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

  • Written by: Melina Palmer
  • Podcast
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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

Written by: Melina Palmer
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  • Summary

  • Consumers are weird. They don't do what they say they will do and don't act how we think they "should." Enter Melina Palmer, a sales conversion expert with a personal mission to make your business more effective and brain friendly. In this podcast, Melina will take the complex concepts of behavioral economics (the study and science of why people buy - or not) and provide simple, actionable tips you can apply right away in your business. Whether you're a small business or thriving corporation, Melina's tips can help your business increase sales and get more customers.
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Episodes
  • 390. Dodging Disasters in Business with Gleb Tsipursky (Refreshed Episode)

    390. Dodging Disasters in Business with Gleb Tsipursky (Refreshed Episode)
    May 6 2024
    In this episode of The Brainy Business podcast, host Melina Palmer and Dr. Gleb Tsipursky discuss how to avert everyday workplace disasters. They delve into the psychological underpinnings of decision-making, exploring why our instincts might not always lead to the best outcomes. Gleb shares a practical five-question framework designed to enhance decision-making processes and reduce the risk of costly mistakes. The discussion goes beyond theory, touching on real-world applications and the surprising role emotions play in our professional lives. Melina's relatable approach makes complex concepts approachable, and together with Gleb’s expertise, provides listeners with tools to think critically about their choices. Get ready to gain insights that could profoundly impact your career and organizational well-being. In this episode: Mastering Behavioral Economics to Avoid Workplace Disasters: Uncover the psychological insights driving decision-making in organizations.Understanding the Impact of Cognitive Biases on Business Decisions: Enhance your awareness of hidden mental shortcuts influencing strategic choices.Implementing Effective Change Management Strategies in Organizations: Harness powerful techniques to navigate and lead successful organizational transitions.Cultivating Emotional Intelligence for Engineering and HR Collaboration: Develop the essential skills for fostering harmonious and productive cross-functional partnerships.Leveraging the Benefits of External Perspective in Decision Making: Gain a competitive edge by embracing diverse viewpoints and external expertise. Show Notes: 00:00:00 - Introduction Gleb Tsipursky is introduced as a disaster avoidance expert and discusses his background in cognitive neuroscience and behavioral economics. 00:05:20 - Defining Workplace Disasters Gleb defines workplace disasters as anything that makes a significant negative impact on your bottom line, whether it's due to one big decision or a series of small decisions. He gives examples of disasters in careers and businesses. 00:08:27 - Recognizing Dead-End Jobs Gleb shares a tactic for recognizing dead-end jobs by considering the alternative and thinking about the long-term consequences of staying in the current situation. 00:11:01 - Sunk Cost Fallacy Gleb explains the concept of sunk cost fallacy, where emotional attachment to past investments leads to poor decision making in projects and people. He emphasizes the importance of acknowledging when you're wrong to address the situation effectively. 00:13:51 - Emotional Attachment and Decision Making Gleb discusses the primal urge to reward confident behavior, even when it's wrong, and the challenge of changing one's mind based on evidence. He emphasizes the importance of making decisions based on accurate reality and evidence. 00:14:18 - Impact of the Internet on Public Figures The conversation delves into the impact of the Internet on public figures, discussing how the breakdown of the media ecosystem has led to more leeway for leaders to deceive and double down on false statements. 00:16:50 - Influence of Gut Reactions The discussion explores the influence of gut reactions, emphasizing our natural inclination to believe the first thing we hear and the anchoring bias, which weighs heavily on the first piece of information we receive. 00:20:30 - Addressing Tribalism in the Workplace The conversation highlights the prevalence of tribalism in the workplace, citing examples of unconscious bias based on factors such as sports team affiliation, accent discrimination, and departmental rivalries. 00:21:08 - Importance of Overcoming Tribal Tendencies The importance of overcoming tribal tendencies in the modern, multicultural society is discussed, with a focus on diversity, inclusion, and equity efforts as a means to address inherent tribalism. 00:27:42 - Strategies to Combat Tribalism The conversation touches on practical strategies to combat tribalism in the workplace, including broadening the circle of empathy, adopting an outside perspective, and reframing team dynamics to foster a sense of unity. 00:29:04 - Understanding Incentives and Conflicts Gleb discusses how outsiders view situations, incentives for different departments, and conflicts arising from incentives. He emphasizes addressing incentives to align departments and prevent negative outcomes. 00:30:25 - The Impact of Incentives on Sales and Customer Service Gleb highlights the impact of incentives on sales and customer service. He explains how bad incentives can lead to conflicts and offers solutions to align incentives for better outcomes. 00:32:52 - The Role of Incentives in Customer Service The conversation delves into the impact of incentives on customer service, using an example from the airline industry. It illustrates how misaligned incentives can negatively affect customer experience and overall reputation. 00:38:09 - Addressing Emotional Motivators in Decision-Making Gleb shares...
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    49 mins
  • 389. The Power of Timeboxing with Marc Zao-Sanders

