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

In episode 413 of The Brainy Business podcast, host Melina Palmer welcomes Dr. Melaina Vinski, the Behavioral Science Lead at IBM, for a deep dive into the practical applications of behavioral science in business and technology. Melaina, with her extensive background in cognitive neuroscience and human behavior, shares her journey from academia to leading behavioral science initiatives at major corporations like PwC Canada and IBM. She discusses the importance of mind wandering, mindfulness, and the integration of behavioral science into technology to create impactful solutions. Melaina elaborates on her fascinating research experiences, including studying the effects of daylight savings on cognition in Iceland and exploring mindfulness at the Max Planck Institute. She also touches on the significance of empathy, stress management, and cognitive capacity in designing user-centric solutions in the financial services and insurance industries. The episode is packed with insights on how to apply behavioral science principles to drive strategic decision-making, enhance user experience, and improve business outcomes. In this episode: Show Notes: 00:00:00 - Introduction Melina introduces Dr. Melaina Vinski, highlighting her role as the Behavioral Science Lead at IBM and her extensive background in cognitive neuroscience and human behavior. 00:04:12 - Melaina's Background and Journey Melaina shares her journey from academia to the corporate world, discussing her experiences at PwC Canada and IBM, and the transition from theoretical research to practical applications. 00:09:45 - Research on Mind Wandering and Mindfulness Melaina discusses her PhD research on mind wandering and mindfulness, including her studies on the effects of daylight savings in Iceland and mindfulness practices at the Max Planck Institute. 00:15:32 - The Importance of Empathy and Stress Management The conversation shifts to the significance of empathy and stress management in user-centric design, particularly in the financial services and insurance industries. 00:21:18 - Integrating Behavioral Science into Technology Melaina explains how behavioral science principles are integrated into technology at IBM to create impactful solutions, emphasizing the importance of strategic decision-making frameworks. 00:27:54 - Practical Applications and Examples Melaina provides examples of practical applications of behavioral science in business, including a case study on improving customer experience in the insurance industry. 00:34:06 - The Role of Cognitive Capacity in Creativity The discussion highlights the role of cognitive capacity in creativity and problem-solving, and the benefits of mind wandering and taking breaks for better decision-making. 00:40:22 - Building a Holistic Approach to Behavioral Science Melaina shares her approach to building a holistic behavioral science strategy, integrating various frameworks and tools to drive business outcomes. 00:46:15 - Closing Thoughts and Future Directions Melina and Melaina discuss the future directions of behavioral science in business and technology, and the importance of continuous learning and adaptation. 00:50:30 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn. Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation. Let’s...

In this enlightening episode of The Brainy Business podcast, host Melina Palmer revisits a compelling conversation with Matthew Confer on the three essential steps to better decision-making. As the VP of Strategy at Abilitie, Matthew brings a wealth of knowledge on leadership development and decision-making frameworks. This episode is a must-listen for anyone looking to enhance their decision-making skills, both personally and professionally, especially in the context of business leadership and management. Melina and Matthew delve into the importance of challenging constraints, embracing pre-mortems, and checking the basics to make more informed and effective decisions. They discuss the value of simulation training for corporate leaders, drawing parallels to pilot training to emphasize the importance of experiential learning. With practical examples and insightful stories, this episode offers actionable strategies to improve decision-making processes in any organization. In this episode: Show Notes: 00:00:00 - Introduction Melina introduces the episode and the topic of three steps to better decision-making with Matthew Confer, highlighting the relevance of this discussion for the upcoming episode with Melaina Vinski. 00:04:12 - Matthew Confer's Background Matthew shares his background and his role at Abilitie, explaining how simulation training helps leaders develop critical decision-making skills. 00:09:30 - Simulation Training Examples Matthew provides examples of simulation training scenarios, including people management and financial acumen, and how these simulations help leaders practice decision-making in a controlled environment. 00:14:46 - Importance of Experiential Learning Melina and Matthew discuss the difference between thinking about doing something and actually doing it, emphasizing the value of experiential learning in improving decision-making skills. 00:20:15 - Step 1: Challenge the Constraints Matthew explains the first step in the decision-making framework: challenging the constraints. He shares examples of how successful teams take a step back to identify and challenge the constraints that might be holding them back. 00:25:22 - Step 2: Embrace a Pre-Mortem Matthew introduces the concept of a pre-mortem, explaining how it helps teams anticipate potential failures and plan accordingly. He discusses the psychological benefits of considering why a plan might fail before it is implemented. 00:30:45 - Step 3: Check the Basics Matthew highlights the importance of checking the basics, especially as decisions become more complex. He shares a notable example from NASA to illustrate how small details can trip up even the most advanced projects. 00:35:51 - Practical Examples and Applications Matthew provides practical examples of how these three steps have been applied in real-world scenarios, including the challenges and adaptations faced during the COVID-19 pandemic. 00:45:30 - The Press Release Method Matthew introduces the press release method, a decision-making technique used by Amazon, and discusses its potential benefits and applications in business decision-making. 00:50:12 - Conclusion, What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn. Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation. Let’s connect: Melina@TheBrainyBusiness.comThe Brainy Business®...

