background Ruth shares her background and journey, including her roles at Weill Cornell Medicine and her recognition as a top mentor and emerging management thinker. 00:04:20 - The Success Factor Ruth discusses the four elements of success found in high achievers: intrinsic motivation, overcoming challenges, continuous learning, and mentorship. 00:10:15 - Mentorship and Its Importance The conversation explores the critical role of mentorship in achieving success and how high achievers leverage mentors to guide and support them. 00:14:45 - Differentiating Mentorship Roles Ruth explains the differences between mentors, coaches, role models, and sponsors, and the unique contributions each makes to personal and professional growth. 00:19:30 - Effective Mentorship Strategies Practical advice on how to seek out mentors, engage with them effectively, and the importance of being specific and time-bound in mentorship requests. 00:24:00 - Organizational Mentorship Programs Tips for implementing successful mentorship programs within organizations, including the benefits of group mentoring and creating opportunities for organic mentor-mentee matches. 00:30:10 - Reverse Mentoring and Continuous Learning The concept of reverse mentoring and how both mentors and mentees can learn from each other, fostering a culture of continuous learning and development. 00:35:20 - The Value of Networking and Building Relationships Ruth shares insights on the importance of networking, asking good questions, and building meaningful relationships through thoughtful engagement. 00:40:05 - 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 Ruth: Ruth on LinkedIn Ruth on 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: The Ultimate Guide to Great Mentorship, by Scott Miller The Success Factor, by Ruth Gotian Mentoring, by Dr. Ruth Gotian and Andy Lopata What Your Employees Need and Can't Tell You, by Melina Palmer Let’s Talk, by Therese Huston Top Recommended Next Episode: Scott Miller Interview (ep 307) Already Heard That One? Try These:  Kurt Nelson Interview (ep 187) Reciprocity (ep 238) Adjusting Your Mindset — Overcome Imposter Syndrome (ep 306) Scott Miller Interview (ep 307) Survivorship Bias (ep 400) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Conversations with Ruth Gotian

In this episode of The Brainy Business podcast, Melina Palmer dives into the fascinating world of personal biases, exploring how our brains are wired to perceive ourselves and the world around us. This episode, originally aired in April 2019, provides a rapid-fire overview of various biases that impact our personal and professional lives. Melina discusses optimism bias, planning fallacy, naive realism, false consensus effect, and more, offering insights into how these biases shape our decisions and interactions. Through practical examples and relatable anecdotes, Melina helps listeners understand the complexities of their own biases and how to leverage this knowledge for better decision-making and improved interactions with others. Listeners will gain valuable insights into the importance of recognizing and addressing personal biases, and how doing so can lead to greater success in both personal and professional contexts. This episode serves as a comprehensive guide to understanding the hidden forces that influence our thoughts and actions, making it a must-listen for anyone looking to enhance their self-awareness and communication skills. In this episode: Identify and understand various personal biases and their impact on decision-making and interactions. Leverage knowledge of biases like optimism bias and planning fallacy to set realistic goals and expectations. Improve communication and collaboration by recognizing and addressing biases such as naive realism and false consensus effect. Utilize insights from biases to enhance marketing strategies and customer interactions. Foster better relationships and teamwork by acknowledging and mitigating the influence of biases like egocentric bias and social comparison bias. Show Notes: 00:00:00 - Introduction Melina introduces the topic of personal biases and sets the stage for a deep dive into how these biases affect our lives and careers. 00:02:00 - Optimism Bias Discussion on optimism bias and how it leads people to believe they are more likely to experience positive outcomes than others. 00:04:00 - Planning Fallacy Exploration of planning fallacy, the tendency to underestimate how long tasks will take, and its implications in personal and professional settings. 00:06:00 - Naive Realism Melina explains naive realism, the belief that we see the world objectively while others are biased, and its impact on communication and collaboration. 00:08:00 - False Consensus Effect Examination of the false consensus effect, where people overestimate how much others agree with them, and strategies to overcome it. 00:10:00 - Illusion of Asymmetric Insight Discussion on the illusion of asymmetric insight, where individuals believe they understand others better than others understand them. 00:12:00 - Illusion of Transparency Melina explores the illusion of transparency, where people overestimate how well they understand others and are understood in return. 00:14:00 - False Uniqueness Bias Analysis of false uniqueness bias, where individuals believe their experiences and problems are unique compared to others. 00:16:00 - Forer Effect Introduction to the Forer effect, also known as the Barnum effect, where people believe vague, general statements are highly accurate for them. 00:18:00 - Illusion of Control Discussion on the illusion of control, the tendency to overestimate one's influence over external events, and its impact on behavior and decision-making. 00:20:00 - Egocentric Bias Exploration of egocentric bias, where individuals believe they do more work than others, and strategies for overcoming it. 00:22:00 - Social Comparison Bias Examination of social comparison bias, where individuals favor candidates who are not in direct competition with their own strengths. 