Episodes
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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 to demonstrate the impact of sludge on customer satisfaction, employee morale, and overall efficiency.
With a focus on creating brain-friendly environments, she offers actionable strategies and resources for businesses to streamline processes and eliminate sludge, making it easier for people to engage with their products and services. Melina’s expertise and engaging approach make the complex topic of sludge accessible and applicable for business owners and managers seeking to enhance efficiency, reduce friction, and improve customer experience. This episode serves as a valuable resource for those looking to optimize decision-making processes and drive success within their organizations.
In this episode:
Understand how sludge in business processes impacts your bottom line. Improve customer satisfaction by eliminating bureaucratic hurdles in operations. Quantify the costs of unnecessary barriers and optimize your resources. Leverage behavioral economics to enhance efficiency and productivity in your business. Show Notes:00:00:00 - Introduction
Melina introduces the concept of sludge and its impact on decision-making and processes in business and everyday life.
00:05:18 - Effects of Sludge
Melina explains the pervasive nature of sludge and its detrimental effects on economic growth, public health, education, and equality. She provides examples of sludge in various contexts, including financial aid, healthcare, and voting.
00:11:44 - Understanding Sludge
Melina delves into the characteristics of sludge, including waiting time, reporting burdens, administrative requirements, and transaction costs. She emphasizes that sludge is not always a negative force and can sometimes be necessary or beneficial.
00:12:29 - Quantifying Sludge
Melina discusses the challenges of quantifying sludge and differentiating it from other transaction costs and administrative burdens. She highlights the importance of understanding the real impact of sludge to effectively address and remove it in business processes.
00:14:18 - Importance of Removing Sludge
Melina explains the significance of removing sludge in business processes, using Amazon's one-click buying as an example of the value of reducing friction in the customer experience. She encourages businesses to assess the potential value of removing sludge from their processes.
00:15:29 - The Impact of Sludge in the Buying Process
In the buying process, extra fields and steps act as partitions that make people evaluate if it's worth it or not. Businesses often add unnecessary questions that lead to lost sales and missed opportunities.
00:17:38 - Focus on Micro Moments and Necessary Information
Focusing on each micro moment and asking only what's necessary can help remove sludge. For example, simplifying the discovery call form to just name and email can lead to more conversions.
00:19:32 - Examples of Sludge in Business Operations
Sludge is not just limited to customer interactions but can also be present in back-office operations. This can include complicated decisions, too many choices, and unnecessary procedures that waste time and money.
00:24:20 - Trust and Sludge in the Back Office
Trusting employees can reduce sludge and improve efficiency. When unnecessary procedures and processes are eliminated, more work gets done for less money. Trust and removing sludge go hand in hand in the back office.
00:25:11 - Quantifying the Cost of Sludge
Quantifying the cost of sludge can help justify the need for its removal. The example of TSA Precheck demonstrates how quantifying the time saved and its monetary value can show the benefits of removing sludge.
00:30:45 - Conclusion
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeLearn 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:
Sludge, by Cass Sunstein The Friction Project, by Robert Sutton and Huggy Rao Friction, by Roger Dooley Nudge, by Richard Thaler and Cass Sunstein The Speed of Trust, by Stephen M.R. CoveyTop Recommended Next Episode: Roger Dooley Interview (ep 274)
Already Heard That One? Try These:
Partitioning (ep 254) Paradox of Choice (ep 171) Introduction to NUDGES and Choice Architecture (ep 35) What Problem Are You Solving? (ep 126) Cass Sunstein Interview (ep 371)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter REDUCING ELEVATOR ENERGY USE: A COMPARISON OF POSTED FEEDBACK AND REDUCED ELEVATOR CONVENIENCE -
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 shares insights into the role of rituals in various domains, from sports to work, family, and personal routines. Drawing from his interest sparked by unique mourning practices in the American Civil War, Michael discusses how rituals can serve as tools for coping, connection, and a sense of progress.
His expertise and research on the subject make this episode a valuable resource for individuals seeking a deeper understanding of how rituals can enhance well-being and provide a sense of purpose in daily life. The episode offers a comprehensive exploration of the topic, making it a compelling listen for anyone looking to incorporate more meaning and connection into their everyday experiences.
In this episode:
Explore the Profound Impact of Rituals on Daily Well-being Discover the Power of Incorporating Rituals for Deeper Meaning and Connection Uncover the Role of Rituals in Fostering Stronger Team Dynamics and Communication Delve into the Importance of Rituals for Cultivating a Sense of Purpose in Daily Life Understand the Transformative Influence of Rituals on Personal and Professional Well-being Show Notes:00:00:00 - Introduction
Melina introduces Dr. Michael Norton, author of the Ritual Effect, and shares his background as a professor of business administration at Harvard Business School.
00:01:49 - The Difference Between Habits and Rituals
Michael explains the difference between a habit, a routine, and a ritual, using the example of daily behaviors like showering and toothbrushing. Habits are routine actions, while rituals have more emotional meaning and significance.
00:07:06 - The Origin of Interest in Rituals
Michael shares how his interest in rituals began with reading about grief rituals in the American Civil War and the individual, personal rituals people create to honor loved ones. The variety and personal nature of rituals sparked his curiosity.
00:10:55 - Research Process and Cultural Comparisons
Michael discusses the research process for studying rituals, including comparing and contrasting rituals across different cultures. He highlights how individual, private rituals play a significant role in people's lives, especially during times of grief.
00:13:08 - Rituals in Sports and Unconscious Rituals
The conversation explores how rituals are used in sports and how some rituals are performed unconsciously. Michael emphasizes the significance of both conscious and unconscious rituals in various aspects of life, from sports to personal routines.
00:13:42 - The Role of Rituals in Sports and Work
Michael discusses the significance of rituals in sports and work, highlighting how they offer a unique insight into human behavior and the acceptance of certain behaviors in different contexts.
00:16:01 - The Importance of Rituals
Michael delves into the importance of rituals and their role in various domains of life, such as performance, dining, family holidays, and grief. He emphasizes how rituals serve as coping mechanisms and tools to navigate different life situations.
00:17:59 - Rituals in the Workplace
The conversation shifts to the use of rituals in the workplace, from the start of the day to interactions within teams and the process of leaving work behind at the end of the day. Michael highlights how rituals permeate different aspects of work life.
00:20:07 - Transitioning to Remote Work and Rituals
Michael explores the adaptation of rituals in the context of remote work, citing examples of individuals creating new rituals to mark the transition between home and work environments. The discussion touches on the impact of collective experiences, such as the COVID-19 pandemic, on the evolution of rituals.
00:22:52 - Creating Meaningful Family Rituals
Michael emphasizes the dual role of rituals in families, serving as reminders to gather and as expressions of unique family identity. He shares insights on the significance of family rituals in preserving connections, honoring traditions, and creating lasting memories.
00:28:18 - The Importance of Team Rituals
Michael discusses the benefits and downsides of team rituals, emphasizing how they create a smooth dynamic but can lead to conflicts with other groups' practices.
00:30:03 - Creating Meaningful Team Rituals
Michael suggests that team rituals should be organic and based on shared language or practices within the group, such as how meetings are started. He highlights the emotional resonance of self-crafted rituals over forced corporate ones.
00:32:20 - Unintended Bonding Through Manager-Imposed Rituals
Michael points out that even when managers mandate rituals, it can inadvertently bond employees against the manager. He compares this to how parents' disciplinary actions can unite children against them.
00:35:25 - Embracing Idiosyncrasies and Personal Rituals
Michael and Melina discuss the significance of personal rituals in calming oneself and getting into a specific mindset, such as preparing for presentations. They emphasize the commonality and quirkiness of human rituals.
00:40:40 - The IKEA Effect and Personal Rituals
Michael explains the IKEA effect, where people value things they create more than pre-made ones. He ties this concept to personal rituals, highlighting the different meaning imbued in self-crafted rituals compared to externally derived ones.
00:41:32 - The Importance of Personalizing Rituals
Michael discusses the significance of personalizing rituals, emphasizing the value of adding individuality to common activities and the role of rituals in fostering connection and ownership.
00:42:03 - Observing and Incorporating Rituals
Michael highlights the importance of observing existing rituals and incorporating them into daily life. He also explores the potential for experimenting with new traditions to enhance experiences and connections.
00:43:14 - Conclusion
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeConnect with Michael:
Michael’s Website LinkedIn TwitterLearn 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 Ritual Effect, by Michael Norton Good Habits, Bad Habits, by Wendy Wood For the Culture, by Marcus Collins The Power of Us, by Dominic Packer What Your Employees Need and Can’t Tell You, by Melina PalmerTop Recommended Next Episode: The Ikea Effect (ep 380)
Already Heard That One? Try These:
Nick Hobson Interview (ep 382) Wendy Wood Interview (ep 127) Habits (ep 256) Dominic Packer Interview (ep 304) Marcus Collins Interview (ep 305) Nostalgia (ep 79) Endowment Effect (ep 139) Vulnerability Loops (ep 229) Priming (ep 252) Cassie Holmes Interview (ep 257)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter
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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 emotions, shaped by collaborations with renowned behavioral scientists like Mike Norton and Francesca Gino, underscores his profound expertise in the field.
The episode delves into the practical applications of psychology, emphasizing the interconnectedness of theoretical foundations and real-world practices in understanding human behavior. Nick's expertise in leveraging technology and behavioral science to analyze emotions and attitudes, exemplified by Emotive Technologies' product, Apex, offers valuable insights for businesses seeking to understand consumer actions. With a wealth of knowledge and expertise, Nick's perspective adds depth and practical relevance to the conversation, making this episode a must-listen for behavioral science researchers and practitioners.
In this episode:
Explore the profound impact of rituals on human behavior, shedding light on their significance in shaping daily actions and choices. Gain insights into the cognitive processes underlying decision-making behavior, illuminating the intricate mechanisms guiding individual choices and preferences. Delve into the realm of moral emotions through psychological research, uncovering the intricate interplay between emotions and moral decision-making. Uncover effective business strategies harnessing the power of behavioral science, offering valuable lessons for leveraging human behavior in organizational settings. Show Notes:00:00:00 - Introduction,
Melina introduces the episode and the guest, Dr. Nick Hobson, a prominent behavioral scientist with a background in social psychology and neuroscience.
00:02:36 - Background and Research on Rituals
Nick discusses his research on the psychology and neuroscience of rituals, which was the focus of his dissertation.
00:05:31 - Philosophy and Science
The conversation delves into the value of philosophy in scientific research, emphasizing the importance of asking questions, running thought experiments, and thinking critically. Dr. Hobson highlights the blend between philosophy and computational cognitive science in the work of Daniel Dennett.
00:10:06 - Qualitative and Quantitative Research
The importance of embracing both qualitative and quantitative research methods is discussed. The conversation emphasizes the balance between asking big questions and curiosity (qualitative) and empirical methodological thinking (quantitative) in scientific research.
00:11:22 - The Role of Philosophy in Research
Nick reflects on the role of philosophy in research, advocating for a philosophical mindset to push the boundaries of scientific innovation. He emphasizes the tension between exploration and replication in scientific research and the value of philosophical thinking in curiosity and hypothesis testing.
00:15:19 - The Birth of Psychology
Nick discusses the marriage between philosophy and physiology in the late 19th century, which led to the birth of psychology. He highlights the influence of philosophers like William James on the founding of psychology.
00:17:04 - The Trolley Problem
Nick delves into the moral dilemma known as the trolley problem, where individuals must make a decision that reflects their moral philosophy. He explains the differences between utilitarianism and deontology in approaching ethical decisions.
00:20:30 - Emotive Technologies and Apex
Nick introduces Emotive Technologies and its product, Apex, which combines technology and behavioral science to uncover and track emotions and attitudes in audience relationships. He emphasizes the tool's ability to analyze consumer behaviors and provide strategic insights to clients.
