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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.
 
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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A little over a year ago, in episode 157 of The Brainy Business, I was honored to have Dr. Robert Cialdini join me on the show to talk about the new and expanded version of his book Influence, which has sold many, many millions of copies around the world, and it is so impactful even nearly 40 years after its original publishing date. The new versio…
 
Maslow's hierarchy of needs is a rudimentary motivational theory by Abraham Maslow in 1943 in his article entitled "A Theory of Human Motivation" originally published in Psychological Review. The psychology theory asserts that humans are motivated by five basic categories of needs: physiological, safety, love, esteem, and self-actualization. In thi…
 
Affect Heuristic | The affect heuristic represents a reliance on good or bad feelings experienced in relation to a stimulus. Affect-based evaluations are quick, automatic, and rooted in experiential thought that is activated prior to reflective judgments (Slovic et al., 2002). 📎 Definition Minute is a new subset of the Behavioral Economics in Marke…
 
In today's conversation, I am joined by Beatrix Daros, Global Consumer Intelligence Director for Mars, and today we are talking mostly about a project we worked on together for KIND snack bars around healthy snacking and checkout/impulse buying in grocery stores. Beatrix also shares about some technology they used during the pandemic and her advice…
 
In today's conversation, I am joined by Daniel Pink; author of five New York Times bestsellers, including his latest, The Power of Regret: How Looking Backward Moves Us Forward (which is the focus of our conversation today). His other books include When, A Whole New Mind, Drive, and To Sell is Human. Dan’s books have won multiple awards, have been …
 
Maslow's hierarchy of needs is a rudimentary motivational theory by Abraham Maslow in 1943 in his article entitled "A Theory of Human Motivation" originally published in Psychological Review. The psychology theory asserts that humans are motivated by five basic categories of needs: physiological, safety, love, esteem, and self-actualization. In thi…
 
Availability Heuristic | Availability is a heuristic whereby people make judgments about the likelihood of an event based on how easily an example, instance or case comes to mind.📎 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 topi…
 
Today I am very excited to introduce you to Dr. Chuck Howard, an Assistant Professor of Marketing in the Mays Business School at Texas A&M University. In his research, Chuck asks questions like, “Why do consumers so often underpredict their future expenses?” and “Why do people who work in the gig economy over-predict their future income?” He then d…
 
Before I introduce you to this week's guest, I want to take a moment to celebrate a very special anniversary...two days before this episode airs, on July 6, 2022, we celebrated the four-year anniversary of The Brainy Business Podcast! Four years, 212 episodes (including this one, of course) and we are also dangerously close to 600,000 downloads of …
 
Maslow's hierarchy of needs is a rudimentary motivational theory by Abraham Maslow in 1943 in his article entitled "A Theory of Human Motivation" originally published in Psychological Review. The theory asserts that humans are motivated by five basic categories of needs: physiological, safety, love, esteem, and self-actualization. In this episode, …
 
Today I am very excited to introduce you to Wiam Hasanain. Wiam is a seasoned social impact consultant, with 20 years of experience operating at the intersection of policy reform, societal development, behavior change, and civic engagement. She is a problem solver, utilizing data-driven insights to create practical approaches to resolving pressing …
 
The framing effect is about how employees' decisions tend to be affected by the way in which the choices are framed through words, body language, tone, presentation and placement. In this episode, we discussed ways for leaders to apply the framing effect in the successful delegation. Behavioral Economics in Marketing Podcast | Understanding how we …
 
In this episode of the Behavioral Economics in Marketing podcast, we discuss common delegation pitfalls and hang-ups such as delegating to the wrong employee, over-delegating, micromanaging, envy, time costs and fear of loss of control.Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of …
 
In this episode, we define and discuss delegation including the direction of delegation, the process of delegation and the principles of delegation such as the principle of result expected, the principle of delegation of authority, the scalar principle and the principle of exception. Behavioral Economics in Marketing Podcast | Understanding how we …
 
