Behavioral Economics công khai
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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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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 ...
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In this episode of The Brainy Business podcast, host Melina Palmer welcomes back the captivating Kwame Christian, host of the Negotiate Anything podcast, for a deep dive into the art of negotiation. In this richly insightful episode, Melina leads a dynamic reverse interview, unveiling Kwame's revered Compassionate Curiosity framework. Discover the …
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In the dynamic landscape of e-commerce, where a plethora of products and services beckon consumers with enticing options, the paradox of choice emerges as a significant challenge. As online shoppers navigate through an expansive array of offerings, the abundance of choices can lead to decision fatigue, indecision, and diminished satisfaction. In th…
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In this episode of The Brainy Business podcast, we delve into the compelling world of anchoring and adjustment. Host Melina Palmer breaks down this influential psychological concept, showing its power to shape decision-making in everyday transactions and big-ticket purchases alike. Discover how simple numerical suggestions can dramatically shift co…
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In this episode of The Brainy Business podcast, host Melina Palmer and Karin Hurt, esteemed author of Powerful Phrases for Dealing with Workplace Conflict, delve into the art of turning office disputes into constructive conversations. Discover Karin's proven strategies from her extensive leadership experience and learn how to embrace the four C's—C…
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In this episode of The Brainy Business podcast, host Melina Palmer and special guest Tim Houlihan open a window into the intriguing world of motivation and incentives. This thought-provoking discussion sheds light on the unexpected triumphs of non-monetary rewards over cash, offering compelling evidence from the frontline of employee engagement. As…
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In this episode of The Brainy Business podcast, host Melina Palmer dive into the fascinating world of apologies with Getting to Sorry coauthors Marjorie Ingall and Susan McCarthy. Discover the transformative power of saying 'I'm sorry' as Marjorie, a seasoned journalist, and Susan, an expert in wildlife behavior, share their insights from their jou…
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In this episode of The Brainy Business podcast, host Melina Palmer and Dr. Gleb Tsipursky discuss how to avert everyday workplace disasters. They delve into the psychological underpinnings of decision-making, exploring why our instincts might not always lead to the best outcomes. Gleb shares a practical five-question framework designed to enhance d…
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In this episode of The Brainy Business podcast, host Melina Palmer and guest Marc Zao-Sanders reveal how the technique of timeboxing transformed not just his productivity but his life. In this episode, you'll hear a genuine transformation story from chaos to structured success, and how intentional living can lead to profound personal and profession…
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In the intricate world of email marketing, the concept of anchoring plays a pivotal role in shaping consumer perceptions of value. Just as a ship relies on its anchor to stay grounded, email marketers strategically utilize pricing as an anchor point to influence how recipients perceive the value of their offerings. This episode delves into the art …
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In this episode of The Brainy Business podcast, Melina Palmer explores the psychology behind precommitments and how they can profoundly impact our lives. Step into a thought-provoking conversation about the tools that assist us in adhering to our goals, including innovative apps like Stickk and Forest. Melina discusses the art of balancing personal…
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In this episode of The Brainy Business podcast, Melina Palmer engages in an enlightening conversation with Hugh Massie, the executive chairman and founder of DNA Behavior. Hugh's journey into human behavior began during his tenure as a tax specialist at Arthur Anderson, where he honed his ability to tailor advice to clients based on their behavior.…
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In the realm of marketing, the "Promotion" is not merely a communication tool; it encapsulates the essence of a brand's identity and the pledge it extends to its consumers. Positioned as a cornerstone within the 4Ps framework, Promotion is the heartbeat of a company's marketing strategy, embodying advertising, public relations, sales promotions, an…
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In this special episode of the beahvioral economics in marketing podcast, we challenge our human nature to rely solely on perceptions and knee-jerk reactions, both in marketing strategies and interpersonal relationships, by flipping the script on the availability heuristic. As George Harrison once sang in "Got My Mind Set on You," "It's gonna take …
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In this episode of The Brainy Business podcast, Nuala Walsh, CEO of Mind Equity Consulting, shares her extensive experience in advising on behavior change, culture, and communications for various organizations, including World Athletics and the Football Association. With a background in behavioral science and a focus on gender equality and diversit…
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In this episode of The Brainy Business podcast, Huggy Rao, a distinguished professor at the Stanford Graduate School of Business, shares profound insights on the concept of workplace friction and its impact on organizational dynamics. Huggy's extensive research and expertise in organizational behavior and management bring a unique perspective to th…
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In the ever-evolving landscape of marketing, businesses are increasingly recognizing the power of social proof, not only in the digital realm but also within the physical spaces where consumers make tangible decisions. From bustling retail stores to local eateries, the concept of social proof extends its influence into our everyday surroundings. In…