In this episode of The Brainy Business podcast, host Melina Palmer welcomes Jordan Bridger, a behavioral scientist, social psychologist, comedian, and speaker who has graced four TEDx stages. Jordan dives into the fascinating world of linguistic neuroscience, exploring how our word choices and the symbols we use shape our experiences and behaviors. He shares his insights on the power of storytelling, the importance of understanding context, and how seemingly small changes in language can create significant impacts. Jordan discusses his diverse career, from working with global organizations like the United Nations and the city of Vancouver to his experiences in stand-up comedy and rock climbing. He also emphasizes the importance of humanizing communication and the role of behavioral science in driving positive changes within organizations. Through engaging stories and practical examples, Jordan illustrates how to navigate and implement change effectively, even in challenging environments like a hospital system during the height of COVID-19. In this episode: Show Notes: 00:00:00 - Introduction Melina introduces Jordan Bridger and highlights his diverse background in behavioral science, social psychology, and comedy. 00:05:30 - Jordan's Background and Work Jordan shares his journey from working with global organizations to his passion for stand-up comedy and rock climbing. 00:09:45 - Linguistic Neuroscience and Semiotics Jordan delves into linguistic neuroscience, discussing how symbols and language shape our experiences and behaviors. 00:15:20 - The Power of Storytelling The conversation explores the importance of storytelling in communication and how it can influence decision-making and engagement. 00:20:15 - Behavioral Science in Organizations Jordan shares his experiences working with organizations to implement positive changes, including a case study with a hospital system during COVID-19. 00:30:45 - Humanizing Communication The discussion emphasizes the need to humanize communication and build connections through relatable language and storytelling. 00:35:10 - Technology and Behavioral Science Jordan and Melina discuss the intersection of technology and behavioral science, highlighting the importance of humanizing technology and using it as a tool for connection. 00:45:00 - Practical Tips for Using AI Jordan offers practical advice for using AI in content creation and communication, emphasizing the importance of personalization and relatability. 00:50:30 - Conclusion Melina and Jordan wrap up the conversation, reflecting on the key insights and takeaways from the episode. 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: Melina@TheBrainyBusiness.comThe Brainy Business® on FacebookThe Brainy Business on TwitterThe Brainy Business on InstagramThe Brainy Business on LinkedInMelina on LinkedInThe Brainy Business on Youtube Connect with Jordan: Wondr MporiumXLinkedIn 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: Semiotics In Retail, by Rachel LawesThe Truth About Pricing, by Melina PalmerNudge, by Richard Thaler & Cass SunsteinThe Power of Us, by Jay Van Bavel & Dominic PackerMetaphors We Live By, by...

