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

  • Auteur(s): Melina Palmer
  • Podcast
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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

Auteur(s): Melina Palmer
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  • Résumé

  • 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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Épisodes
  • 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 min
  • 387. Unlocking Exponential Growth: The Secret Sauce Behind Psychological Safety

    387. Unlocking Exponential Growth: The Secret Sauce Behind Psychological Safety
    Apr 25 2024
    In this episode of The Brainy Business podcast, Melina Palmer engages in an enlightening conversation with Hugh Massie, the executive chairman and founder of DNA Behavior. Hugh's journey into human behavior began during his tenure as a tax specialist at Arthur Anderson, where he honed his ability to tailor advice to clients based on their behavior. This experience led him to establish a wealth management family office business, where he recognized the crucial importance of understanding individual behaviors, particularly in relation to money. Throughout the episode, Hugh emphasizes the critical need for psychological safety in business environments and shares personal experiences that underscore the impact of creating a safe space for open communication among team members, clients, and employees. His expertise in utilizing technology to understand and interact with individuals more effectively, improving communication, talent matching, and overall employee and client experience, makes this episode a must-listen for business leaders and managers focused on enhancing team collaboration and performance. In this episode: Understand the significance of psychological safety for fostering a supportive and productive work environment.Master effective communication strategies to enhance team collaboration and performance.Explore the potential of leveraging technology to optimize team productivity and efficiency.Gain insights into human behavior in leadership to improve decision-making and team management.Learn how open communication builds trust and strengthens team dynamics for enhanced performance. Show Notes: 00:00:00 - Introduction Melina introduces Hugh Massie, the founder of DNA Behavior, and shares his background in behavioral solutions architecture and the importance of understanding human behavior. 00:03:54 - Hugh's Background and Work Hugh shares his background as a CPA and his transition into understanding human behavior through his experiences in the workplace and working with clients in a family wealth management business. 00:12:57 - Cost of Miscommunication Melina discusses the significant cost of miscommunication in the workplace, including the 17 hours per person per week spent clarifying previous messages and the high percentage of misunderstood emails. 00:15:10 - Psychological Safety in Business Hugh delves into the concept of psychological safety, using the example of Boeing's management pressure for financial results leading to the dismissal of employees who raised concerns about the design of the 737 MAX, highlighting the importance of creating a safe environment for open communication. 00:16:28 - Cultural Issues in Organizations Hugh discusses the cultural issues at Boeing and Arthur Anderson, emphasizing the importance of psychological safety in a business environment. He highlights the need for team members to feel free to express themselves and share information. 00:18:28 - Support and Responsibility Hugh emphasizes the importance of supporting team members and taking responsibility as a leader. He discusses the need for leaders to have their team's back and to take ownership of decisions. He also addresses the importance of managing emotions and showing up with the right energy. 00:21:39 - Trust and Autonomy Melina shares a personal story about trust and autonomy in her previous workplace, emphasizing the importance of having a leader who supports their team's decisions. She highlights the impact of a leader's trust and support on the team's ability to have open conversations. 00:26:15 - Psychological Safety in Business Hugh discusses the significance of psychological safety in the workplace, particularly in financial services firms. He explains how leaders' willingness to share their DNA discovery profile assessment with their team members can impact the organization's success. 00:31:32 - Technology and Communication Melina and Hugh discuss the use of technology to customize communication based on individual styles. They highlight the benefits of using technology to communicate thoughtfully and effectively, catering to the recipient's preferences and emotional intelligence. 00:32:31 - Understanding the Core of Human Behavior Hugh explains that a person's natural hardwired behavior is 85% determined by age three and 95% by age seven. This core behavior influences how people react under pressure and their comfort in different environments. 00:35:19 - Depth and Accuracy of the Model Hugh discusses the forced choice scoring model used in their system, which measures 4000 psychometric metrics to provide a deeper understanding of an individual's behavior. The model goes beyond traditional assessments like Myers Briggs and disc profiles. 00:37:54 - Application across Different Industries The system is utilized not only within internal teams but also with clients in various industries, including wealth management and other businesses requiring ongoing engagement and relationships...
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    57 min
  • 386. Why Workplace Whistleblowing is So Rare w/ Nuala Walsh (Refreshed Episode)

