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Consumers are weird. They don't do what they say they will do and don't act how we think they "should." Enter Melina Palmer, a sales conversion expert with a personal mission to make your business more effective and brain friendly. In this podcast, Melina will take the complex concepts of behavioral economics (the study and science of why people buy - or not) and provide simple, actionable tips you can apply right away in your business. Whether you're a small business or thriving corporation ...
 
Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision making and can give keen insight into buyer behavior and help to shape your marketing mix. Marketers can tap into Behavioral Economics to create environments that nudge people towards their products and services, to conduct better market research and analyze their marketing mix.
 
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show series
 
In today's conversation, I am joined by Dr. Uri Gneezy. Uri's research focus is on putting behavioral economics to work in the real world, where theory can meet application. He is looking for basic research as well as more applied approaches to topics like incentives-based interventions to increase good habits and decrease bad ones, Pay-What-You-Wa…
 
Today’s episode is all about iNcentives, specifically as they pertain to the concept of NUDGES. This episode first aired as part of a 7-part series I did on NUDGES back in 2019. Why seven parts? Well, “NUDGES” is an acronym for the six types of nudges as introduced by Thaler and Sunstein: iNcentives (which is a bit of a fudge to make it work, but w…
 
Today, I am joined by Dr. Mindy Weinstein. Mindy is the founder and CEO of Market MindShift and was named one of the top women in digital marketing globally by her peers. She is also a global speaker, trainer, and digital marketing strategist who has worked with and trained companies of all sizes, including Facebook, The Weather Channel, Rosetta St…
 
Today’s episode is all about scarcity. This is a term you are familiar with, but I am willing to bet you aren’t using it in all the ways it can be leveraged in your life and business. The term gets thrown around a lot and people know some of how it works, but the nuance is so so so much more than you can imagine. This refreshed episode, which origi…
 
In today's conversation, I am joined by Amy Gallo. Amy is an expert in conflict, communication, and workplace dynamics. She combines the latest management research with practical advice to deliver evidence-based ideas on how to improve relationships and excel at work. She has written two books: The HBR Guide to Dealing with Conflict, and her newest…
 
Today’s episode is all about fundamental attribution error. Why is this the Tuesday Refresh? Well, when contributing editor to the Harvard Business Review, Amy Gallo, is on the show this coming Friday to discuss her book Getting Along: How to Work With Anyone (Even Difficult People) we specifically talk about this concept in detail. Also, upon revi…
 
In today's conversation, I am joined by Dr. Tomas Chamorro-Premuzic, an international authority in psychological profiling, talent management, leadership development, and people analytics. His commercial work focuses on the creation of science-based tools that improve organizations' ability to predict performance, and people's ability to understand…
 
Today’s episode is all about the Dunning Kruger Effect, which was the second most downloaded episode of the year in 2022, so in case you missed it I wanted to be sure you had a chance to listen to it like so many of your peers did. :) If you DID hear this episode last year when it came out, I highly recommend you still tune in now because I can gua…
 
In today's conversation, I am joined by Dr. Nick Epley, Director of the Center for Decision Research at the University of Chicago Booth School of Business. I was introduced to Nick by the amazing Ayelet Fishbach, who has been on The Brainy Business twice before. Nick studies social cognition—how thinking people think about other thinking people—to …
 
Today’s episode is all about herding. We humans are a herding species, just like cows and sheep and guppies, and this has a big impact on our behavior. We are tribal and we look to others to help us stay safe and make good decisions. Or, at least, what our subconscious tells us is a good decision. :) This is why things like testimonials are so impo…
 
In today's conversation, I am joined by Gina Bianchini, author of the book Purpose: Design a Community and Change Your Life. She’s also the CEO and Founder of Mighty, where creators, entrepreneurs, and brands build digital communities and courses with cultural software. Myself included -- the BE Thoughtful Revolution moved to Mighty Networks in 202…
 
Today’s episode is all about the network effect. This is something I don’t talk about all that often as it isn’t purely behavioral economics related, but I did the original episode because a listener requested it and it was really timely as at that time early on in the pandemic. This episode first aired in June of 2020 at a time where people were r…
 
In today's conversation, I am joined by Dr. Wendy Smith, coauthor of Both/And Thinking: Embracing Creative Tensions to Solve Your Toughest Problems. I don't think we realize it all that much, but our lives are full of paradoxes. Questions like: How can we each express our individuality and be a team player? How do we balance work and life? How can …
 