00:23:39 - Rituals in Consumer Behavior
Nick explores the role of rituals in both customer-facing and employee contexts. He discusses how rituals can influence consumer behaviors and highlights his work on fan rituals in sports and health and beauty rituals.
00:27:16 - Leveraging Behavioral Insights
Nick shares a case study where behavioral insights from Apex revealed a counterintuitive finding for a client. He explains how the tool provides precise prescriptions for clients to improve their brand's engagement by focusing on specific psychological constructs.
00:31:14 - Exploring the Intriguing World of Behavioral Science
Nick and Melina delve into the fascinating world of behavioral science, discussing the importance of understanding the mind's role in shaping behaviors, and the need to explore the philosophical side of behavioral economics.
00:32:23 - Connecting with Dr. Nick Hobson
Nick shares his contact information, including his LinkedIn profile, email, and website, for those interested in learning more about behavioral science and connecting with him.
00:33:29 - The Nexus of Behavior and Mind
Nick emphasizes the significance of understanding the interplay between behaviors and the underlying thoughts and beliefs in shaping human actions, highlighting the importance of exploring both the behavioral and psychological aspects.
00:34:43 - Parting Thoughts on Behavioral Science
Nick encourages listeners to consider the relationship between behaviors and the mind, prompting them to reflect on the drivers of human actions and the underlying thought processes that influence behavior.
00:35:33 - Conclusion,
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeConnect with Nick:
Influence at Work X LinkedInLearn 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 Ritual Effect, by Michael Norton Happy Money, by Michael Norton How To Change, by Katy Milkman Happier Hour, by Cassie Holmes Good Habits, Bad Habits, by Wendy WoodTop Recommended Next Episode: Cassie Holmes Interview (ep 257)
Already Heard That One? Try These:
Wendy Wood Interview (ep 127) What problem are you solving? (ep 126) Surprise and Delight (ep 276) Robert Cialdini Interview (ep 312) Introduction to NUDGES and Choice Architecture (ep 35)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter What a 5-Step Checklist at Johns Hopkins Can Teach You About Life and Business -
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 contexts. She shares stories emphasizing the power dynamics and emotional impact of feedback, highlighting the need for thoughtfulness and empathy in delivering feedback.
The episode delves into the importance of specific feedback, regular evaluation, and the positive impact feedback can have on employee development. Therese's discussion on the three types of feedback that employees need—appreciation, coaching, and evaluation—provides a valuable framework for managers and leaders to improve employee growth and performance. Her emphasis on the significance of being specific about feedback type and offering regular evaluation aligns with the audience's goal of enhancing workplace feedback practices. The episode offers practical advice and actionable strategies, making it essential listening for managers and leaders seeking to improve their feedback delivery skills.
In this episode:
Learn to deliver effective feedback for enhanced employee growth and performance. Understand the types of feedback crucial for driving employee development and success. Discover the significance of specific feedback in fostering employee improvement and motivation. Master the art of siding with individuals during feedback sessions for impactful communication. Explore the power of asking questions as a tool for guiding employees toward growth and proficiency. Show Notes:00:00:00 - Introduction
Dr. Therese Huston is introduced as a cognitive scientist and author of Let's Talk. She shares her background and experience as a writer and cognitive scientist, as well as her interest in giving effective feedback.
00:03:08 - The Importance of Good Feedback
Therese shares a pivotal moment in her career where she received poorly delivered feedback, leading to her interest in helping others give better feedback. She highlights the impact of feedback on the receiver and the power dynamic between the giver and receiver of feedback.
00:10:25 - Impact of Framing and Setup
Melina shares a personal story about receiving a vague and anxiety-inducing message from her boss, highlighting the importance of the framing and setup of feedback conversations. The discussion emphasizes the impact of small thoughtful gestures in feedback delivery.
00:12:29 - Types of Feedback
Therese discusses the three types of feedback: appreciation, coaching, and evaluation, as outlined by Stone and Heen in their book Thanks for the Feedback. Each type of feedback is explained, focusing on the different purposes and challenges associated with giving each type.
00:14:03 - Evaluative Feedback
The conversation delves into evaluative feedback, the least often given type of feedback, and its importance in letting employees know where they stand in terms of performance and impact. The challenges and significance of delivering evaluative feedback are highlighted.
00:14:30 - Employee Feedback Needs
Therese discusses the three types of feedback employees need: appreciation, coaching, and evaluation. She emphasizes the importance of being specific about the type of feedback required.
00:16:39 - Asking for Feedback
Therese provides advice on how managers can gauge the type of feedback employees want, suggesting open-ended questions and scheduling dedicated feedback sessions.
00:21:02 - Importance of Feedback
Therese highlights the positive impact of giving employees feedback on where they stand relative to expectations, leading to career mentoring and a sense of reassurance.
00:24:40 - Me vs. We Strengths
Therese introduces the concept of "me strengths" and "we strengths," emphasizing the importance of acknowledging both types of strengths in employees and providing opportunities for them to utilize these strengths.
00:27:00 - Acknowledging Impact
Therese underlines the significance of acknowledging employees' "we strengths" and the impact they have on the team's performance, encouraging supervisors to provide support and recognition for these strengths.
00:27:37 - Recognizing Strengths
Therese and Melina discuss the importance of acknowledging and recognizing both "me strengths" and "we strengths" in a team. They emphasize the value of asking team members about their strengths and how it can lead to a more empowered and supportive work environment.
00:28:21 - Uncovering Hidden Strengths
Therese shares the idea of uncovering hidden "me strengths" in team members and how these strengths can potentially turn into "we strengths." She gives an example of someone who excels in persuading others, which is both a personal strength and a team strength.
00:31:08 - Siding with the Person
Therese explains the concept of siding with the person, not the problem, in feedback conversations. She highlights the importance of showing support and understanding towards the person rather than aligning with the problem, which can lead to a more constructive and collaborative approach to addressing issues.
00:34:13 - Coaching Approach
Therese emphasizes the value of asking questions and involving team members in problem-solving conversations. She discusses the importance of allowing team members to articulate their own solutions, which can lead to greater ownership and commitment to implementing changes.
00:39:46 - Giving Effective Advice
Therese shares a story about a hotel interaction that demonstrates the potential pitfalls of giving advice without fully understanding the situation. The example highlights the importance of being mindful of how advice is given and ensuring that it is relevant and well-received.
00:41:01 - The Importance of Effective Feedback
The conversation highlights the importance of effective feedback and the impact it can have on employee development and growth. The hosts and guest discuss how a simple shift in mindset can help managers provide more supportive feedback to their team members.
00:42:35 - Understanding Employee Perspective
The discussion focuses on the importance of understanding the employee's perspective when providing feedback. It emphasizes the need for managers to ask thoughtful questions and actively listen to their employees to gain a deeper understanding of their experiences and challenges.
00:44:06 - Empowering Employees to Find Solutions
The conversation highlights the role of managers in empowering employees to find their own solutions. By asking open-ended questions and encouraging employees to think critically, managers can help them identify and implement meaningful solutions to challenges they face in the workplace.
00:45:11 - The Power of Praise
The discussion delves into the importance of praise in the feedback process. Research shows that top performers receive 5.6 pieces of praise for every one piece of criticism, highlighting the positive impact of praise on employee motivation and performance.
00:47:18 - Conclusion
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeConnect with Therese:
Therese’s Website Twitter LinkedInLearn 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:
Let’s Talk, by Therese Huston Finding Confidence in Conflict, by Kwame Christian What Your Employees Need and Can’t Tell You, by Melina Palmer Getting Along, by Amy Gallo The Ultimate Guide to Great Mentorship, by Scott MillerTop Recommended Next Episode: The Ikea Effect (ep 380)
Already Heard That One? Try These:
Kwame Christian Interview (ep 221) Confirmation Bias (ep 260) Scott Miller Interview (ep 69) Focusing Illusion (ep 330) Fundamental Attribution Error (ep 268) Dolly Chugh Interview (ep 247) Amy Gallo Interview (ep 269) Warren Berger Interview (ep 340)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter
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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 engagement. By involving employees in development and change initiatives, businesses can tap into the innate need for ownership and connection.
The episode also underscores the importance of understanding human psychology and behavior as crucial elements in driving successful business outcomes. With valuable insights into leveraging the IKEA effect to optimize business strategies and enhance customer connections, the episode is a must-listen for business leaders and managers seeking to increase employee engagement and innovation.
In this episode:
Understand the psychological impact of the IKEA effect on consumer behavior and decision-making processes. Leverage consumer effort and engagement to drive business success. Explore the impact of perceived value on pricing strategies and consumer perception. Increase employee engagement and intrinsic motivation for enhanced productivity and innovation. Harness human psychology to drive business growth and success. Show Notes:00:00:00 - Introduction
Melina introduces the concept of the Ikea effect and its relevance in understanding consumer behavior. She explains how people value items they have built themselves more than those built by others.
00:03:43 - Understanding the Ikea Effect
Melina delves into the difference between the Ikea effect and the endowment effect. She discusses studies on origami building and how individuals place higher value on their own creations, regardless of expertise.
00:09:15 - The Effort Heuristic
The episode explores the concept of the effort heuristic, where people associate effort with quality, even when they are not the ones putting in the effort. Examples from research studies on art and poetry illustrate this phenomenon.
00:13:26 - Ambiguity and Effort Perception
Melina discusses how perceived effort influences the valuation of ambiguous quality. Studies on medieval suits of armor reveal how the perception of effort impacts the perceived quality and value of an item, even when its quality is not easily determined.
00:16:35 - The Effort Heuristic and the IKEA Effect
The discussion explores the relationship between the effort heuristic and the IKEA effect, highlighting how people value things higher when they put effort into them.
00:18:04 - Billing by the Hour
The conversation delves into the challenges of billing by the hour and how it may reduce the perceived effort and value of a project, leading to misconceptions about the time and expertise required.
00:19:52 - Valuing Time and Talent
The story of the engineer's minimal intervention with the cruise ship's engine illustrates the hidden time and talent that goes into certain tasks, emphasizing the need to recognize and justify the value of expertise and effort.
00:22:26 - Effort and Value Perception
The discussion explores the concept of effort and value perception, citing examples of how human behavior and preferences are influenced by the perceived level of effort required for a task or product, such as with instant cake mix and build-a-bear workshops.
00:26:39 - Leveraging the IKEA Effect
The conversation emphasizes the potential uses of the IKEA effect in product businesses, change management, and team dynamics, highlighting the importance of providing guidance and opportunities for creative input to enhance customer satisfaction and value perception.
00:31:45 - The Importance of Employee Feedback and Recognition
Employee feedback and recognition play a crucial role in motivating employees. Celebrating employees' ideas, aligning incentives, and acknowledging their contributions can foster a culture of change and increase employee buy-in.
00:32:20 - The Power of Incentives and Social Proof
Aligning incentives with the Ikea effect and using social proof can encourage employees to actively participate in change initiatives. Monetary incentives are not as effective as public recognition and acknowledgment.
00:33:19 - The Psychological Impact of the Ikea Effect
The Ikea effect goes beyond marketing and change initiatives. It reflects human nature and the desire to feel connected and invested. Involving customers and employees in the creation and development process can lead to a strong sense of ownership.
00:34:09 - Human Behavior in the Age of AI
Despite the increasing integration of AI and machine learning, human behavior remains essential. Businesses need to tap into the Ikea effect and other psychological concepts to enhance effectiveness and foster a sense of connection and investment.