In this episode of The Brainy Business podcast, host Melina Palmer revisits her engaging conversation with Dr. Benny Cheung of Dectech. Originally aired in February 2021, this episode dives into the fascinating world of applied behavioral science, focusing on a compelling case study about opportunistic insurance fraud. Benny shares insights from his academic journey in behavioral genetics to his application of behavioral techniques in a commercial setting, providing valuable lessons for businesses across various industries. Benny's research on opportunistic insurance fraud reveals how simple behavioral interventions can significantly reduce dishonest behaviors among consumers. By leveraging techniques such as norming, self-consistency, priming, framing, and reciprocity, the study demonstrates how these nudges can sway consumer honesty and potentially save the insurance industry millions. This episode is packed with practical insights and examples that highlight the power of behavioral science in real-world applications. In this episode: Show Notes: 00:00:00 - Introduction Melina Palmer introduces the episode and the guest, Dr. Benny Cheung, highlighting the focus on opportunistic insurance fraud and the application of behavioral science in commercial settings. 00:04:08 - Dr. Benny Cheung's Background Benny shares his academic background in behavioral genetics and his transition to applying behavioral science in a commercial backdrop, supporting clients in understanding consumer behavior. 00:09:16 - Behavioral Genetics and Consumer Behavior Benny discusses the hereditary nature of certain behaviors and the implications of genetic research on understanding consumer behavior, providing fascinating insights from his work with nematode worms. 00:15:46 - Opportunistic Insurance Fraud Benny explains the concept of opportunistic insurance fraud, differentiating it from organized fraud, and discusses the challenges in detecting and addressing this type of fraud. 00:20:21 - Behavioral Interventions Benny outlines the five behavioral concepts used to develop 18 different nudges aimed at reducing opportunistic insurance fraud, including norming, self-consistency, priming, framing, and reciprocity. 00:28:57 - Testing and Results Benny describes the randomized control trial methodology used to test the effectiveness of the interventions and shares the impressive results, highlighting the significant impact of norming interventions. 00:35:51 - Importance of Testing Benny emphasizes the importance of testing and experimentation in behavioral science, discussing the benefits of quasi-experiments and real-life trials in refining and validating interventions. 00:42:17 - Consumer Perceptions Benny addresses the importance of ensuring that behavioral interventions do not negatively impact consumer perceptions, sharing insights from the study on how interventions were received by participants. 00:47:30 - Conclusion Melina Palmer wraps up the episode, encouraging listeners to think about how the insights shared can be applied to their own businesses and reminding them to check the show notes for additional resources and related episodes. 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: Melina@TheBrainyBusiness.comThe Brainy Business® on FacebookThe Brainy Business on TwitterThe Brainy Business on InstagramThe Brainy Business on LinkedInMelina on LinkedInThe Brainy Business on Youtube Connect with...

In episode 409 of The Brainy Business podcast, Haley Swafford, Market Research Manager at Microsoft, shares her insights into emotional brand relationships and the effort to drive love for the Microsoft brand. Haley’s extensive background in market research, coupled with her passion for uncovering emotionally centered insights, shines through as she discusses the pivotal combination of functional and emotional components in understanding brand-customer relationships. Her emphasis on the significance of love as a focus for Microsoft, in contrast to traditional themes of innovation and empowerment, offers a fresh perspective on building emotional connections with the brand. Haley’s in-depth explanation of the research process and the subsequent decision to prioritize love as a descriptor for brand relationships provides a compelling reason for brand managers and marketers to tune in to this episode. Her practical insights, including the need to make research findings actionable and contextualize research learnings within the brand love model, offer actionable takeaways for businesses seeking to enhance their emotional relationships with customers. This episode provides a unique opportunity to gain valuable insights and strategies for fostering emotional brand connections. In this episode: Show Notes: 00:00:00 - Introduction Melina introduces Haley Swafford and highlights her passion for uncovering emotionally centered insights to diversify and strengthen traditional research approaches. 00:06:07 - The Journey to Prioritizing Microsoft Love Haley shares the journey of prioritizing Microsoft Love, starting with the discrepancy between the company's revenue and brand value. This led to the creation of her role and a focus on understanding emotionality for the brand. 