00:24:00 - Spotlight Effect Discussion on the spotlight effect, where people overestimate how much others notice their appearance or behavior. 00:26:00 - Overconfidence Effect Melina explains the overconfidence effect, where people are more certain in their answers than they should be, and its implications in business. 00:28:00 - Pro Innovation Bias Analysis of pro innovation bias, where individuals have excessive optimism about their innovations or products. 00:30:00 - Hindsight Bias and Post Purchase Rationalization Discussion on hindsight bias and post-purchase rationalization, where individuals justify their decisions after the fact. 00:32:00 - Choice Supportive Bias and Illusion of External Agency Examination of choice supportive bias and illusion of external agency, where people believe their choices were more informed than they were. 00:34:00 - Illusion of Validity and Conservatism Belief Revision Melina explores the illusion of validity and conservatism belief revision, where individuals stick to their beliefs despite new evidence. 00:36:00 - Continued Influence Effect Discussion on the continued influence effect, where people continue to believe misinformation even after it has been corrected. 00:38:00 - 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: Happier Hour, by Cassie Holmes You Have More Influence Than You Think, by Vanessa Bohns What Your Employees Need and Can't Tell You (ep 225) Mentoring, by Dr. Ruth Gotian and Andy Lopata The Success Factor, by Ruth Gotian Top Recommended Next Episode: Planning Fallacy (ep 346) Already Heard That One? Try These:  Optimism Bias (ep 34) What Your Employees Need and Can't Tell You (ep 225) Biases Toward Others (Including Groups) (ep 314) Vanessa Bohns Interview (ep 318) Hindsight Bias (ep 396) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Exploring the “Planning Fallacy”: Why People Underestimate Their Task Completion Times Five Most Daunting NFL Stadiums for Visiting Teams Scarlett Johansson & Brie Larson Play ‘Who Saves the World? Girls!’ The Trouble With Overconfidence

In episode 417 of The Brainy Business podcast, Melina Palmer interviews Justin Jones-Fosu, author of I Respectfully Disagree. Justin, the CEO of Work Meaningful, is a dynamic speaker and thought leader on topics of meaningful work and inclusion, delivering over 50 keynote addresses annually. His latest book delves into navigating difficult conversations in a divided world, a theme central to today’s discussion. Throughout the episode, Justin shares his insights on creating meaningful work environments and the importance of respectful disagreement. He emphasizes the significance of individuals finding meaning in their work, rather than relying solely on organizational missions. Justin introduces the 3 Rhythm Model, focusing on perspective, tasks, and relationships as key ways to bring meaning to work. He also addresses the concept of respectful disagreement, encouraging healthy conflict and curiosity within teams to foster better outcomes and innovation. In this episode: Discover the 3 Rhythm Model to bring meaning to your work. Learn how to create a culture of respectful disagreement in the workplace. Understand the importance of modeling and rewarding healthy conflict. Explore practical tips for challenging your perspective and engaging with diverse viewpoints. Gain insights into cognitive reframing and the value of hearing real stories. Show Notes: 00:00:00 - Introduction Melina introduces Justin Jones-Fosu and his work on meaningful work and respectful disagreement. 00:02:15 - Justin's Background Justin shares his journey, including his role as CEO of Work Meaningful and his latest book, I Respectfully Disagree. 00:06:30 - Meaningful Work Defined Justin explains the concept of meaningful work and the 3 Rhythm Model: perspective, tasks, and relationships. 00:12:45 - Individual vs. Organizational Meaning The focus shifts to how individuals can find meaning in their work, regardless of the organization's mission. 00:16:20 - The Greenhouse Effect Justin discusses the role of leaders in creating environments that foster meaningful work and engagement. 00:21:00 - Respectful Disagreement Transitioning to the topic of respectful disagreement, Justin explains the benefits of healthy conflict and curiosity in teams. 00:25:10 - Practical Tips for Leaders Justin provides actionable advice for leaders on modeling, rewarding, and seeking out disagreement. 00:27:00 - 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 Justin: Justin’s Website How to Respectfully Disagree Justin on 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: I Respectfully Disagree, by Justin Jones-Fosu Finding Confidence in Conflict, by Kwame Christian Let’s Talk, by Therese Huston Powerful Phrases for Dealing with Workplace Conflict, by Karin Hurt and David Dye What Your Employees Need and Can't Tell You, by Melina Palmer Top Recommended Next Episode: Kwame Christian Interview (ep 221) Already Heard That One? Try These:  Focusing Illusion (ep 89) Confirmation Bias (ep 260) Framing (ep 296) Therese Huston Interview (ep 381) Karin Hurt Interview (ep 393) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer dives into the intricacies of motivation, exploring how our brains can both get and stay motivated. This episode is designed  to help you understand the psychological underpinnings of motivation, including the impact of behavioral economics concepts like loss aversion, habits, and framing. Whether you're aiming for personal development or looking to integrate these insights into your business strategies, this episode has you covered. Melina shares personal stories, including her journey with running, to illustrate the principles of intrinsic and extrinsic motivation. She also evaluates popular fitness apps like Couch to 5K and Runkeeper, discussing their effectiveness in motivating users and suggesting improvements based on behavioral science. The episode is rounded out with actionable tips for hacking your own motivation, making it a must-listen for anyone eager to achieve their goals. In this episode: Learn the difference between intrinsic and extrinsic motivation and how to leverage both. Discover the role of behavioral economics in motivation, including concepts like loss aversion and framing. Get insights into popular fitness apps and how they can either encourage or discourage motivation. Gain actionable tips for setting and achieving your goals by understanding your brain's rules around mindset. Explore practical examples of how to flip the script on your motivation blocks. Show Notes: 00:00:00 - Introduction Melina introduces the episode's focus on motivation and its psychological aspects. 