Today I am very excited to introduce you to David McRaney, you may have heard of his first book You Are Not So Smart which is an international bestseller that is now available in 17 languages. He went on to create an awesome podcast of the same name and wrote a second book You Are Now Less Dumb. I highly recommend both of those and his podcast…and …
 
Altruism is a form of prosocial behavior. It is the principle and moral practice of concern for others (including human beings and animals). Altruism is generally defined as the belief in or practice of disinterested and selfless concern for the well-being of others. In this episode, I describe how marketing professionals can avoid conflicting and …
 
Today I am very excited to introduce you to Agnis Stibe, a 4x TEDx speaker, MIT alum, YouTube creator, globally recognized corporate consultant, and scientific advisor. He is the Artificial Intelligence Program Director and Professor of Transformation at EM Normandie Business School, and the creator of the STIBE Method, which we will of course talk…
 
Today I am very excited to introduce you to Anant Sood, one of the co-founders of the nudge coach Worxogo. What the heck is a nudge coach you ask? It is, by my own definition, an awesome amalgamation of behavioral science and AI to help people be better managers, improve employee performance, and so much more. Anant is going to share a lot more abo…
 
Choice Overload | Choice Overload is a cognitive impairment that occurs as a result of having too many choices available.📎 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 nature. Beh…
 
Today I am very excited to introduce you to Greta Harper, a Maker’s Mark diplomat. Everyone that has already heard last week’s episode with Sarah Wilson, knows that this week’s episode is resharing a podcast that was recorded while I was a speaker on the live podcast stage at Greenbook’s IIEX North America conference in Austin a couple of weeks ago…
 
Keynesian Economics and Natural Disasters | In this episode, we discuss Keynesian economics in relation to natural disasters. Keynesian economics is all about stimulating aggregate demand through government spending to increase economic growth. In the wake of a natural disaster, government spending and consumer spending is stimulated in a sizeable,…
 
Today I am very excited to introduce you to Sarah Wilson, Director of Human Experience Research at Walmart. This is a fun episode because we are sharing a live podcast that was recorded while I was a speaker on the live podcast stage at Greenbook’s IIEX North America Conference in Austin, TX a couple of weeks ago. At IIEX North America I had the ho…
 
Risk vs Reward Ratio | The risk versus reward ratio is a systematic approach to assess the relationship between the cost or risk of an undertaking to the prospective reward.📎 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 wil…
 
Lessons From the Fire | Through this season, I will be applying lessons that I learned from the Marshall Fire in Boulder Colorado to marketing and business development, as well as professional and personal growth. Additionally, listeners can expect to hear poignant self-revelation, interesting tidbits on human behavior in the wake of a natural disa…
 
Today I am very excited to introduce you to Emily Cadiz, founder, and CEO of Finnegan the Dragon. What is Finnegan the Dragon, you ask? Of course, Emily will tell you all about that during our conversation, but here is the short, teaser version. Finnegan the Dragon is a new company I've had the honor of being an advisor for. This is an organization…
 
Today I am so excited to introduce you to Sam Tatam to talk about his fantastic new book Evolutionary Ideas. I got my first peek at this book so many months ago and I have been eagerly awaiting the moment when I can finally share it with everyone. I’m delighted that that day is finally here! Sam Tatam is the Global Head of Behavioural Science at Og…
 
While I was recently in College Station visiting the Human Behavior Lab, I had the joy of meeting Dr. Maddock when he came by to chat with us for a bit. I hadn’t met him before, but in learning about his work and research it was clear that we had to do an interview. Thankfully, I had my equipment with me and he had some spare time to talk about som…
 
Today’s episode is an update on all the exciting stuff going on at the Human Behavior Laboratory at Texas A&M University. Last week I was able to spend two full days in the Human Behavior Lab (one of my favorite places in the world if I’m honest) and today’s episode is featuring the director of the lab, Dr. Marco Palma. This is actually his third t…
 
Today I am very excited to introduce you to Katelyn Bourgoin. As you will hear during our conversation, I met Katelyn via Twitter where she has been kind enough to tag me many times when people ask for recommendations for people who are using psychology in marketing or for business as well as for podcast recommendations, books, or just for someone …
 
