440. AI Meets Behavioral Economics: Predicting Consumer Behavior w/ Sam Albert of Behaviorally (Refreshed Episode)

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

In this episode of The Brainy Business podcast, Melina Palmer dives into the fascinating intersection of artificial intelligence and behavioral economics with Sam Albert, Chief Digital Officer at Behaviorally. Sam shares his extensive experience in the research industry and discusses the innovative work his team is doing with Flash.AI to create predictive models that help businesses increase sales and improve customer connections.

Sam explains how Behaviorally leverages a rich database of system one and system two behaviors, along with advanced image recognition, to predict consumer actions and reactions. He provides valuable insights into the dynamic nature of AI models and the importance of continuously updating them to reflect real-world changes. Sam also shares compelling case studies that illustrate how Flash.AI can help businesses make informed decisions about product packaging and placement, ultimately leading to better market performance.

In this episode:

• Discover the power of combining AI and behavioral economics to create predictive models.
• Learn about the dynamic nature of AI models and the importance of continuous updates.
• Explore compelling case studies that demonstrate the impact of Flash.AI on product packaging and placement.
• Understand the importance of context and nuance in evaluating consumer behavior.
• Gain insights into the future of AI and its role in market research and consumer behavior analysis.

Show Notes:

00:00:00 - Introduction Melina Palmer introduces Sam Albert and highlights the focus of the episode on AI and behavioral economics.

00:02:45 - Sam Albert's Background Sam shares his journey from a pre-law political science major to Chief Digital Officer at Behaviorally, detailing his extensive experience in the research industry.

00:08:15 - The Evolution of Behavioral Science Sam discusses the early days of behavioral science and the innovative tools and techniques used to understand consumer behavior.

00:13:55 - Introduction to Flash.AI Sam explains how Flash.AI leverages a rich database of system one and system two behaviors, along with advanced image recognition, to predict consumer actions and reactions.

00:19:30 - The Dynamic Nature of AI Models Sam emphasizes the importance of continuously updating AI models to reflect real-world changes and ensure accurate predictions.

00:24:55 - Case Studies Sam shares compelling case studies that illustrate how Flash.AI helps businesses make informed decisions about product packaging and placement.

00:34:20 - The Future of AI in Market Research Sam discusses the future of AI and its role in market research and consumer behavior analysis, emphasizing the importance of context and nuance.

00:44:10 - AI Summary Melina wraps up the conversation, highlighting the key takeaways and encouraging listeners to explore the potential of AI in their own businesses.

00:49:35 - 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:

• [e-mail]
• 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 Sam:

• LinkedIn
• Behaviorally Website
• Behaviorally 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:

• The Truth About Pricing, by Melina Palmer
• The Power of Scarcity, by Mindy Weinstein
• Influence, by Robert Cialdini
• The Psychology of Price, by Leigh Caldwell
• Semiotics In Retail, by Rachel Lawes

Top Recommended Next Episode: Unboxing Videos: Why Do They Work? (ep 180)

Already Heard That One? Try These:

• Quality Vs Value (ep 357)
• The Truth About Pricing (ep 356)
• How to Stack and Bundle Products and Services (ep 84)
• How to raise your prices (ep 354)
• Pain of Paying (ep 240)

Other Important Links:

• Brainy Bites - Melina’s LinkedIn Newsletter
• Flash.AI Case Studies