00:35:25 - Conclusion
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeLearn 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:
Let’s Talk, by Therese Huston The Ritual Effect, by Michael Norton What Your Employees Need and Can't Tell You, by Melina Palmer What Your Customer Wants and Can't Tell You, by Melina Palmer Happy Money, by Michael NortonTop Recommended Next Episode: Endowment Effect (ep 139)
Already Heard That One? Try These:
Inequity Aversion (ep 224) Confirmation Bias (ep 260) Focusing Illusion (ep 330) Change Management (ep 226) Loss Aversion (ep 316) Nick Hobson Interview (ep 161)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter The Effort Heuristic When and How Does Labor Lead to Love? The Ontogeny and Mechanisms of the IKEA Effect The IKEA Effect: When Labor Leads to Love The IKEA Effect. A Conceptual Replication Anomalies The Endowment Effect, Loss Aversion, and Status Quo Bias Little Red Wrench story from Nikki Rausch -
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 significance in various contexts, such as mergers and acquisitions. She discusses the challenges of listening in a noisy world, emphasizing the importance of questioning the source of the voice and considering factors such as conscience, convenience, common sense, and curiosity.
Nuala's book, Tune In, offers practical strategies for making smarter decisions in a complex and rapidly changing world. Throughout the conversation, she underlines the importance of self-awareness and the impact of human risk and decision risk on business. By understanding decision-making biases, Nuala offers a framework to help individuals make more informed and effective decisions. Leaders and managers seeking to improve judgment and successful communication will benefit from Nuala's expert insights on decision-making biases and the strategies to overcome blind spots.
In this episode, you will be able to:
Unveiling Decision-Making Biases for Enhanced Awareness Overcoming Biases: A Crucial Communication Advantage Mastering Strategies to Overcome Deaf Spots Harnessing the Power of First Impressions Navigating the Trilogy of Errors in Decision-Making Show Notes:00:00:00 - Introduction
Melina welcomes Nuala Walsh, an award-winning business consultant, behavioral scientist, author, and lecturer in business, criminology, and decision-making. Nuala shares her background in global investment management and her transition to studying human behavior.
00:03:29 - Nuala's Background and Book
Nuala discusses her diverse career as a board director, consultant, and behavioral scientist. She shares insights into her book, Tune In: How to Make Smarter Decisions in a Noisy World, and her focus on the psychology of decision-making.
00:07:07 - Challenges of Mergers and Decision Making
Nuala explains how mergers can create blind spots, deaf spots, and "dumb spots," leading to the bystander effect. She highlights the importance of tuning in, being aware of missed signals, and making better decisions in a noisy world.
00:09:33 - The Impact of Too Many Voices
Nuala explores the challenges of listening to the wrong station and the abundance of voices in a noisy world. She emphasizes the need to be selective, pause, and avoid rushing to judgment to make better decisions amidst the information overload.
00:14:07 - Perimeters Framework for Decision-Making
Nuala introduces the "perimeters" framework, outlining ten core misjudgment traps (power, ego, risk, identity, memory, ethics, time, emotion, relationships, and stories).
00:16:17 - The Importance of Relationships in Decision-Making
Nuala discusses the concept of relationships in decision-making as it relates to the crowd and other people. She emphasizes the plurality of relationships and their impact on decision-making.
00:17:37 - Structuring Stories to Illustrate Biases
Nuala explains how she carefully selected and structured real-life stories to exemplify biases related to mishearing, miscalculating, and not pausing. Each story represents a different type of bias and decision-making trap.
00:18:31 - Using Stories to Illustrate Different Types of Voice
Nuala discusses how she chose specific stories to exemplify different types of voices, such as the voice of conscience, present bias, misremembering, and impression management. These stories showcase the impact of biases on decision-making.
00:22:16 - Diverse Examples of Decision-Making
Nuala highlights the diverse range of examples in the book, including business leaders, entrepreneurs, FBI investigators, lawyers, and ordinary individuals. The examples demonstrate how biases influence decision-making across various professions and situations.
00:29:34 - Positive Outcomes of Tuning In
Nuala shares examples of individuals and professionals who successfully used tuning in to make a difference in their work, organizations, and society. These positive cases illustrate the power of effective decision-making and the impact of tuning into others.
00:31:39 - The Messenger Effect and First Impressions
Nuala explains that the messenger effect plays a role in effective communication. She emphasizes the importance of first impressions and how people tune out those who don't look or sound like them.
00:32:25 - Tuning into the Tips
Nuala discusses the significance of considering the perspective of the person making a decision. She highlights the importance of being mindful of potential biases and obstacles that may prevent effective communication and decision-making.
00:33:51 - The Cris of Tone-Deaf Leadership
Nuala addresses the challenges of decision-making in a noisy and fast-paced world. She emphasizes the impact of time pressure and information overload on decision-makers, highlighting the risk of unheard voices and missed signals.
00:34:46 - Strategies for Tuning In
Nuala introduces simple strategies to facilitate effective communication and decision-making. She emphasizes the importance of slowing down, reconsidering responses, and creating decision friction to improve the quality of judgments.
00:38:37 - Conclusion,
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeConnect with Nuala:
Mind Equity X LinkedInLearn 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:
Tune In, by Nuala Walsh Noise, by Daniel Kahneman, Cass Sunstein and Olivier Sibony What Your Employees Need and Can’t Tell You, by Melina Palmer Look Again, by Cass Sunstein and Tali Sharot Both/And Thinking, by Wendy Smith and Marianne LewisTop Recommended Next Episode: First Interview w/ Nuala Walsh (ep 153)
Already Heard That One? Try These:
Cass Sunstein Interview (ep 371) Selective Attention Biases (ep 378) Sense of Sound (ep 27) Sense of Sight (ep 24) Time Pressure (ep 366)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter Nuala’s Tedx Talk -
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, mere exposure effect, and Von Restorff effect, to showcase how our perceptions are shaped by what we pay attention to.
By emphasizing the power of shifting focus and expectations, she highlights the practical implications of understanding and challenging these biases. Melina's insights provide valuable guidance on how to navigate cognitive biases effectively and make more informed choices in various aspects of life and business. Her engaging and relatable approach makes this episode a must-listen for anyone keen on improving decision-making skills. So, tune in and discover how being mindful of selective attention biases can lead to more informed choices and positive outcomes.
In this episode:
Recognize selective attention biases to make more informed decisions. Explore the impact of repeated exposure to enhance your perceptions. Identify cognitive biases in memory recall for improved cognitive awareness. Learn to manage the influence of expectations on focus for better decision-making. Overcome confirmation bias to enhance the quality of your judgments. Show Notes:00:00:00 - Introduction
Melina introduces the concept of selective attention biases and its impact on decision-making. The episode will cover biases related to where we focus our attention, how it impacts decisions, and how it colors our perception when looking back.
00:04:08 - Frequency Illusion and Recency Illusion
Melina discusses the frequency illusion, selection bias, and recency illusion, explaining how our brains notice things more after they come to our attention. This leads to biases in decision-making and impacts our perceptions.
00:10:07 - Selective Perception and Attentional Bias
Melina delves into the concepts of selective perception and attentional bias, highlighting how our expectations influence the way we perceive things. She emphasizes the power of shifting focus and expectations for positive impact.
00:13:34 - Rhyme as Reason Effect, Belief Bias, and Conjunction Fallacy
Melina explores the impact of the rhyme as reason effect on decision-making and the tendency to believe rhyming statements. She also explains the belief bias and conjunction fallacy, shedding light on how our biases influence the logical strength of arguments.
00:16:06 - Base Rate Fallacy and Base Rate Neglect
Melina discusses the base rate fallacy and neglect, emphasizing how we tend to focus on specific information while ignoring general or base rate information. These biases can lead to faulty decision-making and misinterpretation of probabilities.
00:16:58 - Understanding Biased Decision Making
Blue dominates the cab market, but witnesses tend to misidentify cab colors. This bias affects decision-making and highlights the need to consider base rates in our judgments.
00:19:17 - Impact of Biases on Research and Business
Biases impact scientists' studies and lead to expectancy effects, illusory correlations, and subjective validation. These biases can hinder businesses' ability to accurately assess customer groups and marketing strategies.
00:23:13 - Overcoming Confirmation Bias
Confirmation bias affects our ability to search for and interpret information. We tend to focus on information that confirms our beliefs, leading to narrow perspectives. Overcoming bias requires open-mindedness and seeking input from diverse perspectives.
00:27:24 - Hindsight Bias and Outcome Bias
Hindsight bias leads us to view past events as more predictable than they were, impacting future decisions. Outcome bias causes us to judge decisions based on their results rather than the information available at the time. Both biases can distort our memory of past events.
00:29:41 - Conclusion
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeLearn 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:
Foolproof, by Sander van der Linden Tune In, by Nuala Walsh What Your Employees Need and Can't Tell You, by Melina Palmer Both/And Thinking, by Wendy Smith and Marianne Lewis Thinking, Fast and Slow, by Daniel KahnemanTop Recommended Next Episode: Nuala Walsh Interview (ep 153)
Already Heard That One? Try These:
Sander van der Linden Interview (ep 337) Wendy Smith Interview (ep 261) Overview of Personal Biases (ep 45) Biases Toward Others – Including Groups (ep 314) Memory Biases (ep 280) Present Versus Future Biases (ep 246) Availability Bias (ep 310)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter
-
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 the significance of following intuition and trusting instincts in the advertising industry.
Carmen's expertise in developing brain-friendly strategies and her emphasis on the power of storytelling, empathy, and understanding cognitive biases make this episode a must-listen for business owners and leaders who seek to enhance customer engagement. Carmen's valuable insights and practical examples demonstrate how businesses can effectively connect with their audience, craft compelling narratives, and make decisions that resonate with customers on a subconscious level. This episode offers a wealth of knowledge for those looking to implement more effective strategies and build stronger customer connections.
In this episode, you will be able to:
Implement brain-friendly strategies for businesses to enhance customer engagement and retention. Embrace unconventional ideas in advertising to captivate and resonate with your target audience. Establish the importance of clear values in branding to create a lasting and impactful brand identity. Assess clients based on shared values to foster stronger and more meaningful connections. Harness the power of storytelling in business to create compelling and memorable brand narratives. Show Notes:00:00:00 - Introduction
Melina introduces the guest, Carmen Rodriguez, managing director of Gut Miami, a global independent creative network. Carmen shares her passion for advertising and the agency's unique approach to following intuition.
00:03:55 - The Meaning of Gut
Carmen explains the meaning behind the agency's name, Gut. It represents the importance of intuition and trusting one's instincts, a value that Gut encourages in its work with clients and in their creative process.
00:09:43 - Brand Values and Client Fit
Carmen emphasizes the significance of having clear brand values and living by them. She discusses the importance of assessing client fit based on shared values, affinities, and goals, ensuring healthy and lasting relationships.
00:13:38 - The Stages of Bravery
Carmen shares Gut's approach as a "brave agency for brave clients" and unpacks the concept of bravery as a scale and journey. She uses the analogy of learning to ride a bike to illustrate the process of becoming braver in the creative and business realm.
00:15:05 - Navigating the Bravery Journey
The conversation delves deeper into the process of guiding clients through the bravery journey, focusing on the gradual progression towards embracing bold and disruptive ideas. Carmen highlights the agency's role in helping clients identify their desire to be braver in their approach.
00:15:33 - The Bravery Scale
Carmen discusses the bravery scale, a tool used to assess a client's level of bravery from 0 to 10. She emphasizes the importance of the journey towards bravery and the need to identify where the clients are and where they want to go.
00:17:41 - Different Facets of Bravery
Carmen explains that bravery for brands can manifest in various ways, such as changing positioning, working with celebrities, or launching new products. She highlights the importance of identifying different facets of bravery and the flexibility to move up the bravery scale.
00:19:23 - Bravery Means Business
Carmen emphasizes that bravery should lead to business results and discusses the value of using data to make brave decisions. She stresses the importance of using data in a gutsy way and executing ideas that validate with data.
00:25:10 - Timely and Brave Marketing
Carmen shares a real-life example of a timely and brave marketing campaign for Vital Farms around Valentine's Day. The campaign embraced the high egg prices and offered a unique promotion, showcasing the value of embracing timely opportunities for branding.