Today I am very excited to introduce you to Warren Berger. If you know me at all, you probably know what a big deal this is for me. Warren wrote my very favorite book, A More Beautiful Question. I reference it all the time on the show when I am being interviewed, when I am teaching… I even referenced it in my own book. I love questions and a huge p…
 
Today I am so happy to have my friend (and a great friend of The Brainy Business) Brian Ahearn back on the show. Brian is a wealth of information and is the Chief Influence Officer at Influence People. It has been almost 100 weeks since Brian was on the show – which is kind of crazy to think about. He was here in episode 104 talking about how to et…
 
In today’s episode, we are talking about one of my all-time favorite concepts, the Dunning-Kruger effect. In its simplest form, the Dunning-Kruger effect essentially says that people who are unskilled will tend to overestimate their abilities and those who are very skilled experts will underestimate theirs. Someone who undersells their skills could…
 
Today I am very excited to introduce you to Dr. Vanessa Bohns, author of You Have More Influence Than You Think: How We Underestimate Our Power of Persuasion and Why It Matters. She got her Ph.D. in Social Psychology from Columbia University and her AB in Psychology from Brown University. Her research looks at social influence and the psychology of…
 
Today I am very excited to introduce you to Priscilla McKinney, CEO of Little Bird Marketing and host of the Ponderings from the Perch podcast. As you will hear in our conversation today, I love how thoughtful Priscilla and her team are about those brain associations and little play on word moments, like calling the podcast "Ponderings From the Per…
 
Today I am very excited to introduce you to Karina Montes and Mario Drago to discuss their work with BE OEFA in Peru. These are the first guests on the show from South America, and I am so excited to start having a more international presence in the guests coming up this year. Thank you to Carlos Hoyos, a listener of the show and LinkedIn connectio…
 
In today’s episode, we are digging in on the concept of functional fixedness, or the “when all you have is a hammer, everything looks like a nail” problem. I rather enjoyed taking this analogy a bit to the extreme while sharing how this works; I hope you like it too. When there is an issue with functional fixedness, both sides are holding tightly t…
 
Today I am very excited to introduce you to Chris Rawlinson, founder of 42 Courses, a company he started because he believes learning should be a fun interactive journey of discovery. It’s not about being right or wrong because, in fact, sometimes the best way to learn is to be wrong. Learning is about interest and engagement and enjoyment. And muc…
 
As a lover of questions, I get asked a lot of things on all sorts of topics. One that comes up often is this idea about machine learning, AI, big data, data analytics, and how it combines with the behavioral sciences. Is there an overlap or are they competing? How can they work together? Around the same time as I was prepping to be part of a debate…
 
Were you a fan of The DaVinci Code? I loved that book, and quickly read everything by Dan Brown, which led to a fascination with the world of signs and symbols. I never really thought about how that aligns with my love of brain associations and behavioral economics, but they are very much rooted in the same fascinating topic. When I was introduced …
 
Today I am very excited to introduce you to Dr. John List, former chief economist at Uber, current chief economist at Lyft, professor at the University of Chicago, co-author of the wildly popular book, The Why Axis: Hidden Motives and the Undiscovered Economics of Everyday Life, who is here talking about his newest book, which just came out a coupl…
 
Today I am very excited to introduce you to Dr. Zoe Chance. She got her Ph.D. in marketing at Harvard and has taught at Yale's School of Management for over 10 years. She has done a TEDx on how to make behavior addictive, and has been featured on NBC News, CNN, The Wall Street Journal, New York Times, Forbes, Washington Post, Fast Company and so ma…
 
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…
 
Boulder Colorado Fires Announcement from host, Sandra Thomas-ComenoleOn December 30th, 2021, a wildfire blazed through the residential communities of Boulder Co, including the community that my family and I call home. Around 12 noon on that day, we noticed our neighbor's house two doors down on fire and called 911. They had no idea that there was e…
 
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…
 
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