00:02:00 - Personal Journey Melina shares her personal story about running and how it ties into motivation. 00:06:00 - The Science of Motivation An overview of the scientific principles that drive motivation. 00:14:00 - Types of Motivation Discussion on intrinsic and extrinsic motivation, with examples from Melina's life. 00:20:00 - Case Studies Real-world examples of motivation in different contexts. 00:25:00 - Behavioral Economics Concepts Exploration of loss aversion, habits, and framing in the context of motivation. 00:32:00 - Evaluating Fitness Apps Melina evaluates Couch to 5K and Runkeeper, discussing their motivational strategies and suggesting improvements. 00:40:00 - Practical Tips Actionable tips for hacking your own motivation, including setting and limiting goals. 00:43:00 - 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: Work Well, Play More, by Marcey Rader Mixed Signals, by Uri Gneezy What Your Employees Need and Can't Tell You, by Melina Palmer Good Habits, Bad Habits, by Wendy Wood I Respectfully Disagree, by Justin Jones-Fosu Top Recommended Next Episode: iNcentives (ep 272) Already Heard That One? Try These:  Wendy Wood Interview (ep 127) Katy Milkman Interview (ep 151) Cobra Effect (ep 220) Uri Gneezy Interview (ep 273) Marcey Rader Interview (ep 323) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In episode 415 of The Brainy Business podcast, host Melina Palmer welcomes Anthony Damtsis, Deputy Head of Behavioral Finance at TD Wealth. Anthony shares his fascinating journey from leading the behavioral science practice at Discover Card in Chicago to his current role at TD Wealth, where he develops tools to help advisors integrate behavioral finance principles into their practice. The episode delves into his background, the importance of word choice in financial planning, and the intriguing concept of "wealth confidence." Throughout the conversation, Anthony discusses how subjective feelings of wealth can differ significantly from objective measures, revealing that having more money doesn't always equate to feeling wealthier. He introduces the concept of wealth confidence, which includes intertemporal, social, and purpose and pleasure components, and explains how giving to charity can enhance one's sense of wealth. Anthony also shares insights from a research project that tested different value propositions for financial plans, leading to a significant increase in plan creation rates. The episode is a treasure trove of insights for anyone interested in behavioral finance, the psychology of wealth, and the power of language in financial planning. In this episode, you will learn: The concept of wealth confidence and its impact on financial well-being. How subjective feelings of wealth can differ from objective financial measures. The importance of word choice in financial planning and how it affects client engagement. The role of charitable giving in enhancing one's sense of wealth. Practical strategies for financial advisors to communicate the value of financial plans. Show Notes: 00:00:00 - Introduction Melina introduces Anthony Damtsis, Deputy Head of Behavioral Finance at TD Wealth, and sets the stage for a conversation about behavioral finance and wealth confidence. 00:02:30 - Anthony's Background and Journey Anthony shares his journey from Discover Card to TD Wealth and his passion for behavioral science and economics. 00:05:51 - Concept of Wealth Confidence Anthony introduces the concept of wealth confidence, explaining its components and how it differs from traditional measures of wealth. 00:09:00 - Subjective vs. Objective Wealth Anthony and Melina discuss how subjective feelings of wealth can differ from objective financial measures and the role of social comparisons. 00:13:38 - Impact of Charitable Giving Anthony explains how charitable giving can enhance one's sense of wealth and the psychological mechanisms behind it. 00:17:54 - Research on Financial Plans Anthony shares insights from a research project that tested different value propositions for financial plans, leading to a significant increase in plan creation rates. 00:21:31 - Importance of Word Choice Discussion on the importance of word choice in financial planning and how it affects client engagement. 00:24:54 - Practical Strategies for Advisors Anthony provides practical strategies for financial advisors to communicate the value of financial plans effectively. 00:28:36 - Wording Matters Anthony and Melina discuss the nuances around words used to describe feeling wealthy. 00:34:27 - The Importance of Financial Plans Anthony describes the outcomes of his research and applications for financial advisors. 00:37:12 - 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 LinkedI​​n. 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 Anthony: Anthony on LinkedIn Anthony on 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 Science in the WIld, by Dilip Soman and Nina Mazar Behavioral Investor, by Daniel Crosby Dollars and Sense, by Dan Ariely and Jeff Kreisler Influence, by Robert Cialdini Designing for Behavior Change, by Stephen Wendel Top Recommended Next Episode: Chuck Howard Interview (ep 213) Already Heard That One? Try These:  Reciprocity (ep 238) Luke Freeman Interview (ep 239) Dilip Soman Interview (ep 241) Jeff Kreisler Interview (ep 397) Melaina Vinski Interview (ep 413) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter London School of Economics BEAR @ Rotman The Diderot Effect