00:30:42 - Navigating Shortages and Consumer Needs
Carmen discusses another successful campaign for Philadelphia cream cheese during a shortage. The campaign addressed consumer needs during the pandemic, showcasing the importance of understanding consumer behavior and addressing shortages in a creative and timely manner.
00:31:43 - Embracing Challenges and Creating Unique Promotions
Carmen discusses how they turned a cream cheese shortage into a promotional hit by offering alternative dessert ingredients to customers. This proactive approach and unique campaign resonated well with their audience.
00:32:24 - Leveraging Brand Identity in Campaigns
Carmen explains how they maintained the brand's cheeky identity in their promotions, using humor and holiday themes to stay true to their brand while addressing customer needs. This approach helped them stand out and connect with their audience.
00:33:53 - Innovative Campaign Mechanics
Carmen details the mechanics of the campaign, including a website where customers could input their receipts for alternative dessert ingredients to be reimbursed. This approach helped them effectively address the cream cheese shortage and support their customers.
00:34:48 - Reframing Challenges as Opportunities
Carmen emphasizes the importance of reframing challenges as opportunities, such as turning the Valentine's Day cheesecake shortage into a self-love promotion. By thinking outside the box, they were able to create a unique and successful campaign.
00:37:40 - Tapping into Untapped Markets
Carmen highlights the value of tapping into untapped markets and addressing the needs of specific customer segments. This approach resulted in a highly successful and award-winning campaign.
00:41:45 - Conclusion,
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeConnect with Carmen:
Gut Agency Instagram LinkedInLearn 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:
A More Beautiful Question, by Warren Berger Alchemy, by Rory Sutherland Magic Words, by Jonah Berger What Your Customer Wants And Can’t Tell You, by Melina Palmer For The Culture, Marcus CollinsTop Recommended Next Episode: Mars/Kind Interview (ep 215)
Already Heard That One? Try These:
Warren Berger Interview (ep 340) What Problem Are You Solving? (ep 126) Availability Bias (ep 310) Herding (ep 264) Social Proof (ep 87) Jonah Berger Interview (ep 301) Priming (ep 252) What is Value? (ep 234) Status Quo Bias (ep 376) Quality or Value (ep 357) Rory Sutherland Interview (ep 373) Scarcity (ep 270) Reciprocity (ep 238) Framing (ep 296)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter North Face Ad Gut Website Oreo Ad -
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 how it relies on biases and heuristics to navigate through the daily information overload.
From choosing familiar routes to work to hesitating to leave a job for something new, she walks through how status quo bias shows up in various aspects of our lives. Melina even shares a thought-provoking scenario about an experience machine that offers endless pleasure but detaches you from reality, and how our tendency to favor the familiar can be surprising. If you're into change management and want to enhance your decision-making strategies, this episode is a goldmine. Melina's insights are not just thought-provoking, but also offer practical ways to challenge the status quo and embrace change in both personal and professional spheres.
In this episode:
Uncover the impact of status quo bias on decision-making and how to mitigate its effects.
Explore the psychology behind reluctance towards change and how to foster a culture of adaptability within organizations.
Examine the influence of familiarity over authenticity and its significance in decision-making processes.
Implement proven strategies for effective change management to drive organizational success.
Harness the power of bias to enhance customer retention and loyalty through strategic decision-making.
Show Notes:00:00:00 - Introduction
Melina introduces the concept of status quo bias and its impact on decision-making, highlighting its significance in understanding consumer behavior and business strategy.
00:05:40 - The Influence of Change
The discussion delves into the subconscious's strong preference for predictability and the fear of the unknown, leading to resistance towards change, even in the face of potential benefits.
00:09:19 - The Experience Machine Thought Experiment
The thought experiment by Robert Nozick and its variant, presented by Felipe de Brigard, illustrate the powerful influence of status quo bias on decision-making, as demonstrated by participants' preferences for familiarity over reality.
00:12:58 - Embracing Change
Embracing the feeling of fear and uncertainty when embarking on something new is highlighted as a positive sign, indicating growth and the potential for a new, beneficial status quo.
00:14:30 - Lessons from the Pandemic
The pandemic-induced shift in status quo bias is discussed, emphasizing the need for businesses to adapt and communicate effectively to facilitate organizational change and embrace new norms.
00:16:33 - Change Management and Internal Communication
Melina teaches a class on change management and internal communication at Texas A&M, offering insights on applying behavioral economics concepts to big changes. She emphasizes working with biases to minimize their impact when presenting change.
00:17:02 - Importance of Timing in Change Presentation
Melina discusses the impact of stress and overwhelm on people's resistance to change. It's crucial to be thoughtful and considerate of the circumstances before presenting a significant change, waiting for a better time or reducing stress can make a big difference.
00:18:46 - Influence of Status Quo Bias on Customers
Status quo bias affects existing customers' inclination to stick with a brand. Melina highlights the need to consider the context of the customer relationship when presenting information and communicating changes.
00:19:27 - Framing Messages for Existing Customers
Melina emphasizes the importance of framing messages to reinforce the customer's natural propensity for status quo bias. The way a message is framed can significantly impact retention rates and influence a customer's decision to renew or switch.
00:20:28 - Conclusion
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeLearn 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:
Good Habits, Bad Habits, by Wendy Wood What Your Employees Need and Can't Tell You, by Melina Palmer What Your Customer Wants and Can't Tell You, by Melina Palmer The Truth About Pricing, by Melina Palmer Atomic Habits, by James ClearTop Recommended Next Episode: Bikeshedding (ep 99)
Already Heard That One? Try These:
Endowment Effect (ep 139) Loss Aversion (ep 316) Framing (ep 296) Change Management (ep 226) Habits (ep 256) The Power of Habit (ep 368) Wendy Wood Interview (ep 127) Optimism Bias (ep 34) Time Discounting (ep 328) Planning Fallacy (ep 346)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias Status Quo Bias in Decision Making What is Status Quo Bias in Sales and Marketing? How Powerful Is Status Quo Bias? -
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 and application of AI and large language models. He highlights the importance of understanding the social science perspective to ensure responsible usage and discusses the benefits and limitations of AI in improving performance.
The conversation delves into various aspects, including the potential risks of relying on AI-generated content, the significance of proper training in using AI tools, and the role of behavioral science in conjunction with AI. Yves' expertise and experience make this episode a must-listen for business professionals interested in AI and behavioral science, as it offers valuable insights for more responsible and effective AI implementation in businesses.
In this episode:
Implementing AI in call centers revolutionizes customer support efficiency. Elevate user satisfaction by refining the search experience with AI. Streamline operations with self-service mechanisms for enhanced efficiency. Mitigate adverse effects of perverse incentives in call center operations. Elevate customer service standards through strategic AI integration. Show Notes:00:00:00 - Introduction
Yves Boudreau, head of technical sales at Google Cloud, discusses the intersection of AI and behavioral science, emphasizing responsible adoption and usage of AI technology.
00:05:44 - AI's Impact on Business Performance
Yves mentions a study showing that consultants using AI outperformed those who didn't. AI can increase efficiency, improve outcomes, and provide valuable insights when used effectively in business operations.
00:09:05 - Responsible AI Adoption
Yves highlights the negative impact of using AI without proper understanding and training. Google Cloud provides free workshops to ensure customers understand the technology and use it responsibly.
00:11:52 - Ethical Usage of AI
Yves discusses the ethical considerations of using AI, emphasizing the need to prevent misuse, privacy infringement, and manipulation of AI models. Responsible AI usage is crucial in both consumer and business contexts.
00:13:22 - Preventing Nefarious Use of AI
Yves explains the measures taken by Google Cloud to prevent malicious activities, such as attacks, reverse engineering, and tricking AI models. The focus is on using AI for good and closing loopholes to ensure responsible usage.
00:14:37 - AI and Show Notes Optimization
The conversation delves into the use of AI in creating show notes and the challenges of optimizing the process. There is a discussion about the limitations and potential errors in AI-generated summaries.
00:16:21 - Teaching Effective AI Use
The focus shifts to the importance of teaching effective AI usage, particularly in educational settings. The guest emphasizes the need to guide students in discerning accurate information from AI-generated content.
00:18:18 - Impact of AI on Performance
The conversation explores the impact of AI on consultants' performance, with a focus on how AI can elevate those with less expertise. An analogy is drawn between AI and tools that revolutionize manual tasks.
00:19:27 - Evolving Podcast Summary Creation
The discussion touches on the variability in podcast summary creation and the importance of adapting to changing norms. It emphasizes the need for prompt engineers to guide effective use of AI in search queries and content creation.
00:25:08 - Behavioral Economics and AI
The conversation shifts to the intersection of behavioral economics and AI in influencing consumer behavior. It highlights the role of AI in analyzing customer interactions and optimizing customer service processes.
00:28:42 - Evolution of Customer Support Departments
Yves discusses the evolution of customer support departments, including the combination of three departments into one and the transition from 24-hour call centers to more efficient hours.
00:30:58 - Impact of Digital Transactions on Call Centers
Yves shares insights from Matthew Dixon's research, indicating that over 80% of phone calls to contact centers are due to failed digital transactions, showcasing the impact of technology on customer service.
00:32:13 - Power of AI in Contact Centers
Yves emphasizes the potential of AI technologies in contact centers to improve customer experiences and empower agents. He discusses the need for behavioral scientists to guide the adoption and usage of AI tools.
00:34:24 - Leveraging Contact Center Data
Yves highlights the valuable insights hidden in call recordings and chat transcripts, advocating for their use to gain a competitive edge in business. He emphasizes the need for companies to embrace and leverage this data.
00:38:34 - Improving Customer Experience
Yves stresses the importance of providing efficient and effective customer service, aiming to minimize the need for customers to contact the business. He underscores the role of AI in enhancing the overall customer experience.
00:43:12 - Improving User Experience on Delta.com
Yves discusses the challenges of finding trip credits and flight credits on delta.com and the importance of making the search experience more user-friendly. The conversation delves into the need for more information in search prompts and the importance of user feedback for product improvement.
00:44:55 - The Challenging Call Center Environment
Melina shares her experience working in a call center and discusses the behavioral aspects of call center interactions. They explore the impact of incentives and metrics on call center agents and customers, emphasizing the importance of understanding human behavior in customer service.
00:46:55 - Behavioral Insights in Call Centers
The conversation continues with a focus on the behavioral aspects of call center operations, including the impact of incentives and customer behavior on call center performance. They highlight the challenges of logic and empathy in customer interactions and the importance of understanding human behavior in service delivery.
00:49:17 - Embracing AI and Technology
Melina discusses the increasing role of AI in call centers and business operations, emphasizing the need to embrace AI for time-saving and optimization. They highlight the potential of AI to improve self-service aspects and customer experience, emphasizing the importance of incorporating technology and human behavior in business operations.
00:50:52 - Conclusion,
Melina's top insights from the conversation. 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:
[email protected] 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 Yves:
LinkedIn X
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:
Magic Words, by Jonah Berger Predictably Irrational, by Dan Ariely The Behaviour Business, by Richard Chataway The Human Experience, by John Sills The Voltage Effect, by John ListTop Recommended Next Episode: Manuj Aggarwal Interview (ep 192)
Already Heard That One? Try These:
Marco Palma Interview (ep 374) Shapa (ep 101) Status Quo Bias (ep 376) Rory Sutherland Interview (ep 373) Warren Berger Interview (ep 340) Jonah Berger Interview (ep 301) Richard Chataway Interview (ep 134) John Sills Interview (ep 277) John List Interview (ep 190) Habits (ep 256) Herding (ep 264) Time Discounting (ep 328) Lucie Buisson (ep 339) Cobra Effect (ep 220) Dunning-Kruger Effect (ep 266)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter Centaurs and Cyborgs on the Jagged Frontier Bard Rebrands as Gemini -
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 perspective, emphasizing the significance of small changes in behavior and the impact of understanding the brain's wiring.
