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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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Today I am very excited to introduce you to Elina Halonen, a behavioral insights strategist who has worked in the space for 15 years and co-founded a London-based insights consultancy working with global brands on branding, communications, and product/service development projects. She has expertise in behavioural analysis & design, consumer insight…
 
Today I am very excited to introduce you to Dr. Kurt Nelson, one of the cohosts of Behavioral Grooves as well as the president and founder of The Lantern Group. In our conversation today we dig into motivation and incentivizing people at work and how to align that with your company strategy. We discuss how simple, seemingly “obvious” things can cau…
 
Today I am very excited to introduce you to Dr. Ayelet Fishbach. She is the Jeffrey Breakenridge Keller Professor of Behavioral Science and Marketing at the University of Chicago Booth School of Business, and the past president of the Society for the Study of Motivation and the International Social Cognition Network (ISCON). She is an expert on mot…
 
Today I am beyond delighted to introduce you to my friend Dan Gingiss to talk about how to create remarkable experiences that your customers can’t wait to share. Dan is an international keynote speaker and coach who believes that a remarkable customer experience is your best sales and marketing strategy. His 20-year professional career included lea…
 
So much happened in 2021 at The Brainy Business and in the Palmer household, it has been fun to reflect on it for this episode. Here are a few highlights: In January, I started teaching a new class at Texas A&M University through the certificate in Applied Behavioral Economics via the Human Behavior Lab. In March, we rolled out the new website and …
 
Today rounds out this miniseries of companies providing testing opportunities for businesses with a conversation about fast-choice and implicit testing with CloudArmy’s Dr. Keith Ewart. During our conversation today, Keith starts by telling us all about testing and project work he did during his 24 years at Proctor and Gamble – the positives and th…
 
How often does your business run tests? Testing is so important. You don’t need to do fancy stuff every time and there are so many types of testing. If you don’t take the time to test, you can’t know what is working and there is a good chance you are wasting time on stuff that isn’t going to help you reach your goals. Today, I am so excited to intr…
 
During the last few episodes, we have been hanging out in a series on the customer journey and doing a deep dive into what they are, why they are important and how to optimize customer journeys through behavioral economics. In this episode, we will discuss dual process theory and several ways to apply it to customer journey optimization. Dual proce…
 
You are familiar with metaphors...you likely learned about them in elementary school. But do you know how important they are in your business? Well, it turns out that metaphors are way more important in understanding the mind of your consumer than you could have possibly imagined. There are two associates from the firm Olson Zaltman here today to s…
 
During the next few episodes, we will go on a deep dive into customer journeys. What they are, why they are important and how to optimize customer journeys through behavioral economics. The customer journey map is a tool that helps marketers to understand the series of connected experiences that customers desire and need — whether that be completin…
 
If you’re a human person with any access to the internet, you are likely familiar with unboxing videos. Maybe you like and watch them yourself, maybe your kids love to watch other people open up boxes of toys, or maybe you avoid them at all costs. Whatever camp you are in, at one point or another, you probably thought something like, “Why do so man…
 
The internationally acclaimed book, Nudge, has shaped a lot of the field of behavioral economics. It has also spurred a whole other area which one of its co-authors, Cass Sunstein, has written a new book about, called Sludge: What Stops Us From Getting Things Done and What To Do About It, which released in fall 2021. Sludge is everywhere in our liv…
 
During the next few episodes, we will go on a deep dive into customer journeys. What they are, why they are important and how to optimize customer journeys through behavioral economics. In the last episode, we defined customer journeys. In this episode, we consider the 6 common phases of the customer journey including awareness, evaluation, conside…
 
It’s November – a month where many begin to reflect on the year and (at least here in the states) consider the things we are thankful for. It kicks off the holiday season and we may begin to think about those around us whom we may see in person or virtually this holiday. Because of that, it seemed like the perfect time to discuss The Power of Us, a…
 
During the next few episodes, we will go on a deep dive into customer journeys. What they are, why they are important and how to optimize customer journeys through behavioral economics. For this reason, this episode provides a thorough foundation into what a customer journey is, from a consumer standpoint and a marketing professional standpoint, as…
 