In episode 414 of The Brainy Business podcast, host Melina Palmer delves into the intricacies of structuring complex choices, the "S" in NUDGES. This episode revisits the crucial topic of choice architecture, emphasizing how businesses can simplify decision-making processes for their customers. By understanding and effectively managing complex choices, businesses can significantly enhance customer experience and satisfaction. This episode is packed with practical tips and examples to help businesses reduce complexity and improve customer decision-making processes. Melina encourages listeners to think creatively about their business challenges and consider how successful companies might approach similar problems. In this episode: Understand the concept of mapping and its importance in choice architecture. Learn the five steps to effectively structure complex choices. Discover strategies to simplify decision-making for customers. Explore examples from leading companies that excel in managing complex choices. Gain insights on how to apply these strategies to your own business. Show Notes: 00:00:00 - Introduction Melina introduces the episode's focus on structuring complex choices as part of the NUDGES series. 00:01:45 - Revisiting Mapping Melina explains the concept of mapping and its relevance to complex choices, using examples like choosing ice cream flavors and medical treatments. 00:05:30 - The Five Steps to Understanding Mapping Melina outlines the five essential steps to understanding and implementing mapping in choice architecture. 00:08:20 - Simplifying Complex Choices Melina discusses the importance of eliminating unnecessary options and provides examples of how businesses can simplify complex choices for customers. 00:15:00 - Examples from Leading Companies Melina explores how companies like Amazon, Google, Expedia, Zillow, Netflix, and others effectively manage complex choices through categorization and filtering. 00:25:00 - Practical Application for Your Business Melina encourages listeners to think creatively about their own business challenges and consider how successful companies might approach similar problems. 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: Nudge, by Richard Thaler & Cass Sunstein Sludge, by Cass Sunstein Elements of Choice, by Eric Johnson What Your Customer Wants and Can't Tell You, by Melina Palmer The Truth About Pricing, by Melina Palmer Top Recommended Next Episode: Understanding Mapping (ep 294) Already Heard That One? Try These:  NUDGES and Choice Architecture: Introduction (ep 35) Defaults: The D in NUDGES (ep 38) The Most Important Step In Applying Behavioral Economics: Understanding the Problem (ep 126) Eric Johnson Interview (ep 174) Cass Sunstein Interview (ep 371) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Choice Architecture Elimination by Aspects: A Theory of Choice The Knotted Wood Coca-Cola Freestyle  

In episode 413 of The Brainy Business podcast, host Melina Palmer welcomes Dr. Melaina Vinski, the Behavioral Science Lead at IBM, for a deep dive into the practical applications of behavioral science in business and technology. Melaina, with her extensive background in cognitive neuroscience and human behavior, shares her journey from academia to leading behavioral science initiatives at major corporations like PwC Canada and IBM. She discusses the importance of mind wandering, mindfulness, and the integration of behavioral science into technology to create impactful solutions. Melaina elaborates on her fascinating research experiences, including studying the effects of daylight savings on cognition in Iceland and exploring mindfulness at the Max Planck Institute. She also touches on the significance of empathy, stress management, and cognitive capacity in designing user-centric solutions in the financial services and insurance industries. The episode is packed with insights on how to apply behavioral science principles to drive strategic decision-making, enhance user experience, and improve business outcomes. In this episode: Discover the impact of mind wandering and mindfulness on cognitive capacity and creativity. Learn about the integration of behavioral science into technology and its real-world applications. Understand the importance of empathy and stress management in user-centric design. Explore strategic decision-making frameworks that incorporate behavioral science principles. Gain insights into Melaina's journey from academia to leading behavioral science initiatives at IBM. Show Notes: 00:00:00 - Introduction Melina introduces Dr. Melaina Vinski, highlighting her role as the Behavioral Science Lead at IBM and her extensive background in cognitive neuroscience and human behavior. 00:04:12 - Melaina's Background and Journey Melaina shares her journey from academia to the corporate world, discussing her experiences at PwC Canada and IBM, and the transition from theoretical research to practical applications. 00:09:45 - Research on Mind Wandering and Mindfulness Melaina discusses her PhD research on mind wandering and mindfulness, including her studies on the effects of daylight savings in Iceland and mindfulness practices at the Max Planck Institute. 00:15:32 - The Importance of Empathy and Stress Management The conversation shifts to the significance of empathy and stress management in user-centric design, particularly in the financial services and insurance industries. 00:21:18 - Integrating Behavioral Science into Technology Melaina explains how behavioral science principles are integrated into technology at IBM to create impactful solutions, emphasizing the importance of strategic decision-making frameworks. 00:27:54 - Practical Applications and Examples Melaina provides examples of practical applications of behavioral science in business, including a case study on improving customer experience in the insurance industry. 00:34:06 - The Role of Cognitive Capacity in Creativity The discussion highlights the role of cognitive capacity in creativity and problem-solving, and the benefits of mind wandering and taking breaks for better decision-making. 