    386. Why Workplace Whistleblowing is So Rare w/ Nuala Walsh (Refreshed Episode)
    Apr 22 2024
    In this episode of The Brainy Business podcast, Nuala Walsh, CEO of Mind Equity Consulting, shares her extensive experience in advising on behavior change, culture, and communications for various organizations, including World Athletics and the Football Association. With a background in behavioral science and a focus on gender equality and diversity, Nuala provides valuable insights into the challenges of whistleblowing in the workplace. She emphasizes the reluctance of employees to report misconduct, highlighting the high costs involved, such as job loss and harassment. Nuala's research underscores the ineffectiveness of zero-tolerance policies and the need for organizations to create supportive environments where speaking up is encouraged and safe. Her discussion with host Melina Palmer delves into the significance of courage-based stories in inspiring employees to speak up and the importance of creating a culture of psychological safety. Nuala's expertise and practical insights make this episode essential for ethics and compliance professionals, offering strategies to foster a culture of ethical behavior and address whistleblowing challenges effectively. In this episode: Uncovering Workplace Whistleblowing Challenges: Learn to navigate and overcome the complexities of workplace whistleblowing for a culture of integrity.Embracing Cognitive Diversity in Decision-Making: Harness the power of diverse perspectives to enhance the quality of organizational decisions and problem-solving.Fostering Psychological Safety: Cultivate an environment where employees feel safe to express themselves and contribute to innovative solutions.Celebrating Courageous Actions in Organizations: Recognize and reward acts of courage that drive positive change and ethical conduct within the workplace.Addressing Barriers to Reporting Misconduct: Equip yourself with strategies to effectively identify and dismantle obstacles to reporting misconduct in the workplace. Show Notes: 00:00:00 - Introduction Melina Palmer introduces the episode about whistleblowing at work and the reasons why so few people actually blow the whistle, even when they intend to or know something is wrong. 00:02:24 - Nuala Walsh's Work in Behavioral Science Nuala shares her extensive experience in behavioral science, her roles in advising on behavior change, brand and reputation, culture and communications for private sector organizations, and her involvement in gender-based initiatives. 00:08:03 - Getting Involved in D&I Nuala discusses her involvement with UN Women, World Athletics, and the Football Association, highlighting the challenges she observed in the male-dominated corporate world and her transition into the gender agenda and diversity and inclusion initiatives. 00:11:01 - Overcoming Familiarity Bias in Hiring Nuala emphasizes the importance of cognitive diversity in board appointments, shares her experience with unconscious bias in executive search hires, and suggests listening to recruitment agencies to achieve diverse hiring at the top level. 00:15:32 - Overcoming Biases in Decision Making Nuala emphasizes the importance of companies listening to independent groups to avoid falling prey to their own biases when making final decisions for roles. 00:16:09 - The Impact of Bias on Decision Making The discussion delves into different biases such as confirmation bias, familiarity bias, status quo bias, and loss aversion, and their influence on decision-making processes. 00:17:14 - Encouraging Whistleblowing Nuala discusses her research on whistleblowing and the challenges employees face in speaking up when they witness wrongdoing. She highlights the need for companies to encourage employees to speak up and the potential consequences whistleblowers may face. 00:18:32 - The Bystander Effect Nuala shares her fascination with the bystander effect and its application to whistleblowing. She discusses the reluctance of bystanders to take action and the factors influencing their behavior in such situations. 00:20:38 - Balancing Encouragement and Risk Nuala reflects on the conflicting emotions of encouraging people to speak up while acknowledging the potential risks they may face. She highlights the need for companies to adopt a more integrated and holistic approach to addressing the issue of whistleblowing. 00:30:15 - Recognizing Courage in Whistleblowers Nuala discusses the act of whistleblowing as an act of courage and shares her insights on communicating courage-based stories. She highlights the story of Harry Markopoupoulos and his attempts to expose Bernie Madoff's fraudulent activities. 00:31:35 - Embracing Outgroup Members as Heroes Nuala emphasizes the importance of sharing inspirational stories of whistleblowers, including those who are not well-known. She discusses the significance of portraying individuals like Harry Markopoupoulos, who was an outgroup member, as heroes. 00:32:45 - Shifting the Dial on Whistleblowing Nuala stresses the ...
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    40 min
Sciences sociales Réussite personnelle Marketing et ventes Économie Science
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