Today’s episode is all about confirmation bias. My oh my, what an important topic when it comes to applying behavioral science to life and work. You have likely heard the term “confirmation bias” before, whether you heard this episode when it first aired back in May of 2020 or not, as this is one of those concepts that gets thrown around a bit. It …
 
In today's conversation, I am joined by Sarah Thompson, a behavioral designer at Live Neuron Labs, who has a master's in cognitive semiotics. Don't worry, we are going to have lots of conversation today about what cognitive semiotics is and why it matters. The first thing I want to set the stage on is to get you thinking about metaphor. Now, this i…
 
In this episode, I discuss how companies can leverage social proof to increase conversion rates. Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision-making and can give keen insight into buyer behavior and help to shape your market…
 
Today’s episode is all about making concepts tangible (what that means and why it matters in life and business). I am so excited to refresh this episode for you today because it shows how I was excited about something I didn’t have a word for several years ago, but was already searching for. Now I know this was at the root of my interest in cogniti…
 
Verbatim Effect | The verbatim effect is a cognitive bias that causes people to remember the general meaning of information, rather than its exact form, which is the way the information was presented and the minor details that it involved. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, …
 
Social proof | Social proof is a psychological and social phenomenon that describes the tendency of human beings to follow the actions of others when making decisions, placing weight on these actions to assume “the correct decision.” 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will…
 
Scarcity | Scarcity is a foundational concept in economics and describes the dilemma of how finite resources are allocated, or the perception of limited resources, when there is not enough to fulfill human needs and wants. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define eco…
 
Geographic clustering | In economics, geographic clustering is defined as a geographic concentration of related companies, organizations or institutions. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will be review, introd…
 
Principal Agent Problem | The principal–agent problem, is an economic term that describes when one person or entity (the "agent"), is able to make decisions and/or take actions on behalf of, or that impact, another person or entity: the "principal". This dilemma exists in circumstances where agents are motivated to act in their own best interests, …
 
In today's conversation, I am joined by Dr. Cassie Holmes. Her fantastic book Happier Hour was named a "must-read" of 2022 by Forbes AND by the Next Big Idea Club. The Washington Post also profiled it as one of their best health books read and recommended by experts in 2022. Cassie is a Professor at UCLA’s Anderson School of Management. Her researc…
 
Loss Aversion | Loss aversion bias is a cognitive bias that describes the observation that humans experiense loss asymmetrically to a greater degree than acquiring equivalent gains. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The t…
 
Cultural capital | Cultural capital is a sociological term used to define the tangible and intangible social assets of a person or organization, such as education, intellect, style of speech, dress, behaviors, etc. that promote social mobility and the ability to influence others in a particular situation based on shared elements of culture. Cultura…
 
Intention-Action Gap | The Intention-Action Gap is a social psychology and behavioral economics theory that describes the occurrence of when one’s values, attitudes or intentions do not correlate with their actions. It is the failure to convert intentions into action and behavior. In other words, it is the difference between what people say they wi…
 
Habits are foundational to everything we do. When we think about habits we tend to think about the “bad” ones, things we want to change but there is so much more to it. Our brains run on habits, and without them, we couldn’t function. Many episodes of this podcast that have been dedicated to habits and related topics throughout the years, and this …
 
Mindset | In decision theory, implicit personality theory and general systems theory, a mindset is a complex mental state comprised of a set of assumptions, values, dispositions, methods or notions held that determines how you will interpret and respond to situations. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podc…
 
Flow Theory | The concept of "flow" is a mental state in which a person performing some activity is fully immersed and is so involved in the activity that nothing else seems to matter; the experience is so enjoyable that people will continue to do it even at great cost, for the sheer sake of doing it. Flow is characterized by the complete absorptio…
 
Growth mindset | A growth mindset was first proposed by Stanford professor Carol Dweck in her book Mindset: The New Psychology of Success. The Growth mindset theory is centered around the belief that intelligence and learning can be developed and improved. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In thes…
 
Decoy effect | The decoy effect is also known as the asymmetrical dominance effect. It is a cognitive bias that describes when people change their preference between two options when a third option is presented. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theor…
 