00:40:22 - Building a Holistic Approach to Behavioral Science Melaina shares her approach to building a holistic behavioral science strategy, integrating various frameworks and tools to drive business outcomes. 00:46:15 - Closing Thoughts and Future Directions Melina and Melaina discuss the future directions of behavioral science in business and technology, and the importance of continuous learning and adaptation. 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 Melaina: Melaina on LinkedIn Melaina on 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: What Your Employees Need and Can't Tell You, by Melina Palmer The Fun Habit, by Mike Rucker Happier Hour, by Cassie Holmes The Myth of Normal, by Gabor Maté Seven And A Half Lessons About The Brain, by Lisa Feldman Barrett Top Recommended Next Episode: Jay Maddock Interview (ep 203) Already Heard That One? Try These:  Mike Rucker Interview (ep 251) Cassie Holmes Interview (ep 257) Framing (ep 296) Yves Boudreau Interview (ep 375) Matthew Confer Interview (ep 412) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter The Behavioural Strategy Briefing

In this enlightening episode of The Brainy Business podcast, host Melina Palmer revisits a compelling conversation with Matthew Confer on the three essential steps to better decision-making. As the VP of Strategy at Abilitie, Matthew brings a wealth of knowledge on leadership development and decision-making frameworks. This episode is a must-listen for anyone looking to enhance their decision-making skills, both personally and professionally, especially in the context of business leadership and management. Melina and Matthew delve into the importance of challenging constraints, embracing pre-mortems, and checking the basics to make more informed and effective decisions. They discuss the value of simulation training for corporate leaders, drawing parallels to pilot training to emphasize the importance of experiential learning. With practical examples and insightful stories, this episode offers actionable strategies to improve decision-making processes in any organization. In this episode: Learn the three critical steps to making better decisions: challenging constraints, embracing pre-mortems, and checking the basics. Understand the significance of simulation training in developing leadership and decision-making skills. Explore practical examples of how to implement these strategies in real-world business scenarios. Discover the importance of adaptability and flexibility in decision-making, especially in uncertain times. Gain insights into the psychological aspects of decision-making and how to overcome common biases. Show Notes: 00:00:00 - Introduction Melina introduces the episode and the topic of three steps to better decision-making with Matthew Confer, highlighting the relevance of this discussion for the upcoming episode with Melaina Vinski. 00:04:12 - Matthew Confer's Background Matthew shares his background and his role at Abilitie, explaining how simulation training helps leaders develop critical decision-making skills. 00:09:30 - Simulation Training Examples Matthew provides examples of simulation training scenarios, including people management and financial acumen, and how these simulations help leaders practice decision-making in a controlled environment. 00:14:46 - Importance of Experiential Learning Melina and Matthew discuss the difference between thinking about doing something and actually doing it, emphasizing the value of experiential learning in improving decision-making skills. 00:20:15 - Step 1: Challenge the Constraints Matthew explains the first step in the decision-making framework: challenging the constraints. He shares examples of how successful teams take a step back to identify and challenge the constraints that might be holding them back. 00:25:22 - Step 2: Embrace a Pre-Mortem Matthew introduces the concept of a pre-mortem, explaining how it helps teams anticipate potential failures and plan accordingly. He discusses the psychological benefits of considering why a plan might fail before it is implemented. 00:30:45 - Step 3: Check the Basics Matthew highlights the importance of checking the basics, especially as decisions become more complex. He shares a notable example from NASA to illustrate how small details can trip up even the most advanced projects. 00:35:51 - Practical Examples and Applications Matthew provides practical examples of how these three steps have been applied in real-world scenarios, including the challenges and adaptations faced during the COVID-19 pandemic. 00:45:30 - The Press Release Method Matthew introduces the press release method, a decision-making technique used by Amazon, and discusses its potential benefits and applications in business decision-making. 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 Matthew: Matthew on LinkedIn Matthew 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: What Your Employees Need and Can't Tell You, by Melina Palmer Thinking Fast and Slow, by Daniel Kahneman The Friction Project, by Robert Sutton and Huggy Rao Friction, by Roger Dooley Sludge, by Cass Sunstein Top Recommended Next Episode: Time Discounting (ep 328) Already Heard That One? Try These:  The Most Important Step In Applying Behavioral Economics: Understanding the Problem (ep 126) What Your Employees Need and Can't Tell You (ep 225) Scarcity (ep 270) The Science of Time Pressure (ep 366) Status Quo Bias (ep 376) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Matthew’s Ted Talk Learn to Lead Podcast Amazon “Press Release” Method To Reach Your Goals, Imagine You Already Tried and Failed What a 5-Step Checklist at Johns Hopkins Can Teach You About Life and Business  