A company's success nowadays is so reliant upon pitching and getting media coverage. Having a credible source say positive things about you and your company can be pivotal when it comes to whether your brand is going to be seen or not. That is exactly why this episode of The Brainy Business is dedicated to giving you some concise tips on how to use…
 
Priming Effect is a phenomenon whereby exposure to one stimulus influences how a person responds to a subsequent stimulus, without any awareness of the connection. Priming Effect is an integral part of marketing and can be leveraged in branding, key value propositions and unique selling points, engagement, user experience (UX), customer journeys, n…
 
Have you ever had a disruption in your routine – moving to a new house, taking a new route to work – and found yourself exhausted every day? This is common when our habits are upended (the subconscious can’t use its rules anymore so your conscious is having to do a lot more work!). And while it may feel annoying, this is also a great opportunity to…
 
The anchoring effect is a cognitive bias that influences you to rely too heavily on the first piece of information you receive, whereby initial exposure to a number or concept serves as a reference point and influences subsequent judgments. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes,…
 
Back on episode 111, I was joined by Dr. Gleb Tsipursky, CEO of Disaster Avoidance Experts discussing his book “Never Go With Your Gut.” When Gleb reached out to let me know that he has a new book on helping companies think through and prepare for returning to the office, including the cognitive biases that can impact this decision-making process f…
 
In this episode we consider ways that marketing professionals can leverage endowment effect on cart abandonment with check out nudges and follow-ups can increase your conversion rate significantly. Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the…
 
In this episode, we are considering the Sample Selection Bias. Sample Selection Bias is a systematic error caused by choosing non-random data for statistical and qualitative analysis. The bias exists due to a flaw in the sample selection process, where a subset of the data is excluded due to a particular attribute, sampling technique or even geogra…
 
Welcome to Season 4 of the behavioral economics in marketing podcast. During the last two seasons we camped out in leadership topics, covering intention-action gap on habit change, social axiom theory on growth mindset across culture, overcoming the principal-agent problem and several other great episodes. And though there is so much more ground I …
 
A few months ago, in episode 162 you got to hear from Leidy Klotz about his fantastic new book Subtract, which is based on this question of why we humans look to add first when often subtracting can be a better option. It is a little bit of minimalism/essentialism and a really great episode to help people overcome loss aversion and see that, as he …
 
Today, I am very excited to introduce you to Dr. Andy Luttrell, a social psychologist who has (at least so far) devoted his career to understanding people’s opinions. You know I love a good question, and he is mostly curious about those opinions people hold onto really tightly and can’t seem to let go of. As he asks on his website, “Why do we hold …
 
Back on episode 160, I was joined by Dr. Matt Johnson to discuss his book Blindsight and the work he and his counterpart were doing at Pop Neuro. Today, that counterpart, Prince Ghuman, is here to expand on that conversation and discuss some more amazing work. One of the things I loved in the book, and that Prince and I really expanded on today, is…
 
I know you have a lot of options for what to listen to, and I’m glad you chose The Brainy Business. Especially because (as you’ll hear about on today’s episode), due to the paradox of choice, having too many options and decisions can leave people paralyzed instead of empowered. That paralysis can make it so people don’t make any decision at all, so…
 
A few weeks ago, I had the honor of being a speaker at Greenbook’s IIEX Behavior Conference, an amazing event that brings people together from around the world to talk about behavior and insights and so much more. My piece of this event was doing a live podcast interview with Dr. Ingrid Nieuwenhuis for the session called When Machine Learning Meets…
 
In this episode, we are considering Cognitive dissonance. Cognitive dissonance is the phenomenon of having inconsistent thoughts, beliefs, values or attitudes. 📎 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, …
 
Today is a very fun episode about something that you might not think has a science to it, but definitely does which is so amazing! My guest is Troy Campbell, who got his Ph.D. at Duke University and has worked at/for Disney, Netflix, Nike (and much more) as well as taught at the University of Oregon. He has done so many cool things so far in his ca…
 