2022 was a great year for me and The Brainy Business. And, being this is a “best of” episode…here are some of my “best” moments from the year. I traveled to Amsterdam to speak at the fantastic IIEX Europe conference (thank you Greenbook!) and launched my second book, What Your Employees Need and Can’t Tell You, with an in-person event and book sign…
 
Anchoring is all about first impressions. Using anchoring to inform pricing strategies will help your customers to perceive value of your products and services. Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision-making and can giv…
 
Utility Theory | Utility theory is one of the pillars of modern economics and is an economic hypothesis that postulates that consumers make purchase decisions based on the degree of utility or satisfaction they obtain from a given product or service. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini…
 
Supply | In economics, supply is a fundamental concept that describes the amount of a given product or service that suppliers are willing to offer to consumers at a given price level at a given period. Supply can relate to the amount available at a specific price or the amount available across a range of prices. This relates closely to the demand f…
 
I love partitioning! It is such an under-discussed concept, which is why I decided to refresh this episode from 2019 for you here today. Partitioning is closely related to friction or sludge, but it isn’t exactly the same. While an experience that has partitions may be creating friction/sludge, it isn’t just about that. And, it isn’t always about r…
 
Confirmation bias is the tendency to process and analyze information in such a way that it supports one’s pre-existing beliefs, ideas and convictions. One of the most important uses of Confirmation Bias in marketing is in customer retention or repeat buyer programs because there are several touchpoints along the customer journey where marketers can…
 
Confirmation bias | Confirmation bias is the tendency to process and analyze information in such a way that it supports one’s preexisting beliefs, ideas and convictions. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will b…
 
Demand | In economics, demand is a function of the quantity demanded of a commodity and the factors influencing demand such as an item's perceived necessity, price, perceived quality, convenience; available alternatives; purchasers' disposable income and tastes; and many other factors. 📎 Definition Minute is a new subset of the Behavioral Economics…
 
You’ve heard him before discussing the “Science of Cool” in 2021, and I’m thrilled to say that Dr. Troy Campbell is back. And, because it’s fun to keep things interesting, Troy and I are flipping the script in today’s episode. What does that mean? Troy is here to showcase his Define & Apply Framework, something he does with clients in his role as C…
 
Elasticity | Elasticity is an important concept in neoclassical economic theory that allows economists to measure the responsiveness or sensitivity of an economic variable in response to a change in another economic variable such as the measure of the change in quantity demanded of an item relative to changes in other factors such as the price. 📎 D…
 
Inoculation theory | As the name suggests, the theory employs medical inoculation as an explanatory analogy as inoculation theory is a model for building resistance to persuasion attempts through pre-exposure to weaker counter arguments. In this way, Inoculation theory is unique. Instead of offering ways to enhance persuasion, inoculation offers re…
 
Framing effect | In behavioral economics, framing effect refers to the principle that information is not static, but fluid based on how, when and where it is communicated. In other words, people's decisions tend to be affected by the way in which the choices are framed through words, body language, tone, presentation and placement. 📎 Definition Min…
 
Clustering | Clustering is a psychological term that is defined as the tendency for items to be consistently grouped together in the course of recall. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will be review, introduct…
 
Today’s episode is all about priming. This is something I talk about all the time, so if you have heard me speak or have read my books, or have been listening to the podcast for a while, chances are this isn’t the first time you are hearing about this concept. Next to framing it is probably the thing I talk about the most. While framing’s lesson is…
 
In this episode, I discuss the correlation of Dual Process Theory and Status Quo Bias. Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision-making and can give keen insight into buyer behavior and help to shape your marketing mix. M…
 
Dual process theory | Dual process theory is a psychological term that describes the two different modes or systems of thinking. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will be review, introductory or discrete in nat…
 
Bounded rationality theory | Bounded rationality theory of economic behavior states that people make judgments based on a limited amount of information and their cognitive capacity. In other words, Bounded rationality is a decision-making mechanism in which we try to satisfy rather than optimize our goals. Instead of seeking the optimal decision, w…
 
Homo economicus | Homo economicus, or economic man, is a theoretical abstraction that neoclassical economists use to describe a perfectly rational human being. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will be review, …
 
In today's conversation, I am joined by Dr. Mike Rucker, author of the brand new book, The Fun Habit, which just came out a couple of days ago on January 3, 2023. Mike is an organizational psychologist and charter member of the International Positive Psychology Association whose work has been published in the International Journal of Workplace Heal…
 
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