In this episode of The Brainy Business podcast, host Melina Palmer welcomes Jordan Bridger, a behavioral scientist, social psychologist, comedian, and speaker who has graced four TEDx stages. Jordan dives into the fascinating world of linguistic neuroscience, exploring how our word choices and the symbols we use shape our experiences and behaviors. He shares his insights on the power of storytelling, the importance of understanding context, and how seemingly small changes in language can create significant impacts. Jordan discusses his diverse career, from working with global organizations like the United Nations and the city of Vancouver to his experiences in stand-up comedy and rock climbing. He also emphasizes the importance of humanizing communication and the role of behavioral science in driving positive changes within organizations. Through engaging stories and practical examples, Jordan illustrates how to navigate and implement change effectively, even in challenging environments like a hospital system during the height of COVID-19. In this episode: Understand the impact of linguistic neuroscience on behavior and decision-making. Learn how to use storytelling and word choice to influence and engage your audience. Explore the role of behavioral science in driving positive organizational change. Discover practical strategies for humanizing communication and fostering connection. Gain insights into the intersection of technology and behavioral science. Show Notes: 00:00:00 - Introduction Melina introduces Jordan Bridger and highlights his diverse background in behavioral science, social psychology, and comedy. 00:05:30 - Jordan's Background and Work Jordan shares his journey from working with global organizations to his passion for stand-up comedy and rock climbing. 00:09:45 - Linguistic Neuroscience and Semiotics Jordan delves into linguistic neuroscience, discussing how symbols and language shape our experiences and behaviors. 00:15:20 - The Power of Storytelling The conversation explores the importance of storytelling in communication and how it can influence decision-making and engagement. 00:20:15 - Behavioral Science in Organizations Jordan shares his experiences working with organizations to implement positive changes, including a case study with a hospital system during COVID-19. 00:30:45 - Humanizing Communication The discussion emphasizes the need to humanize communication and build connections through relatable language and storytelling. 00:35:10 - Technology and Behavioral Science Jordan and Melina discuss the intersection of technology and behavioral science, highlighting the importance of humanizing technology and using it as a tool for connection. 00:45:00 - Practical Tips for Using AI Jordan offers practical advice for using AI in content creation and communication, emphasizing the importance of personalization and relatability. 00:50:30 - Conclusion Melina and Jordan wrap up the conversation, reflecting on the key insights and takeaways from the episode. 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 Jordan: Wondr Mporium X 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: Semiotics In Retail, by Rachel Lawes The Truth About Pricing, by Melina Palmer Nudge, by Richard Thaler & Cass Sunstein The Power of Us, by Jay Van Bavel & Dominic Packer Metaphors We Live By, by George Lakoff and Mark Johnson Top Recommended Next Episode: Sarah Thompson Interview (ep 259) Already Heard That One? Try These:  Mirror Neurons (ep 31) Priming (ep 252) Confirmation Bias (ep 260) Framing (ep 296) Haley Swafford Interview (ep 409) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Of Other Spaces, by Michel Foucault

In this episode of The Brainy Business podcast, host Melina Palmer revisits her engaging conversation with Dr. Benny Cheung of Dectech. Originally aired in February 2021, this episode dives into the fascinating world of applied behavioral science, focusing on a compelling case study about opportunistic insurance fraud. Benny shares insights from his academic journey in behavioral genetics to his application of behavioral techniques in a commercial setting, providing valuable lessons for businesses across various industries. Benny's research on opportunistic insurance fraud reveals how simple behavioral interventions can significantly reduce dishonest behaviors among consumers. By leveraging techniques such as norming, self-consistency, priming, framing, and reciprocity, the study demonstrates how these nudges can sway consumer honesty and potentially save the insurance industry millions. This episode is packed with practical insights and examples that highlight the power of behavioral science in real-world applications. In this episode: Discover the impact of behavioral genetics on understanding consumer behavior. Learn about the challenges and strategies in addressing opportunistic insurance fraud. Explore the effectiveness of different behavioral interventions in promoting honesty. Understand the importance of testing and experimentation in behavioral science. Gain insights into designing and implementing behavioral nudges in various business contexts. Show Notes: 00:00:00 - Introduction Melina Palmer introduces the episode and the guest, Dr. Benny Cheung, highlighting the focus on opportunistic insurance fraud and the application of behavioral science in commercial settings. 00:04:08 - Dr. Benny Cheung's Background Benny shares his academic background in behavioral genetics and his transition to applying behavioral science in a commercial backdrop, supporting clients in understanding consumer behavior. 00:09:16 - Behavioral Genetics and Consumer Behavior Benny discusses the hereditary nature of certain behaviors and the implications of genetic research on understanding consumer behavior, providing fascinating insights from his work with nematode worms. 00:15:46 - Opportunistic Insurance Fraud Benny explains the concept of opportunistic insurance fraud, differentiating it from organized fraud, and discusses the challenges in detecting and addressing this type of fraud. 00:20:21 - Behavioral Interventions Benny outlines the five behavioral concepts used to develop 18 different nudges aimed at reducing opportunistic insurance fraud, including norming, self-consistency, priming, framing, and reciprocity. 