    389. The Power of Timeboxing with Marc Zao-Sanders
    May 2 2024
    In this episode of The Brainy Business podcast, host Melina Palmer and guest Marc Zao-Sanders reveal how the technique of timeboxing transformed not just his productivity but his life. In this episode, you'll hear a genuine transformation story from chaos to structured success, and how intentional living can lead to profound personal and professional growth. Marc and Melina dissect the practicalities of digital organization, intentional decisions, and share personal experiences that bring the concept to life. Learn why timeboxing is more than just a productivity hack – it's a path to a more purposeful life. If you're looking to make meaningful changes to your daily routine, this episode offers wisdom and actionable steps without the hype. Join us for a dose of reality about the power of scheduling and prioritizing that could truly reshape your outlook on work and life. In this episode: Maximize Productivity: Unlock the benefits of timeboxing to supercharge your daily output and efficiency.Harness Time Management: Learn the art of implementing timeboxing, a powerful technique to take control of your schedule and accomplish more.Optimize Productivity: Explore the nuances between timeboxing and time blocking to revolutionize your approach to time management.Prioritize Effectively: Discover strategies for prioritizing tasks using timeboxing, ensuring maximum impact in minimal time.Foster Collaboration: Strengthen team collaboration with shared calendars, enhancing efficiency and synergy within your organization. Show Notes: 00:00:00 - Introduction Melina introduces Marc Zhao-Sanders, author of Timeboxing, and sets the stage for the conversation about the psychology of time management and productivity. 00:03:32 - Marc's Background and the Origin of Timeboxing Marc shares his journey from being disorganized at the start of his career to creating his system of personal productivity and stumbling upon the concept of timeboxing through an article in Harvard Business Review. 00:08:42 - Success of Timeboxing Marc discusses the popularity of timeboxing, the TikTok video that led to a book deal, and the widespread reach of the concept with translations in 33 languages. 00:11:35 - The Power of Timeboxing for Everyone Marc emphasizes that timeboxing is not just for naturally organized individuals. Still, it can benefit anyone, especially in terms of mental health and feeling in control of one's time and productivity. 00:14:07 - Differentiating Timeboxing and Time Blocking Marc provides a four-part definition of timeboxing, highlighting the intentional decision-making, scheduling, and flexibility of the practice, and distinguishes it from time blocking as a more comprehensive approach to managing time. 00:15:05 - The Importance of Timeboxing Marc discusses the importance of timeboxing in making decisions and spending time intentionally, free from distractions. This allows for prioritizing tasks and committing to single-tasking. 00:16:17 - Defining Timeboxing Marc defines time boxing as scheduling specific blocks of time to work on tasks, committing to single-tasking, and ensuring task completion to an acceptable standard within the allocated time. 00:17:36 - Parkinson's Law and Timeboxing Marc talks about Parkinson's Law and how time expands to fill the time allowed. He emphasizes the importance of setting deadlines and timeboxing to avoid endless, frustrating tasks. 00:20:01 - Overcoming Timeboxing Challenges Marc addresses the challenges of timeboxing, especially for new tasks. He recommends starting small with time boxes and gradually building confidence in the process. 00:24:51 - The Power of One Thing at a Time Marc emphasizes the productivity of focusing on one thing at a time and the mantra "one thing at a time" to avoid multitasking and increase efficiency. He also discusses the satisfaction of completing tasks according to one's plan. 00:29:58 - Efficient To-Do List Management Marc explains how to efficiently manage a to-do list using timeboxing and spreadsheet functionality. He emphasizes the 80/20 rule and the importance of prioritizing tasks. 00:31:41 - Ranking and Sorting Tasks Marc discusses the importance of ranking and sorting tasks based on urgency and importance. He also addresses the issue of prioritizing tasks and provides advice on how to handle items with high rankings. 00:32:53 - Calibrating Priorities Marc shares his approach to collapsing urgency and importance, and emphasizes the need for calibration when dealing with tasks that are ranked highly. He also discusses the value of retaining tasks for future reference. 00:36:56 - Data-Driven Time Management Marc highlights the value of using hashtags and search terms in digital calendars for time management insights. He emphasizes the importance of quantifying and prioritizing activities, such as learning and reading, through intentional time boxing. 00:43:42 - Living an Intentional Life Marc discusses the concept of living an ...
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    55 mins
  • 388. Precommitment Psychology: Sticking to Your Goals (Refreshed Episode)