🎖 The Intention-Action Gap is a social psychology and behavioral economics term that describes the occurrence of when one’s values, attitudes or intentions do not correlate with their actions. The intention-action gap is often what stands in the way of habit change. In this episode, we discuss simple ways that people can leverage behavioral economi…
 
Today I am excited to introduce you to Dr. Michelle Niedziela, VP of Research and Innovation at HCD Research. She is also an editorial board member of the Neuromarketing Science and Business Association (or NMSBA) and part of the brains behind the upcoming NeuroU Conference which is taking place virtually this year, September 13-15, 2021 (and I am …
 
🔨 The IKEA effect is a cognitive bias that implies that individuals place a disproportionately high value on items that they have played a part in creating. In this episode, we explore how to champion the IKEA Effect to elevate engagement on your team through open communication, involving the team in the process, recognizing extra effort, team buil…
 
Today’s episode is all about hindsight bias. You have probably heard the phrase “Hindsight is 20/20” and maybe even said it yourself on occasion. Well, I hate to burst your bubble, but this simply isn’t true. We humans have a hindsight bias that makes us believe we knew something “all along” when reflecting back on an incident, and this can cause a…
 
Today I am very excited to talk about something I know is a common question for many these days. It is something that I get asked a lot and what I know many see as the future of behavioral economics and the overall behavioral sciences: AI. How can AI and machine learning work with behavioral economics to help with predictive models? Do they work to…
 
🎯 Herd behavior is all about making a decision based, at least in part, on the behavior and choices of others. In this episode we discussed ways that leaders can avoid herd behavior in the workplace including eradicating time constraints, communication training, consciously creating culture and building diverse and inclusive teams. Behavioral Econo…
 
Today I am very excited to have Matej Sucha with me on the show to talk about the importance of applied behavioral economics and the work he has done to help shape the field. As you will hear in our conversation today, there are two fairly distinct camps in the behavioral sciences: the academic research and the applied. While many of us work togeth…
 
Today I am very excited to have Dr. Amy Bucher on the show to talk about how you can design for behavior change using insights from her fantastic career and wonderful book, Engaged. Amy graduated magna cum laude from Harvard when getting her A.B. in Psychology, after which she went on to get her Ph.D. in Organizational Psychology from the Universit…
 
Growth Mindset Theory is centered around the belief that intelligence and learning can be developed and improved. It is an important facet of both marketing and leadership. In this episode, we consider how growth mindset and its effect on achievement varies across cultures through the review of the recently published article, Society-level social a…
 
In this episode, we are considering the social axiom theory. Social axioms are generalized beliefs about people, groups, social institutions, the physical environment or the spiritual realm as well as about categories of events and phenomena in the social world. These generalized beliefs are encoded in the form of an assertion about the relationshi…
 
Today we are going to be talking about something that is sort of a fact of life whether we like it or not. If you want to live in the world amongst other people and put your personal or professional brand out there, you need to be prepared for negative reviews. This episode was inspired by a long-time listener who has become a friend and colleague …
 
Inoculation Theory is a social psychology and communication theory that 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 episode, we considered ways to inoculate yourself and your team against a fixed mindse…
 
🎯 Game theory is a fascinating and beneficial tool to have in your marketing leadership arsenal. The applications of game theory in marketing and leadership are seemingly endless: negotiation, contracts, pricing, location, ad placement, hiring and team management all can be boiled down to a mathematical model or decision matrix to decide the best p…
 
Today I am very excited to have Dr. Leidy Klotz on the show to talk about how we humans have an instinct for adding things. We want more and often don’t even think about taking things away. But why is that? Why do we have adding instincts? Why are we so averse to less, and how could we see the value in it? That is a little of what we talk about tod…
 
The Endowment Effect is the feeling of owning something, where the idea of possession increases its worth regardless of its objective market value.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…
 
Today I am very excited to have a fellow behavioral science podcaster, Dr. Nick Hobson on the show. His podcast is called, It’s All Just a Bunch of BS. He also writes for The Behaviorist and is the chief scientist at Emotive Technologies. So, why did I say at the top of the show that this would likely show you a different side of Nick than you may …
 
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