00:28:57 - Testing and Results Benny describes the randomized control trial methodology used to test the effectiveness of the interventions and shares the impressive results, highlighting the significant impact of norming interventions. 00:35:51 - Importance of Testing Benny emphasizes the importance of testing and experimentation in behavioral science, discussing the benefits of quasi-experiments and real-life trials in refining and validating interventions. 00:42:17 - Consumer Perceptions Benny addresses the importance of ensuring that behavioral interventions do not negatively impact consumer perceptions, sharing insights from the study on how interventions were received by participants. 00:47:30 - Conclusion Melina Palmer wraps up the episode, encouraging listeners to think about how the insights shared can be applied to their own businesses and reminding them to check the show notes for additional resources and related episodes. 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 Benny: Benny on LinkedIn Benny on Twitter Dectech’s Website Dectech 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: Mixed Signals, by Uri Gneezy Nudge, by Richard Thaler & Cass Sunstein The Truth About Pricing, by Melina Palmer What Your Customer Wants and Can't Tell You, by Melina Palmer The Friction Project, by Robert Sutton and Huggy Rao Top Recommended Next Episode: Henry Stott Interview (ep 130) Already Heard That One? Try These:  Cobra Effect (ep 220) Priming (ep 252) Nudges Incentives (ep 272) Uri Gneezy Interview (ep 273) How to Set Up Your Own Experiments (ep 63) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Using behavioural science to reduce opportunistic insurance fraud

In episode 409 of The Brainy Business podcast, Haley Swafford, Market Research Manager at Microsoft, shares her insights into emotional brand relationships and the effort to drive love for the Microsoft brand. Haley’s extensive background in market research, coupled with her passion for uncovering emotionally centered insights, shines through as she discusses the pivotal combination of functional and emotional components in understanding brand-customer relationships. Her emphasis on the significance of love as a focus for Microsoft, in contrast to traditional themes of innovation and empowerment, offers a fresh perspective on building emotional connections with the brand.  Haley’s in-depth explanation of the research process and the subsequent decision to prioritize love as a descriptor for brand relationships provides a compelling reason for brand managers and marketers to tune in to this episode. Her practical insights, including the need to make research findings actionable and contextualize research learnings within the brand love model, offer actionable takeaways for businesses seeking to enhance their emotional relationships with customers. This episode provides a unique opportunity to gain valuable insights and strategies for fostering emotional brand connections. In this episode: Uncover the secrets to building strong emotional connections with your brand and customers. Explore Microsoft's groundbreaking approach to cultivating brand love and loyalty. Discover the profound impact of emotionality on consumer decision-making and brand preference. Master the techniques for accurately measuring and analyzing the emotional resonance of your brand. Harness the power of AI to revolutionize and optimize your market research strategies. Show Notes: 00:00:00 - Introduction Melina introduces Haley Swafford and highlights her passion for uncovering emotionally centered insights to diversify and strengthen traditional research approaches. 00:06:07 - The Journey to Prioritizing Microsoft Love Haley shares the journey of prioritizing Microsoft Love, starting with the discrepancy between the company's revenue and brand value. This led to the creation of her role and a focus on understanding emotionality for the brand. 00:10:40 - Understanding Emotionality in Brand Relationships Haley explains emotionality as the combination of functional and emotional components in human decision-making. She emphasizes the importance of driving positive, memorable, and influential brand memories to shape the brand's relationship with its customers. 00:13:34 - Can You Love a Brand? The Microsoft Challenge Haley discusses the audience's response to the question of loving a brand, particularly a technology brand like Microsoft. The data reflected a neutrality problem, prompting the need to drive a more emotional relationship with the brand. 00:14:59 - Settling on "Love" as the Brand Emotion Haley shares the research process that led to the decision to focus on "love" as the brand emotion. Despite other contenders like innovation and empowerment, love emerged as the strongest model and a renewed focus for Microsoft's brand strategy. 00:17:16 - The Concept of Brand Love Haley discusses the two key aspects of brand love: identity and trust. She explains how people see themselves in a brand and the importance of building a brand that represents and supports them. 00:19:23 - Literature Review and Research Process Haley shares her approach to conducting qualitative and quantitative research and the extensive literature review she did. She emphasizes the importance of clear objectives and communication to successfully pitch a project. 00:26:02 - Emotional Inquiry and Research Findings Haley talks about the emotional inquiry technique used by the research partner, Brand Trust, to gather memorable brand experiences. She highlights the process of organizing the research findings and anchoring them to the brand love model. 00:29:34 - Commercial Audience Research Haley explains the challenges and rewards of conducting research with commercial audiences. She emphasizes the importance of bringing colleagues along on the research journey and the significance of understanding differences by products and audiences. 00:33:07 - Actionable Insights from Research Haley delves into the actionable insights derived from the research, focusing on the components of the brand love model. She highlights the importance of making love a part of everyday work and aligning it with business goals. 