His insights shed light on the practical applications of behavioral science in various aspects of life, including gender disparities in the workplace and food choices. By delving into the intricate details of eye tracking, anchoring, and the patterns of eye movement, Marco provides valuable knowledge that entrepreneurs and business owners can leverage to optimize their marketing strategies and enhance their understanding of consumer behavior. This episode presents a rare opportunity to gain insights from a distinguished expert in the field, offering actionable takeaways that can be applied to drive positive changes in business and beyond.
In this episode:
Understand human behavior and decision-making to optimize business strategies and drive consumer engagement. Explore eye tracking and consumer behavior for insights that can revolutionize marketing approaches. Implement small changes and behavior modification techniques for impactful business results. Address gender disparities in the workplace to foster a more inclusive and productive environment. Delve into food choices and brain wiring to unlock the secrets of consumer preferences and habits. Show Notes:00:00:00 - Introduction,
Melina introduces the episode and the guest, Dr. Marco Palma, and discusses the work being done at the Human Behavior Lab at Texas A&M University.
00:03:37 - Understanding Human Behavior
Marco explains the use of sensors in the lab to understand the drivers of human behavior, including attention, facial expressions, brain activity, and stress signals.
00:08:24 - Advancements in Experimentation
Marco discusses the significant reduction in experiment time at the lab, allowing for more experiments and collaborations with outside partners to understand and measure human behavior more effectively.
00:09:09 - Application of Research
The application of research in menu optimization and advertising is highlighted, focusing on driving attention, simplifying messaging, and utilizing incentives to influence consumer behavior.
00:12:17 - Importance of Simplifying Messaging
Marco emphasizes the importance of simplifying messaging to ensure that the intended benefits are effectively communicated and perceived by consumers.
00:13:39 - The Power of Anchoring in Pricing
Marco explains how anchoring influences purchasing decisions in fancy restaurants and wine tasting settings, guiding consumers towards higher-priced items.
00:14:13 - Eye Tracking and Consumer Behavior
Marco discusses the significance of eye tracking in understanding how people search for information on a computer screen, in a menu, and other settings, guiding them through what businesses want them to see.
00:17:23 - Establishing Causality in Laboratory Experiments
The importance of controlling details in laboratory experiments to establish causality is emphasized, allowing for a better understanding of behavior in real-world settings.
00:21:48 - Self-Control, Cheating, and Generosity
Marco shares upcoming research areas on self-control, cheating, and generosity, focusing on understanding behavior and drivers, such as goal setting, perceptions of large corporations, and fundraising campaigns.
00:25:25 - Promoting Competition Among Women
The discussion shifts to promoting competition among high-ability women and addressing gender disparities in leadership roles, exploring potential strategies for changing perceptions and promoting competition.
00:27:24 - The Impact of Title Changes on Participation of Women
Marco discusses how changing titles can promote the participation of women, demonstrating the potential for small changes to yield significant results in gender equality.
00:29:06 - Understanding the Brain's Relationship with Food
Marco explains the importance of understanding our brain's relationship with food, particularly the reward system associated with sugar consumption and its impact on our modern diet and health.
00:31:29 - The Role of A&M in Research and Education
Marco highlights the mission of Texas A&M University, emphasizing the importance of translating research into real-world applications and the value of formal education, research discovery, and entrepreneurship.
00:32:43 - Reflection on the Impact of the Human Behavior Lab
Melina reflects on the significant impact of her connection to Marco and the Human Behavior Lab, citing examples of collaborations, research, and the launch of a certificate program in applied behavioral economics.
00:36:00 - Conclusion,
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeConnect with Marco:
Human Behavior Lab Website Human Behavior Lab on Instagram @HBLtamu on TwitterLearn 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:
Marketing to Mindstates, Will Leach What Your Customer Wants and Can't Tell You, by Melina Palmer What Your Employees Need and Can't Tell You, by Melina Palmer The Truth About Pricing, by Melina Palmer The Why Axis, by John List and Uri GneezyTop Recommended Next Episode: Check-In Dr. Marco Palma (ep 202)
Already Heard That One? Try These:
Introducing the Certificate in Applied Behavioral Economics (ep 115) Marketing to Mindstates, with Will Leach (ep 88) The Brainy Health Benefits of Nature, with Jay Maddock (ep 203) Common Errors in Financial Decision Making, with Chuck Howard (ep 213) Framing (ep 296) Priming (ep 252) iMotions research (ep 352) Implicit Bias Testing with Keith Ewart (ep 183) Solving a Billion Pound Problem with Behavioral Science, with Benny Cheung (ep 140) 100 episodes 1 big insight (ep 100)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter Self-control: Knowledge or perishable resource? iMotions on Facebook iMotions Biometric Research Tobii Website Certificate in Applied Behavioral Economics (fully virtual!) -
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 consumer behavior, makes him a valuable resource for marketers seeking to understand and leverage consumer psychology.
Throughout the conversation, Sutherland provides compelling insights into the significance of unmet needs, the power of small contextual changes, and the limitations of logic in capturing consumers' true desires. His emphasis on the role of language, the impact of evolutionary psychology, and the value of testing and experimentation underscores the practical applications of behavioral science in marketing strategy development. Listeners can expect to gain a deeper understanding of consumer behavior and how to implement effective, psychology-driven marketing strategies by tuning in to this episode.
In this episode:
Analyzing the marriage of behavioral science and marketing to optimize consumer engagement. Identifying unmet needs in consumer behavior to drive innovative marketing strategies. Leveraging language and emotions in decision-making to influence consumer choices. Implementing small contextual tweaks for significant behavioral changes in consumer behavior. Exploring the role of evolutionary psychology in understanding and predicting consumer behavior. Show Notes:00:00:00 - Introduction
Melina introduces Rory Sutherland, vice chairman of Ogilvy UK, and highlights his expertise in behavioral science and marketing.
00:01:16 - Unseen Consumer Behavior
Rory discusses the importance of small contextual changes in consumer behavior that can have significant effects on decision-making, such as the impact of a few sentences in a call center script.
00:02:05 - Met Unneeds and Unmet Needs
Rory explores the concept of "met unneeds" and "unmet needs" in consumer behavior, using examples like the unnecessary handling of luggage at a luxury hotel and the psychology behind overnight parcel delivery services.
00:04:30 - The Power of Behavioral Science
Melina and Rory delve into the power of behavioral science in uncovering consumer desires that may not be vocalized or captured by traditional market research, leading to billion-dollar business strategies and marketing ploys.
00:10:42 - Formative Influences
Rory reflects on his early influences, including children's fables, Sherlock Holmes stories, and the principles of problem-solving backwards, shaping his interest in behavioral science and creative problem-solving.
00:15:10 - Introduction of Digital Exchanges in the UK
Rory discusses the introduction of digital exchanges in the UK, allowing users to use the star and pound buttons on their phones for various functions. They tested response rates for different ordering methods, revealing unexpected results.
00:16:15 - Testing Different Ordering Methods
The team conducted tests with 50,000 participants for phone-only, post-only, and a choice of both ordering methods. The response rates varied significantly, challenging the traditional assumptions of consumer behavior and ordering preferences.
00:17:57 - Understanding Consumer Behavior
Rory delves into the surprising impact of offering different ordering options on consumer preferences. He suggests that the addition of choice may influence decision-making, highlighting the complexity of consumer behavior beyond traditional economic assumptions.
00:19:52 - Influence of Darwinian Thinking
Rory explores the influence of evolutionary psychology and Darwinian thinking on his approach to understanding complex systems and human behavior. He emphasizes the importance of variation, selection, and experimentation in driving progress and innovation.
00:22:12 - Importance of Testing and Replicability
Rory emphasizes the significance of testing in behavioral science, particularly in the context of pricing strategies. He discusses the replicability of behavioral principles and the evolutionary basis of Robert Cialdini's influential work, advocating for a thoughtful and curious approach to decision-making.
00:29:41 - The Value of Absurdist Humor in Content Creation
Rory discusses the influence of absurdist humor in PBS content and the importance of having a sense of humor in behavioral science.
00:31:01 - The Magic Formula of Pricing
Rory shares the story of how Netflix revolutionized its pricing model, emphasizing the psychology of pricing and the blind spots in economic assumptions.
00:34:02 - Consumer Behavior and Pricing
Rory delves into the misconceptions of economic logic in consumer markets and the impact of pricing on consumer decision-making, highlighting the role of perception and context in pricing strategies.
00:35:26 - The Psychology of Price
Rory discusses the significance of psychology in pricing, emphasizing that to economists, price is a number, but to consumers, price is a feeling, influenced by contextual factors.
00:40:01 - The Fallacy of Total Automation
Rory criticizes the trend towards total automation in customer service, highlighting the importance of human interaction, adaptivity, and resilience in systems design.
00:43:54 - The Shift from Reading to Audiobooks
Rory explains his shift from reading to using audiobooks, and how he extensively uses Google for browsing.
00:44:29 - The Value of Google Search Techniques
Rory emphasizes the importance of using advanced search techniques in Google to improve the value derived from a search, and the need to teach people how to use Google effectively.
00:45:24 - The Value of Writing
Rory discusses the value of writing as a process, rather than just the end product, and the concerns about the impact of AI on the value of writing.
00:46:16 - The Importance of the Advertising Process
The conversation delves into the value of the process involved in creating an advertisement, and the potential drawbacks of automation in short-circuiting the creative process.
00:52:19 - Conclusion,
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeConnect with Rory:
LinkedIn Twitter OgilvyLearn 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:
Alchemy, by Rory Sutherland Transport for Humans, by Rory Sutherland and Pete Dyson Evolutionary Ideas, by Sam Tatam Influence, by Robert Cialdini The Customer Copernicus, by Charlie Dawson and Sean MeehanTop Recommended Next Episode: Interview with Sam Tatam (ep 372)
Already Heard That One? Try These:
Richard Chataway (ep 134) Rohit Bhargava (ep 297) Cowry Consulting (ep 131) Chris Rawlinson (ep 193) Robert Cialdini (ep 312) Social Proof (ep 87)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter Nudgestock -
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 of behavioral science and business.
His book emphasizes gaining insights from nature to drive innovative solutions in business, drawing parallels between the natural world and applied behavioral science. He highlights the significance of long-term thinking, alternative options, and the potential impact of small ideas in problem-solving. By exploring shared solutions and learning from diverse fields, such as biology and engineering, Sam advocates for a practical and creative application of behavioral science. This episode offers valuable insights for business professionals and entrepreneurs seeking innovative problem-solving approaches based on behavioral science principles.
In this episode, you will:
Apply behavioral science to enhance problem-solving and innovation in business. Understand the power of reciprocity in shaping human behavior. Explore the pivotal role of language in influencing perception and decision-making. Embrace shared solutions as a strategic approach to effective problem-solving. Implement practical problem-solving approaches rooted in behavioral science. Show Notes:00:00:00 - Introduction,
Melina introduces the podcast episode and guest, Sam Tatum, and discusses the focus on evolutionary ideas and how nature can provide insights for solving business problems.
00:07:29 - Nudgestock Pivot
Sam discusses the decision to pivot Nudgestock to a virtual event in 2020 due to the pandemic and the success of the event, as well as the long-term impact and growth of the event.
00:11:32 - Evolutionary Ideas Book Inspiration
Sam shares the inspiration behind his book, Evolutionary Ideas, including his keynote talk and the concept of borrowing from the natural world to solve human challenges, as seen in biomimicry.
00:14:30 - Biomimicry and Applied Behavioral Science
Sam explains the concept of biomimicry and how it can be used to explore the realm of possibility in applied behavioral science, drawing parallels between adapted solutions in nature and adapted psychological solutions for human challenges.