    388. Precommitment Psychology: Sticking to Your Goals (Refreshed Episode)
    Apr 29 2024
    In this episode of The Brainy Business podcast, Melina Palmer explores the psychology behind precommitments and how they can profoundly impact our lives. Step into a thought-provoking conversation about the tools that assist us in adhering to our goals, including innovative apps like Stickk and Forest. Melina discusses the art of balancing personal aspirations and professional interactions, sharing anecdotes and advice on commitment and accountability. Get insights into practical methods for setting realistic deadlines and implementing precommitment tactics that truly work. Anticipate an exciting look ahead to her upcoming TEDx talk as well. This episode isn't just about tips—it's an invitation to a deeper understanding of commitment psychology, paving the way for lasting change. Perfect for anyone looking to harness the power of their intentions, this episode promises to be both enlightening and inspiring. In this episode: Master the benefits of precommitment strategies to achieve your personal and professional goals effectively.Incorporate behavioral economics in your business for improved decision-making and success.Overcome cognitive dissonance in goal setting to enhance your self-discipline and productivity.Utilize time boxing to maximize your productivity and accomplish your tasks efficiently.Leverage loss aversion to boost your motivation and drive towards achieving your objectives. Show Notes: 00:00:00 Introduction Melina introduces the concept of precommitment and explains how it can make us more likely to follow through on our intentions, whether it's committing to ourselves or someone else. 00:03:52 - Overcoming Time Discounting Melina delves into the concept of time discounting and how we often make decisions that prioritize short-term gains over long-term benefits. Precommitment helps us overcome this bias and stick to our commitments. 00:09:35 - Cognitive Dissonance and Behavior Change Melina discusses cognitive dissonance and its role in behavior change. She emphasizes the importance of facing our past behavior and accepting it in order to make meaningful changes in our commitments and habits. 00:11:34 - Implementing Precommitment Tactics Melina provides practical strategies for implementing precommitment devices to keep commitments. She emphasizes the importance of addressing the root causes of behavior and finding precommitment tactics that align with our motivations and goals. 00:14:33 - Tools for Precommitment Melina highlights the Stickk app, crafted by behavioral economists to help users stick to their goals. She encourages listeners to explore tools and ideas that can support their precommitment tactics and help them achieve cognitive alignment. 00:15:03 - Making Commitments and Using Precommitment Devices Melina discusses the importance of making commitments and using precommitment devices to ensure sticking to them. She provides examples of setting up commitments and consequences to keep oneself motivated. 00:16:29 - Using the Forest App for Productivity Melina introduces the Forest app, which helps in increasing productivity by creating a virtual forest and using it as a visual representation of commitment. She explains how the app helps in staying focused and avoiding distractions. 00:18:16 - Making Precommitments in Business and Teams Melina emphasizes the importance of making precommitments in business and teams to ensure follow-through on commitments. She explains how setting up appointments and deadlines in the moment increases accountability and keeps everyone on track. 00:21:11 - The Loss Aversion Jar for Precommitment Melina introduces the concept of the loss aversion jar as a precommitment tactic. She explains how it works by setting goals, putting money in the jar for daily commitments, and losing all the funds if the commitment is not met. The jar serves as a visual reminder and motivator. 00:26:41 - Embracing Precommitment to Achieve Goals Melina encourages listeners to embrace precommitment to achieve their goals. She shares her own experience of using precommitment tactics and emphasizes the importance of focusing on one important goal at a time to see real progress. 00:29:37 - The Importance of Understanding Consumer Behavior Melina discusses the significance of understanding consumer behavior in marketing, emphasizing the impact of decision-making on purchasing behavior. 00:30:20 - Factors Influencing Consumer Choices Melina delves into the various factors that influence consumer choices, including cognitive biases, emotions, and social influences, highlighting the complexity of decision-making processes. 00:31:05 - The Role of Behavioral Economics in Marketing The conversation shifts to the role of behavioral economics in marketing, with Melina stressing the importance of leveraging behavioral insights to design effective marketing strategies and campaigns. 00:32:15 - Conclusion What stuck with you while listening to the episode? What are you ...
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    30 mins
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