00:35:54 - Framing Learnings to Drive Love Haley emphasizes the importance of framing learnings to drive love as a source of truth and the need for sheer repetition for people to remember and implement the insights. Workshops with external partners have been helpful in deeply understanding driving love for the business. 00:37:53 - Emphasizing Actionability and Scalability Haley discusses the need for scalability in driving love at Microsoft and the support from the new CMO in emphasizing the priority of driving love in the context of AI. Actionable projects include workshops and generating emotive copy using emotionality learnings. 00:38:38 - Exciting Future Projects Haley shares her excitement about learning more about integrating love into the business, such as formalizing the intake process, prompt engineering using emotionality learnings, and creating a tactical step-by-step concept for business goals. 00:40:42 - 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 Haley: Haley on 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: Playing with Reality, by Kelly Clancy Blindsight, by Matt Johnson and Prince Ghuman Neurobranding, by Peter Steidl What Your Customer Wants and Can't Tell You, by Melina Palmer The Power of Us, by Jay Van Bavel & Dominic Packer Top Recommended Next Episode: Memory Biases (ep 280) Already Heard That One? Try These:  Sarah Thompson Interview (ep 259) Dominic Packer Interview (ep 304) Prince Ghuman Interview (ep 344) Kelly Clancy Interview (ep 403) Peak-End Rule (ep 408) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer delves into the intricacies of the peak-end rule and its significant influence on customer experiences. Drawing from her expertise in behavioral economics, Melina elucidates how our brains prioritize intense moments and the final impression when evaluating experiences. She provides practical examples and actionable strategies for businesses to strategically apply the peak-end rule, highlighting the importance of creating positive peaks and endings in all interactions.  Listeners gain valuable insights into enhancing customer relationships, driving employee engagement, and improving overall business performance by understanding and implementing this cognitive mechanism. With a focus on creating impactful and memorable experiences, this episode serves as a comprehensive guide for businesses seeking to optimize customer and employee experiences through the application of the peak-end rule. In this episode: Implement the Peak-End Rule to Elevate Customer Service Experiences Harness the Power of Behavioral Economics to Enhance Customer Satisfaction Optimize Employee Review Experiences for Positive Outcomes Integrate Surprise and Delight Tactics into Your Business Strategy Leverage the Impact of the Peak-End Rule on Pricing Strategies Show Notes: 00:00:00 - Introduction Melina introduces the concept of the peak-end rule and highlights its significance in shaping customer experiences. 00:02:49 - Peak End Rule Application in Experiences Melina explains how people evaluate experiences based on the peak and end points, influencing their overall opinion. Examples from eating out to medical procedures are used to illustrate the concept. 00:07:58 - Importance of Peak and End Points Melina delves into the impact of the peak and end points on the overall experience. She emphasizes the significance of ending on a positive peak and avoiding negative peaks at the end. 00:13:28 - Prioritizing Customer Experience Melina provides practical advice on prioritizing customer experience improvement by focusing on key processes and eliminating unnecessary steps. She encourages a shift towards an ideal state while planning for improvements. 00:16:52 - Incorporating Surprise and Delight into Customer Experiences Melina discusses how businesses can focus on creating surprise and delight moments within the overall customer experience to drive loyalty and happiness with their brand. 00:19:17 - Managing Negative Customer Experiences Melina explains how businesses can address negative customer experiences by incorporating surprise and delight to balance out the negative moments, ultimately improving the overall perception of the experience. 00:24:22 - Employee Reviews and the Peak-End Rule Melina delves into the impact of the peak-end rule on employee reviews, emphasizing the importance of keeping track of positive peaks throughout the year to influence managers' evaluations and bias. 00:27:49 - Application of the Peak-End Rule in Pricing Strategy Melina explores how the peak-end rule applies to pricing strategy, highlighting the influence of peak values and the end price on customers' overall impression and behavior. 00:31:24 - Utilizing the Peak-End Rule to Enhance Experiences Melina summarizes the importance of considering the peak-end rule in all experiences, whether customer-facing or internal, to leverage it for improving overall experience scores and retaining great talent. 00:32:46 - Leveraging the Peak-End Rule The conversation discusses leveraging the peak-end rule to improve customer and employee experiences. It emphasizes the importance of eliminating negative peaks, boosting positive peaks, and incorporating surprise and delight. 00:33:44 - 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: Choice Hacking, by Jennifer Clinehens Influence, by Robert Cialdini The Experience Maker, by Dan Gingiss What Your Customer Wants and Can't Tell You, by Melina Palmer The Truth About Pricing, by Melina Palmer Top Recommended Next Episode: Disney (ep 292) Already Heard That One? Try These:  Booms, Bubbles and Busts (ep 30) Dan Gingiss Interview (ep 185) Surprise & Delight (ep 276) Robert Cialdini Interview (ep 312) Jennifer Clinehens Interview (ep 404) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter This Brain Bias is Affecting Your Employee Reviews Cognitive Biases: Peak-End Effect Dynamic Pricing with Loss-Averse Consumers and Peak-End Anchoring Applying the Peak-End Rule to Reference Prices When More Pain Is Preferred To Less: Adding a Better End