00:16:06 - Reciprocity and Adaptation
Sam discusses the concept of reciprocity and adaptation by using the example of vampire bats. He emphasizes the importance of understanding and appreciating these behaviors on a continuum, highlighting their positive role in survival.
00:17:18 - Trust and Solutions
Sam delves into the role of trust in social well-being and its connection to reciprocity. He explores the idea that understanding concrete concepts, such as the behavior of vampire bats, can pave the way for identifying psychological solutions.
00:19:25 - Language and Perception
The conversation shifts to the power of language in shaping perception and categorization of concepts. Sam highlights the significance of having a rich vernacular to diagnose and apply solutions systematically, drawing parallels with the concept of asymmetric decoy.
00:21:44 - Shared Solutions and Innovation
Sam discusses the shared nature of problems and solutions, emphasizing the evolutionary and adaptive processes that have led to the emergence of common patterns of solutions.
00:30:43 - Applying Behavioral Science in Business
Melina prompts Sam to provide practical advice for applying behavioral science in business. Sam emphasizes the opportunities for employing behavioral science in various business contexts, encouraging listeners to leverage shared psychological principles to drive innovation and problem-solving.
00:32:41 - Learning and applying the notes and chords of psychology
Sam emphasizes the importance of learning the basics of psychology and behavioral science, comparing it to learning notes and chords in music, and how once mastered, they can be creatively applied.
00:34:39 - Reframing problems through a human lens
Sam discusses the importance of reframing problems through a human lens, rather than categorizing them based on industry-specific challenges, and how solutions can be found by recategorizing the nature of the problem.
00:39:26 - Conclusion,
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeConnect with Sam:
Twitter LinkedIn OgilvyLearn 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:
Evolutionary Ideas, by Sam Tatam Alchemy, by Rory Sutherland Solving Modern Problems with a Stone Age Brain, by Douglas Kenrick and David Lundberg-Kenrick A More Beautiful Question, by Warren Berger Look, by Christian MadsbjergTop Recommended Next Episode: Look, with Christian Madsbjerg (ep 325)
Already Heard That One? Try These:
Framing (ep 296) Anchoring (ep 11) Priming (ep 252) Bikeshedding (ep 99) Behavioural Science Club, with Co-Founder Louise Ward (ep 118) Herding (ep 264) Reciprocity (ep 238) Change Management (ep 226) Loss Aversion (ep 316) Scarcity (ep 270) Relativity (ep 12) Time Discounting – I’ll Start Monday Effect (ep 328) Solving Modern Problems with a Stone Age Brain (ep 237) A More Beautiful Question with Warren Berger (ep 340)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter Nudgestock -
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 behavior, making his insights invaluable for business leaders and decision-makers. The conversation delved into the significance of habituation, exploring how individuals become less sensitive to stimuli over time.
Cass highlighted the value of exploration and exploitation in learning and decision-making, emphasizing the impact of emotions on behavior and the role of diversity in decision-making processes. The episode provides valuable insights into how businesses can apply behavioral economics principles to enhance decision-making processes, ultimately shaping choices presented to individuals and influencing behavior in beneficial ways. Cass’ expertise and perspectives make this episode a must-listen for business leaders seeking to understand and leverage human behavior insights for enhanced decision-making.
In this episode:
Understand the psychology behind decision-making for strategic advantage. Harness habituation to gain insights into customer perception and behavior. Appreciate the power of dishabituation for uncovering hidden opportunities. Master the balance between exploration and exploitation for effective learning. Leverage nudges to influence decision-making and drive positive outcomes. Show Notes:00:00:00 - Introduction,
Melina introduces Cass Sunstein, his background in behavioral economics, and his newest book Look Again.
00:04:26 - The power of habituation
Cass explains the concept of habituation and its impact on how we perceive the world around us, using examples from everyday life.
00:06:15 - The importance of dishabituation
Cass discusses the importance of dishabituation in appreciating the good things in life and addressing challenges, using examples from personal experiences and historical figures.
00:13:27 - Creativity and the Fosbury Flop
Cass explores the concept of creativity and the importance of critical distance from existing practices, using the example of Olympic athlete Dick Fosbury and his innovative high jump technique.
00:15:56 - Fosbury Flop in Government
Cass shares examples of how the Fosbury Flop concept has been applied in the government to drive innovation and improve efficiency, using specific policy examples.
00:16:36 - Creativity and Disruption
Cass discusses how global entry and TSA precheck were developed by creative people, like disruptors who refuse to habituate and bring ideas from other areas.
00:17:43 - Exploration vs. Exploitation
Cass explains the difference between exploiters and explorers, where exploiters stick to what they know, while explorers seek new experiences and habituate quickly.
00:21:07 - Bill Gates vs. Warren Buffett
Cass shares how Bill Gates' wide-ranging reading list reflects an explorer, while Warren Buffett's focused recommendations align with an exploiter.
00:25:19 - Tips for Writing and Co-Authoring
Cass advises to follow your excitement for a project, start writing even if it's difficult, and find co-authors who are enjoyable to work with and bring out the best in each other.
00:33:38 - Conclusion,
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeConnect with Cass:
X LinkedInLearn 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:
Look Again, Cass Sunstein and Tali Sharot Nudge, Richard Thaler and Cass Sunstein Scarcity, Sendhil Mullainathan and Eldar Shafir Possession, A.S. Byatt Radical Uncertainty, John Kay and Mervyn KingTop Recommended Next Episode: Optimism Bias (ep 34)
Already Heard That One? Try These:
Nudge (ep 35) Incentives (ep 272) Understanding Mapping (ep 294) Defaults (ep 38) Give Feedback (ep 40) Expect Error (ep 362) Sludge (ep 179) Normalcy Bias (ep 370) Habits (ep 256) Wendy Wood Interview (ep 127)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter
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In this episode of The Brainy Business podcast, Melina Palmer explores the concept of normalcy bias and its implications for decision-making. She provides compelling examples of how normalcy bias impacts individuals and industries, emphasizing the necessity of overcoming this mindset to foster adaptability and innovation. Melina underscores the significance of seizing virtual opportunities and leveraging behavioral economics for business success, urging her audience to consider the enduring value of maintaining virtual offerings.
Additionally, she addresses the perils of normalcy bias, emphasizing the need to acknowledge and confront the tendency to underestimate potential future challenges or changes. Melina teases an upcoming episode with Cass Sunstein, where the concept of normalcy bias will be thoroughly examined, offering listeners an exciting chance to gain further insights. This segment offers valuable insights on embracing change, capitalizing on virtual prospects, and challenging conventional norms, making it essential listening for business professionals seeking to enhance their decision-making acumen.
In this episode:
Recognize the impact of normalcy bias on decision-making processes. Utilize virtual opportunities to leverage behavioral economics for business growth. Enhance business success by maintaining virtual offerings in the current market landscape. Implement diversification strategies to mitigate risks and optimize business resilience. Address normalcy bias to improve decision-making and strategic planning. Show Notes:00:00:00 - Introduction
Melina introduces the concept of normalcy bias and its impact on decision-making during times of crisis or change.
00:03:02 - Impact of Normalcy Bias on Decision Making
Melina discusses how normalcy bias affects decision-making, leading to complacency and resistance to change, using examples from different industries.
00:09:20 - Clinging to Normalcy in Times of Change
Melina explores the tendency to cling to normalcy even when change is inevitable, and how this can hinder adaptability and innovation in businesses.
00:12:48 - Impact of Normalcy Bias on Financial Industry
Melina provides an example of how normalcy bias affected decision-making in the financial industry, leading to missed opportunities and potential risks for businesses.
00:15:08 - Adapting to Change and Overcoming Normalcy Bias
Melina shares insights on the need to adapt to change, prepare for unforeseen circumstances, and overcome normalcy bias for long-term business sustainability.
00:16:05 - Exploring New Opportunities
Melina discusses the need to look for virtual opportunities, the importance of behavioral economics for business success, and the potential for adding new product lines accessible from home.
00:16:34 - Market Fit and Future Planning
Melina emphasizes the importance of aligning with market needs, maintaining future sustainability, and considering brand continuity in business decisions.
00:17:25 - Diversification and Normalcy Bias
Melina highlights the significance of diversification in business and the impact of normalcy bias on decision-making and problem-solving in the face of change.
00:18:09 - Underestimating Change
Melina discusses how normalcy bias leads to underestimating the impact and duration of problems, and the need to regain sensitivity to notice both positive and negative aspects of life.
00:19:25 - Conclusion
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeLearn 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:
Look Again, Cass Sunstein and Tali Sharot Sludge, Cass Sunstein Nudge, Richard Thaler and Cass Sunstein Simpler, Cass Sunstein What Your Employees Need and Can't Tell You, Melina PalmerTop Recommended Next Episode: Sludge (ep 179)
Already Heard That One? Try These:
Nudge (ep 35) Optimism Bias (ep 34) Loss Aversion (ep 9) Availability Bias (ep 15) Time Discounting (ep 51) Herding (ep 19)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter Tali Sharot Ted Talk -
In this episode of The Brainy Business podcast, Dr. Scott Rick, an associate professor of marketing at the University of Michigan's Ross School of Business, shares his insights into the psychology of spending behavior and its impact on personal relationships, financial decisions, and consumer behavior. Scott's research focuses on understanding the emotional causes and consequences of consumer financial decision-making, particularly concerning the behavior of tightwads and spendthrifts.
He delves into the different approaches to spending, emphasizing the distinctions between people who are just frugal, those who are tightwads, and those who love to spend. The episode provides valuable insights for personal financial advisors and individuals struggling with spending habits, offering strategies to help make better financial decisions and navigate their financial relationships more effectively. Scott's expertise and research bring a deep understanding of the psychological underpinnings of spending behavior, making this episode a must-listen for anyone seeking to enhance their financial well-being and understanding of consumer behavior.
In this episode:
Understand the intricate psychology behind spending behavior to make informed financial decisions. Explore the profound impact of joint accounts on overall happiness for informed financial planning. Navigate the complexities of decision-making in relationships to achieve financial harmony. Achieve a balance between individuality and togetherness in joint accounts for sustainable financial management. Uncover the significance of nudging and its role in improving decision-making for enhanced financial well-being. Show Notes:00:00:00 - Introduction
Dr. Scott Rick introduces the concept of tightwads and spendthrifts and discusses his background in decision-making research and marketing at the University of Michigan.
00:04:22 - Understanding Tightwads and Spendthrifts
Scott explains the psychological distress experienced by tightwads when spending money and the lack of distress experienced by spendthrifts, leading to different spending behaviors and frustrations.
00:09:13 - The Art of Gift Giving
Scott delves into the importance of gift giving as a way to show appreciation and understanding of a partner and discusses the role of sacrifice and surprise in giving meaningful gifts.
00:13:28 - Navigating Gift Giving with a Tightwad
Scott offers advice on planning experiences, joint accounts, and benevolent deception to navigate gift giving with a partner who is a tightwad, emphasizing the significance of experiences over material gifts.
00:15:30 - The Importance of Valentine's Day in Relationships
Scott emphasizes the importance of joint participation in Valentine's Day, emphasizing the communal nature of relationships.
00:16:15 - The Benefits of Joint Accounts
Scott discusses the results of an experiment with newlyweds, highlighting that couples with joint accounts were the happiest, maintaining their newlywed level of happiness.
00:18:08 - Financial Translucency and Individuality
Scott advocates for financial translucency instead of transparency, promoting the maintenance of individuality within joint accounts to avoid scorekeeping and promote communal vibes.
00:23:33 - The Psychological Impact of Prenups
Scott shares his concerns about prenups, citing the psychological impact of having a backup plan and the optional nature of proposing it, suggesting a mandatory approach to reduce the stigma.
00:26:58 - The Influence of Decision Nudges
Melina and Scott discuss the psychological impact of decision nudges, referencing research on the happiness of those who followed advice from a coin flip, highlighting the influence of nudges in decision-making processes.