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In this episode of The Brainy Business podcast, Melina Palmer delves into the concept of sludge in business processes, shedding light on unnecessary barriers that hinder customers and internal operations. Drawing from her deep understanding of behavioral economics and cognitive psychology, Melina provides practical insights and real-world examples …
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In the episode of The Brainy Business podcast, Dr. Michael Norton, a professor at Harvard Business School and author of The Ritual Effect, explores the significance of rituals in our lives. Michael delves into the distinctions between habits, routines, and rituals, emphasizing the emotional depth and purpose that rituals add to our actions. He shar…
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In this episode, we delve into the dynamic interplay of scarcity and location within the realm of pop-up shops. As we explore the captivating synergy between these two powerful elements, we dissect ways marketers can strategically leverage scarcity and location to amplify the impact of temporary retail experiences. From the creation of exclusive pr…
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In this episode of The Brainy Business podcast, Dr. Nick Hobson, a distinguished behavioral scientist specializing in social psychology and social neuroscience, joins host Melina Palmer for an insightful discussion on the intersection of psychology, philosophy, and behavioral science. Dr. Hobson's journey into the realm of rituals and moral emotion…
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In episode 381 of The Brainy Business podcast, Melina Palmer interviews Dr. Therese Huston, a cognitive scientist and author of Let's Talk: Make Effective Feedback Your Superpower. Therese's expertise in cognitive psychology and her personal experiences with feedback inspired her to provide insights into giving effective feedback in various context…
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This episode delving into the intricacies of the "Place" element in marketing, it becomes evident that the strategic decisions surrounding distribution and accessibility are paramount to a brand's success. From the careful selection of retail locations to the seamless management of logistics, "Place" serves as the linchpin in connecting products or…
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Market segmentation is a marketing strategy that involves dividing a broad target market into subsets or segments based on certain characteristics, preferences, behaviors, or needs shared by the individuals within each segment. The purpose of market segmentation is to better understand and address the diverse needs of different customer groups, all…
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In this episode of The Brainy Business podcast, host Melina Palmer delves into the concept of the IKEA effect, highlighting its influence on consumer behavior and business strategies. Drawing from real-life examples, Palmer emphasizes the significance of recognizing and celebrating employees' contributions in fostering a culture of innovation and e…
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Sales channels, in the context of business and marketing, refer to the various avenues or methods through which a company distributes and sells its products or services to customers. 📎 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 …
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In episode 379 of The Brainy Business podcast, Nuala Walsh, an award-winning business consultant and behavioral scientist, shares her expertise on decision-making biases and blind spots. Drawing from her background in global investment management and Fortune 500 consulting, Nuala provides valuable insights into the concept of tuning in and its sign…
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Dual process theory provides invaluable insights into the interplay between reactive responses and deliberate decisions in both personal and business contexts. Understanding the dynamic interaction between System 1 and System 2 thinking allows individuals to navigate high-pressure situations with greater awareness and efficacy. By recognizing when …
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In this episode, we delve into the intricate dynamics that shape how individuals perceive and derive pleasure from products over time. Hedonic adaptation, a process where the initial delight of a purchase diminishes with familiarity, poses a unique challenge for marketers seeking to sustain consumer joy beyond the point of sale. In this episode we …
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SEO is the practice of optimizing websites or online content to improve their visibility and ranking on search engine results pages (SERPs). The primary goal of SEO is to enhance the chances of a website or web page being found by users when they search for relevant keywords or phrases on search engines like Google, Bing, or Yahoo. 📎 Definition Min…
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In this episode of The Brainy Business, Melina Palmer delves into the fascinating concept of selective attention biases, shedding light on how our brains naturally filter what we focus on, influencing our decisions and perceptions. Through real-life examples and relatable anecdotes, Melina explores various biases, including the frequency illusion, …
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Fixed costs are essential components of a business's cost structure that remain constant regardless of the level of production or sales. These costs do not vary with the quantity of goods or services produced and remain stable over a specific period. Examples of fixed costs include rent for facilities, salaries of permanent staff, insurance premium…
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In this episode of The Brainy Business podcast, Carmen Rodriguez, the Managing Director and Global Chief Client Officer at Gut, shares profound insights about Gut's unique approach to advertising and the importance of embracing intuition and unconventional ideas in decision-making processes. She discusses Gut's founding principles, which emphasize …
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In this episode, we unravel the subtle but powerful cognitive bias that leads individuals to place greater value on immediate rewards while discounting the significance of delayed gratification. Temporal discounting poses a unique challenge for marketers seeking to orchestrate successful product launches, as consumers are inherently wired to priori…