00:30:22 - Marrying Companies and Relationships
Scott discusses how the concept of marrying for love or money can tie into our relationships with companies. He highlights the importance of psychological similarity and well-being in both personal and professional commitments.
00:33:14 - Love or Money Question
The discussion delves into the idea of marrying for love or money, drawing parallels to career choices. Scott emphasizes the need for a balance between money, love, and psychological similarity, both in personal relationships and career decisions.
00:36:47 - Importance of Companionate Love
The conversation explores the significance of companionate love in long-term relationships, whether personal or professional. Scott and Melina discuss the potential pitfalls of solely relying on passionate love and the need for enduring compatibility.
00:40:32 - Revealing Interviews
Scott and Melina discuss the importance of evaluating candidates' behavior and compatibility during interviews, drawing parallels to personal and professional relationships.
00:42:45 - Gift-Giving and Understanding
Scott shares a personal anecdote about the challenges of gift-giving, emphasizing the importance of understanding and considering the recipient's perspective. This ties into the broader theme of understanding others' perspectives in personal and professional relationships.
00:45:42 - Conclusion,
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeConnect with Scott:
Scott’s website Instagram LinkedInLearn 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:
Tightwads and Spendthrifts, Scott Rick Happy Money, Elizabeth Dunn and Michael Norton The Ritual Effect, Michael Norton Behavioral Investor, Daniel Crosby How To Change, by Katy MilkmanTop Recommended Next Episode: Mental Accounting (ep 282)
Already Heard That One? Try These:
Kate Gigax Interview (ep 321) Pain of Paying (ep 240) Marcus Collins Interview (ep 305) Merle van den Akker Interview (ep 283) Katy Milkman Interview (ep 151) Chuck Howard Interview (ep 213) Paul Bloom Interview (ep 345) The Truth About Pricing (ep 5) Reciprocity (ep 283) DOSE Brain Chemical (ep 360) Surprise & Delight (ep 276) Status Quo Bias (ep 142) Speed of Trust (ep 148) Vulnerability Loops (ep 229) Nudge (ep 35)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter
-
In this episode of The Brainy Business, Melina Palmer dives into the fascinating world of habits and their impact on business. Inspired by an upcoming interview with author Scott Rick on habits and money, Melina explores how habits can be harnessed in various business settings. She shares examples of big players like Starbucks and Costco, highlighting how they leverage habits to keep customers engaged and coming back for more.
Melina's insights on the power of habits and their application in business provide a fresh perspective for entrepreneurs and business owners. By understanding the psychology behind habits, she emphasizes how businesses can create rituals, anticipation, and a sense of scarcity to increase customer engagement and loyalty. Tune in to gain a deeper understanding of how habits influence consumer behavior and how you can leverage them in your business to drive success.
In this episode:
Maximize Business Success with the Power of Habits Unleash Marketing Success by Leveraging Habit Formation Master the Job to be Done Method for Business Growth Unlock Alternative Product Uses by Breaking Habits Foster Consistency and Engagement in Networking Drive Engagement through Strategic Content Creation Show Notes:00:00:00 - Introduction
Melina Palmer introduces the episode and discusses the importance of habits in business and personal life.
00:03:12 - Leveraging Habits in Business
Melina explains how businesses use habits to their advantage, with examples from Lego, Starbucks, and Costco, and how to apply them in different industries.
00:07:46 - Habit Formation with Apps
Melina discusses how apps use daily bonuses to create habits and increase user engagement, using examples from popular games like Candy Crush.
00:12:56 - Habits to Overcome Stress and Boredom
Melina delves into the role of habits in overcoming stress and boredom, using the example of KitKat's tie-in with coffee breaks to increase sales and customer habit formation.
00:18:08 - Understanding Consumer Habits
Exploring the connection between consumer habits and the placement of products in stores, highlighting the importance of understanding the job a product is hired to solve rather than just its features.
00:19:16 - Uncovering Consumer Behavior
Researching consumer behavior at McDonald's, specifically focusing on morning milkshake purchases and the reasons behind them. The importance of understanding the job a product is hired to do and making it easy for consumers to fulfill that job.
00:22:12 - Leveraging Consumer Insights
Highlighting the significance of understanding how consumers use a product in unexpected ways, and how this can lead to new marketing opportunities. Examples include NyQuil introducing ZzzQuil and the popularity of life hacks.
00:25:39 - Payment Habits and Consumer Behavior
Exploring the impact of auto-pay and regular payments on consumer habits, and how businesses can leverage this to encourage customer loyalty. The importance of making payments easy and small in order to foster habitual behavior.
00:29:35 - The Power of Appointment-Based Services
Discussing the benefits of appointment-based businesses, and the importance of making it easy for customers to schedule and keep regular appointments. Examples include hair salons, nail salons, and massage therapists.
00:34:12 - The Importance of Making Habits a Priority
Making regular appointments a habit by prescheduling can lead to client loyalty and reciprocity.
00:35:19 - Networking and Social Media Habits
Being part of people's routines is crucial in networking and social media. Consistency in engagement and genuine relationships are key.
00:38:19 - The Power of Consistency in Content Creation
Consistency in content creation is essential for building habits in your audience. Repetition and reliability drive engagement and loyalty.
00:39:27 - Importance of Commitment and Frequency
The commitment to frequency in content creation is crucial for building habits. Being less frequent can make it harder for the audience to form a habit.
00:43:10 - Conclusion
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeLearn 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:
Tightwads and Spendthrifts, by Scott Rick Happy Money, by Elizabeth Dunn and Michael Norton The Ritual Effect, by Michael Norton Good Habits, Bad Habits, by Wendy Wood Atomic Habits, by James ClearTop Recommended Next Episode: Wendy Wood Interview (ep 127)
Already Heard That One? Try These:
Habits (ep 256) Herding (ep 264) Framing (ep 296) Chuck Howard Interview (ep 213) Nudges (ep 218) Expect Error (ep 362) Give feedback (ep 40) Stone Age Brain (ep 237) Tim Ash Interview (ep 334)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter Return of the weekly salon visit Clay Christensen’s Milkshake Marketing Marketing, Milkshakes and Understanding Your Customers Revival and Growth of an Iconic Brand 21 great Advent calendar ideas for Christmas 2018 LEGO City Advent Calendar -
In this episode of The Brainy Business podcast, Melina Palmer interviews Amy Porterfield, an esteemed author and host of the Online Marketing Made Easy podcast, who shares her journey from working with Tony Robbins to becoming a successful entrepreneur. Amy's insights on leaving a 9-to-5 job and starting a business emphasize the importance of embracing entrepreneurship for personal freedom and the ability to design a fulfilling professional life.
She advises aspiring entrepreneurs to have the courage to pursue their dreams, highlighting the initial challenges and the significance of experimentation and niche focus in the early stages of entrepreneurship. Amy's expertise in creating profitable digital courses and her emphasis on the value of an email list and scarcity marketing make this episode a must-listen for aspiring entrepreneurs seeking increased confidence and clarity in their pursuit of entrepreneurship. Her relatable experiences and actionable insights offer valuable guidance for those considering a career change and venturing into entrepreneurship.
In this episode, hear discussions about:
Mastering the transition from a 9-to-5 job to entrepreneurship empowers you to pursue your passion and take control of your career. Strategically building an email list facilitates direct communication with your audience, fostering stronger connections and increasing business opportunities. Embracing the importance of scarcity marketing cultivates a sense of exclusivity, driving demand and urgency for your products or services. Focusing on a specific niche allows you to become an authority in your field, attracting a loyal customer base and standing out in a competitive market. Leveraging limited availability creates a sense of urgency, compelling customers to act swiftly and seize the opportunity, leading to increased sales and engagement. Show Notes:00:00:00 - Introduction
Melina introduces Amy Porterfield, author of Two Weeks Notice and host of the Online Marketing Made Easy podcast, and shares her excitement about having Amy as a guest on the show.
00:04:05 - Amy's Background and Transition to Entrepreneurship
Amy shares her transition from working for Tony Robbins to becoming an entrepreneur. She highlights the challenges she faced in her first two years of business and emphasizes the importance of finding the courage to quit a 9-5 job.
00:07:02 - Upsides of Entrepreneurship
Amy discusses the freedom and opportunities that come with entrepreneurship. She encourages individuals to pursue entrepreneurship if they feel unhappy in their current job, emphasizing the freedom and control that it offers.
00:10:11 - Evolution of Business Model
Amy talks about the evolution of her business model, highlighting the importance of experimentation and finding what works. She emphasizes the need to pivot and make changes based on what feels right and resonates with the entrepreneur.
00:13:24 - Overcoming Trivial Obstacles
Melina and Amy discuss the concept of Bike Shedding and Parkinson's Law of Triviality, emphasizing the tendency to procrastinate on trivial tasks. They encourage entrepreneurs to focus on the most important aspects of their business and avoid getting stuck on minor details.
00:14:19 - Avoiding Common Business Mistakes
Amy advises against spending too much time on non-essential tasks such as perfecting a website or business card. She emphasizes the importance of making decisions and taking action to move forward in business.
00:15:23 - Overcoming Analysis Paralysis
Amy highlights how spending excessive time on decisions like website templates is a way to stay safe, but it ultimately keeps individuals stuck. Taking action and making decisions is crucial for progress.
00:16:40 - Importance of Website Content
Amy stresses the significance of key website pages, such as the about page and creating weekly original content. She advises against comparing one's early business stages to established businesses and emphasizes the need for consistency in content creation.
00:18:28 - Building an Email List
Amy discusses the value of an email list, emphasizing its control and reliability compared to social media. She underscores the importance of promoting freebies and nurturing the email list as a priority in business growth.
00:26:29 - Consistency in Business Strategy
Amy shares her successful strategy of launching the same product repeatedly until it performs exceptionally well. She highlights the importance of familiarity and repetition in marketing for success.
00:27:36 - The Evolution of Digital Course Academy
Amy discusses the evolution of her product, Digital Course Academy, and how she has been launching it since 2019, with each launch getting better and bigger. She emphasizes the importance of improving marketing and program quality over time.
00:28:31 - Building Brand and Growing Email List
Amy explains how launching the same product annually has helped her improve marketing, program quality, and grow her email list. She emphasizes the value of continuously building and strengthening the brand through consistent launches.
00:30:27 - Overcoming Nervousness about Scarcity and Urgency
Melina and Amy discuss the challenges entrepreneurs face when implementing scarcity and urgency in their offers. Amy offers advice on addressing the fear of being pushy and the importance of believing in the value of urgency in helping customers make decisions.
00:34:48 - The Psychology of Scarcity and Urgency
Melina delves into the psychological aspects of scarcity and urgency, highlighting how time pressure can shift individuals from being risk-averse to loss-averse. Amy emphasizes the effectiveness of scarcity in capturing attention and spurring action.
00:40:21 - The Power of Nudging and Feedback
Melina and Amy discuss the concept of nudging and the importance of providing feedback to guide customers in their decision-making. Amy emphasizes the value of sending reminder emails to nudge potential customers, recognizing that people may forget due to their busy schedules.
00:40:55 - Overcoming Hurdles and Helping Others
Amy gives advice on how to approach helping others without making them feel bad and encourages stepping out of comfort zones to send more emails.
00:41:36 - Self-Selection and Audience Clarity
Amy shares her experience with receiving negative emails and emphasizes the importance of self-selecting audiences and being clear about who your audience is.
00:42:25 - Focused Business Approach
Melina and Amy discuss the benefits of focusing on specific areas of expertise and being known for something specific, such as online courses and email list growth.
00:43:29 - Leveraging Social Media
Amy talks about using social media to her advantage, even if she doesn't love it, and how it has helped her business.
00:44:43 - Leveraging Scarcity and Generosity
Melina and Amy discuss the power of scarcity, familiarity bias, and reciprocity in growing a business, and encourage listeners to simplify and leverage these principles.