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SEM is a digital marketing strategy that involves promoting websites by increasing their visibility in search engine results pages (SERPs) through paid advertising. SEM encompasses various paid advertising methods, with the most common being Pay-Per-Click (PPC) advertising. 📎 Definition Minute is a new subset of the Behavioral Economics in Marketin…
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In this episode of The Brainy Business podcast, Melina Palmer dives into the fascinating world of status quo bias. She delves into how our brains are wired to stick to what's familiar and how that impacts our decision-making. Melina talks about how our subconscious, or system one, is responsible for processing a whopping 99% of our decisions, and h…
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Left-digit pricing is a pricing strategy where the leftmost digit of a product's price is reduced by one unit, such as pricing an item at $9.99 instead of $10. This psychological pricing technique takes advantage of the way consumers perceive prices, as the reduction of that leftmost digit tends to make the price appear significantly lower, even if…
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In episode 375 of The Brainy Business podcast, Yves Boudreau, head of technical sales at Google Cloud, provides valuable insights into the intersection of generative AI, language models, and behavioral science in business. Yves, with a background in technology and a keen interest in applied behavioral science, emphasizes the responsible adoption an…
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The Veblen Effect, with its roots in the desire for social distinction, has illuminated the complex interplay between consumer choices and societal signals of status. This episode has unraveled the mystique behind the allure of luxury, showcasing how the price tag of certain goods becomes a symbol of exclusivity and prestige. In the tapestry of beh…
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SMM is a digital marketing strategy that involves the use of social media platforms to promote products, services, or brands. The primary goal of SMM is to create and share content that engages and attracts the target audience, ultimately driving brand awareness, website traffic, and customer engagement. 📎 Definition Minute is a new subset of the B…
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In this episode of The Brainy Business podcast, Dr. Marco Palma, a researcher at the Human Behavior Lab at Texas A&M University, discusses the utilization of advanced technology, such as eye tracking devices, to understand and influence consumer behavior. Marco's extensive research in the field of human behavior and decision-making offers a unique …
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In business and marketing, pain points refer to specific problems or challenges that customers experience, causing discomfort or dissatisfaction. These pain points can range from inconveniences and frustrations to more significant obstacles that hinder a customer's ability to achieve their goals or desires. Identifying and understanding these pain …
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In this episode of The Brainy Business podcast, Melina Palmer delves into the world of behavioral science and marketing with guest Rory Sutherland, vice chairman of Ogilvy UK and a prominent expert in this field. Sutherland's extensive experience in co-founding a behavioral science practice within Ogilvy, where he explores hidden opportunities in c…
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In the realm of marketing, the 'Product' is not merely a tangible item; it embodies the essence of a brand's identity and the promise it extends to its consumers. Positioned as one of the fundamental elements in the 4Ps framework, the Product is the heart of a company's marketing strategy, embodying features, design, quality, and the solution it pr…
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Welcome to a special episode of the "Behavioral Economics in Marketing Podcast," where we delve into the intriguing dynamics of iterative moves, Nash equilibrium, and breaking stalemates in high-stakes scenarios. Join us as we explore the intersection of game theory, psychology, and decision-making in various aspects of business and interpersonal r…
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The principle of perceived value refers to the subjective assessment or judgment that a consumer makes about the worth or desirability of a product or service. Perceived value is not solely based on objective qualities or features of a product; instead, it involves the consumer's perception of the overall benefits, quality, and satisfaction derived…
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In this episode of The Brainy Business podcast, Sam Tatum, the leader of Ogilvy's behavioral science team, shares insights from his book, Evolutionary Ideas, and its application in problem-solving. Sam's background as an organizational psychologist and his transition into advertising strategy equips him with a unique perspective on the intersection…
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Disruptive technologies are innovations that significantly alter the way industries or markets function, often replacing established products, services, or entire business models. These technologies introduce new and more efficient ways of doing things, challenging traditional approaches and reshaping the competitive landscape. Disruptive technolog…
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In the episode of The Brainy Business podcast, Cass Sunstein, a renowned legal scholar and behavioral economist, joined host Melina Palmer to discuss his new book, Look Again, and the concept of habituation and its impact on decision-making. Cass' extensive work in government and with businesses has provided him with a deep understanding of human b…
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In this episode, we delve into the fascinating realm of the Decoy Effect and its profound influence on consumer decision-making within your pricing structure. Imagine a scenario where a seemingly innocuous third option holds the key to steering customers towards your preferred choices. The Decoy Effect, a subtle yet powerful phenomenon in behaviora…
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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 will do and what people a…
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