00:45:47 - Conclusion,
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeConnect with Amy:
Amy’s website Amy’s Instagram Amy’s LinkedInLearn 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:
Two Week’s Notice, by Amy Porterfield What Your Customer Wants And Can’t Tell You, by Melina Palmer The Truth About Pricing, by Melina Palmer Purpose, by Gina Bianchini The Power of Scarcity, by Mindy WeinsteinTop Recommended Next Episode: Subscriptions and Memberships (ep 105)
Already Heard That One? Try These:
Framing (ep 296) Focusing Illusion (ep 330) Confirmation Bias (ep 260) Gina Bianchini Interview (ep 263) Bikeshedding (ep 99) Time Pressure (ep 366) Loss Aversion (ep 316) Scarcity (ep 270) How to Stack and Bundle Offers (ep 84) How to Raise Prices (ep 354) Mindy Weinstein Interview (ep 271)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter
-
In this episode of The Brainy Business Podcast, Melina Palmer digs into the psychology of time pressure and its effects on decision-making. She explains how time pressure creates a sense of scarcity and triggers loss aversion in the brain, leading to impulsive choices, especially during holiday shopping. Melina shares strategies to combat this, like setting a budget and creating a gift list to resist impulse buying. She also delves into how businesses can use time pressure to drive sales but emphasizes the need to test different approaches.
Melina also touches on the impact of time pressure on creativity and productivity, highlighting the importance of clear communication to reduce misunderstandings and time pressure. Her advice is helpful for anyone looking to make informed decisions and resist impulse buying during holiday shopping. Plus, her insights on leveraging time pressure for business are equally valuable. So, if you want to understand the psychology of time pressure and how to navigate it, this episode is definitely worth a listen!
In this episode:
Discover the psychology of time pressure to understand its impact on decision-making. Explore the influence of time pressure on consumer behavior and decision-making processes. Learn effective strategies to resist impulse buying and make informed purchasing decisions. Uncover how to leverage time pressure in marketing to drive consumer engagement and action. Find ways to reduce time pressure for increased productivity and better decision-making. Show Notes:00:00:00 - Introduction
This episode introduces the topic of time pressure and its impact on consumer behavior and decision-making. Melina shares her personal experience of feeling time pressure while buying concert tickets.
00:03:35 - The Complexity of Decision-Making
The subconscious brain makes the majority of our decisions due to its faster processing speed. However, considering every facet of a decision would be overwhelming. Time pressure can lead to less effective decision-making and reduce creativity.
00:07:41 - Time Pressure and Consumer Behavior
Time pressure during the holidays can influence consumer behavior. Limited quantities, daily deals, and shopping cart clocks create a sense of urgency. Under time pressure, people are more likely to make impulsive purchases and choose familiar, expensive options.
00:09:52 - Shifting Decision-Making Under Time Pressure
Time pressure can reverse how we evaluate choices. With plenty of time, we tend to be risk-averse and focus on the risks of making a choice. However, under time pressure, we become loss-averse and fear missing out (FOMO), leading to impulsive buying behavior.
00:10:43 - Tips for Managing Time Pressure
To manage time pressure during holiday shopping, create a gift list with spending limits. Plan ahead and have a list of stores to visit or browse online. Having a plan helps resist impulsive purchases and stay within budget.
00:15:52 - Importance of Promotions and Offers
Promotions and offers are beneficial for businesses as they help consumers make decisions. Time pressure can be incorporated through discounts or limited-time offers, creating a sense of urgency. Countdowns and limited quantities also drive action.
00:18:15 - Effect of Time Pressure on Consumer Behavior
Time pressure impacts decision-making by shifting individuals from being risk averse to loss averse. The perception of limited time changes behavior and motivates action. People are more likely to act quickly when faced with the possibility of missing out on an opportunity.
00:20:25 - Black Friday Deals and Year-End Offers
Small businesses should consider if participating in Black Friday or year-end offers is necessary or beneficial. While big retailers are expected to have such deals, small businesses might get lost in the clutter. It's important to be thoughtful and not feel pressured to offer discounts that may result in operating at a loss.
00:22:53 - Impact of Time Pressure on Decision-Making
Time pressure causes individuals to focus on extremes and make decisions based on worst-case and best-case scenarios. This may lead to less creativity and accuracy in decision-making. Working with more time allows for better planning and higher-quality outcomes.
00:26:41 - Overcoming Mindset Blocks and Alleviating Time Pressure
Constantly being under time pressure can hinder productivity and quality of work. Overcoming mindset blocks and planning effectively can alleviate time pressure and improve creativity and decision-making.00:31:02 - Evaluating Time Pressure
Taking time to evaluate the impact of time pressure and asking key questions can help make confident decisions and use time pressure to your advantage.
00:31:53 - The Effects of Time Pressure
Time pressure can hinder creativity, openness to change, and solid work in businesses. Clear communication and reducing unnecessary tasks can help alleviate time pressure.
00:33:02 - Misunderstood Emails
Misunderstood emails contribute to wasted time and decreased productivity. Improving email clarity and simplicity can help reduce time pressure.
00:33:39 - Tips to Reduce Time Pressure
Implementing strategies like clearer communication, simpler answers, and reducing unnecessary tasks can save significant time for employees.
00:34:46 - Conclusion
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeLearn 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:
Two Weeks Notice, by Amy Porterfield What Your Customer Wants and Can't Tell You, by Melina Palmer What Your Employees Need and Can't Tell You, by Melina Palmer The Power of Scarcity, by Mindy Weinstein Scarcity, by Sendhil Mullainathan and Eldar ShafirTop Recommended Next Episode: What Your Employees Need and Can't Tell You launch (ep 225)
Already Heard That One? Try These:
The Overwhelmed Brain and Its Impact on Decision Making (ep 358) Behavioral Economics Foundations: Loss Aversion (ep 316) Behavioral Economics Foundations: Framing (ep 296) How To Set Up Your Own Experiments (ep 63) How to Set, Achieve & Exceed Brainy Goals (ep 70) Behavioral Economics Foundations: Nudges and Choice Architecture (ep 35) Overview of Personal Biases (ep 45) Behavioral Economics Foundations: Scarcity (ep 270) What is Value? (ep 234) Behavioral Economics Foundations: Herding (ep 264) Mindy Weinstein Interview (ep 271) What Your Customer Wants and Can't Tell You (ep 147) The Truth About Pricing (ep 356)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter Judgment and Decision Making Under Time Pressure Decision Making Under Time Pressure: A Model for Information Systems Research This Is Your Brain ‘On Sale’ Decisions under Time Pressure: How Time Constraint Affects Risky Decision Making Searching for a Better Deal: on the Influence of Group Decision Making, Time Pressure and Gender in a Search Experiment The Effects of Time Pressure and Completeness of Information on Decision Making -
In this episode of The Brainy Business podcast, Dr. Felicity Heathcote-Marcz shares her expertise in immersive research methodologies and ethnographic approaches, demonstrating the critical intersection between brain-friendly practices and effective business strategies. Her extensive experience in understanding cognitive biases, the power of storytelling, and the significance of empathy in decision-making processes enriches the discussion, offering actionable insights for optimizing organizational strategies.
Dr. Heathcote-Marcz's deep understanding of the topic and her ability to bridge academic ethnography with industrial practices makes her a valuable resource for business leaders seeking to enhance their decision-making processes and customer engagement through brain-friendly practices. The episode provides a high-level overview of the importance of incorporating brain-friendly practices into business strategies, making it a valuable resource for leaders aiming to optimize their organizational effectiveness.
In this episode, hear discussion about how to:
Implement brain-friendly business strategies to optimize decision-making and customer engagement. Identify and overcome cognitive biases in decision-making for more effective and rational business choices. Harness the power of storytelling in marketing to captivate and engage your target audience. Cultivate empathy in customer understanding to enhance customer satisfaction and loyalty. Engage in virtual strategy sessions and workshops to adapt and thrive in the digital business landscape. Show Notes:00:00:00 - Introduction
Dr. Felicity Heathcote Marcz introduces her consultancy, Bare Analysis, and discusses the importance of insight and research in today's changing business landscape.
00:04:47 - Starting a Business and Seeking Mentorship
Felicity shares her experience of starting a new business and emphasizes the value of seeking out mentors for guidance and support.
00:11:37 - Tips for Starting a Business
Felicity encourages aspiring entrepreneurs to believe in themselves, take calculated risks, and seek mentorship from experienced business owners.
00:14:54 - Active Listening and Building Trust
Felicity discusses the importance of active listening in ethnographic research and shares tips for building trust and rapport with interview subjects.
00:16:56 - Importance of Pre-research in Ethnography
Felicity emphasizes the importance of pre-research in ethnography to understand the context and stakeholders. She mentions the value of mystery shopping and desktop research to gather insights before engaging with stakeholders.
00:18:21 - Building Trust in Ethnography
Felicity discusses the importance of building trust with stakeholders in ethnographic research, especially when clients may perceive researchers as spies or judgmental. She highlights the need for authentic dialogue and the ethical considerations involved in the process.
00:20:30 - Active Listening in Ethnography
Felicity and Melina stress the importance of active listening in ethnographic research. They caution against self-deprecating chatter and emphasize the need for researchers to speak minimally and focus on understanding the stakeholders' perspectives.
00:25:23 - Role of Ethnography in Problem Definition
Felicity discusses how ethnography can help organizations understand their problems better at the beginning of a project. She emphasizes the need for in-depth problem definition to avoid jumping to technological solutions without fully understanding the problem.
00:28:16 - Balancing Questioning and Action
Melina and Felicity explore the balance between asking questions and taking action. They highlight the challenge of knowing when to stop questioning and start implementing solutions, emphasizing the importance of material conditions and persuading organizations to invest more time in problem definition.
00:33:44 - Navigating Plural Futures in Organizations
Felicity discusses the impact of AI and Chat GPT on research and insight, emphasizing the need for insightful research to navigate complex questions in organizations' short and medium-term strategies.
00:34:15 - Impact of AI and Chat GPT on Research
Chat GPT has revolutionized research by providing sensible paragraphs from massive information. Felicity stresses the importance of insightful research for addressing complex organizational challenges.
00:37:11 - Embracing AI in Education
Felicity shares a story about integrating AI into education and emphasizes the importance of embracing new technologies as part of students' future, teaching them how to use AI effectively instead of fearing it.
00:41:25 - Balancing AI Tools and Human Knowledge
The discussion highlights the importance of asking the right questions and leveraging human knowledge to effectively utilize AI tools. Felicity emphasizes the balance between AI capabilities and human understanding.
00:43:30 - Ethnographic Insights for Organizations
Felicity delves into the significance of ethnography in uncovering hidden problems and solutions for organizations. She shares insights from her ethnographic research with traffic officers, highlighting the importance of embodied realities in organizational understanding.
00:50:37 - Conclusion
Melina's top insights from the conversation. 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:
[email protected] 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 YoutubeConnect with Felicity:
Bare Analysis Website Twitter LinkedInLearn 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 Future Normal, by Rohit Bhargava and Henry Coutinho-Mason Look, by Christian Madsbjerg Collaboration is the New Competition, by Priscilla McKinney Semiotics in Retail, by Rachel Lawes Ethnographies of Work, by Felicity Heathcote-MarczTop Recommended Next Episode: Lianne Potter Interview (ep 363)
Already Heard That One? Try These:
Rohit Bhargava Interview (ep 297) Felicity Heathcote-Marcz Interview (ep 324) What Problem Are You Solving? (ep 126) Rachel Lawes Interview (ep 191) Priscilla McKinney Interview (ep 196) Questionstorming (ep 215) Nudging for Good at Walmart (ep 206)Other Important Links:
Brainy Bites - Melina’s LinkedIn Newsletter
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