00:10:40 - Understanding Emotionality in Brand Relationships Haley explains emotionality as the combination of functional and emotional components in human decision-making. She emphasizes the importance of driving positive, memorable, and influential brand memories to shape the brand's relationship with its customers. 00:13:34 - Can You Love a Brand? The Microsoft Challenge Haley discusses the audience's response to the question of loving a brand, particularly a technology brand like Microsoft. The data reflected a neutrality problem, prompting the need to drive a more emotional relationship with the brand. 00:14:59 - Settling on "Love" as the Brand Emotion Haley shares the research process that led to the decision to focus on "love" as the brand emotion. Despite other contenders like innovation and empowerment, love emerged as the strongest model and a renewed focus for Microsoft's brand strategy. 00:17:16 - The Concept of Brand Love Haley discusses the two key aspects of brand love: identity and trust. She explains how people see themselves in a brand and the importance of building a brand that represents and supports them. 00:19:23 - Literature Review and Research Process Haley shares her approach to conducting qualitative and quantitative research and the extensive literature review she did. She emphasizes the importance of clear objectives and communication to successfully pitch a project. 00:26:02 - Emotional Inquiry and Research Findings Haley talks about the emotional inquiry technique used by the research partner, Brand Trust, to gather memorable brand experiences. She highlights the process of organizing the research findings and anchoring them to the brand love model. 00:29:34 - Commercial Audience Research Haley explains the challenges and rewards of conducting research with commercial audiences. She emphasizes the importance of bringing colleagues along on the research journey and the significance of understanding differences by products and audiences. 00:33:07 - Actionable Insights from Research Haley delves into the actionable insights derived from the research, focusing on the components of the brand love model....

In this episode of The Brainy Business podcast, Melina Palmer delves into the intricacies of the peak-end rule and its significant influence on customer experiences. Drawing from her expertise in behavioral economics, Melina elucidates how our brains prioritize intense moments and the final impression when evaluating experiences. She provides practical examples and actionable strategies for businesses to strategically apply the peak-end rule, highlighting the importance of creating positive peaks and endings in all interactions. Listeners gain valuable insights into enhancing customer relationships, driving employee engagement, and improving overall business performance by understanding and implementing this cognitive mechanism. With a focus on creating impactful and memorable experiences, this episode serves as a comprehensive guide for businesses seeking to optimize customer and employee experiences through the application of the peak-end rule. In this episode: Show Notes: 00:00:00 - Introduction Melina introduces the concept of the peak-end rule and highlights its significance in shaping customer experiences. 00:02:49 - Peak End Rule Application in Experiences Melina explains how people evaluate experiences based on the peak and end points, influencing their overall opinion. Examples from eating out to medical procedures are used to illustrate the concept. 00:07:58 - Importance of Peak and End Points Melina delves into the impact of the peak and end points on the overall experience. She emphasizes the significance of ending on a positive peak and avoiding negative peaks at the end. 00:13:28 - Prioritizing Customer Experience Melina provides practical advice on prioritizing customer experience improvement by focusing on key processes and eliminating unnecessary steps. She encourages a shift towards an ideal state while planning for improvements. 00:16:52 - Incorporating Surprise and Delight into Customer Experiences Melina discusses how businesses can focus on creating surprise and delight moments within the overall customer experience to drive loyalty and happiness with their brand. 00:19:17 - Managing Negative Customer Experiences Melina explains how businesses can address negative customer experiences by incorporating surprise and delight to balance out the negative moments, ultimately improving the overall perception of the experience. 00:24:22 - Employee Reviews and the Peak-End Rule Melina delves into the impact of the peak-end rule on employee reviews, emphasizing the importance of keeping track of positive peaks throughout the year to influence managers' evaluations and bias. 00:27:49 - Application of the Peak-End Rule in Pricing Strategy Melina explores how the peak-end rule applies to pricing strategy, highlighting the influence of peak values and the end price on customers' overall impression and behavior. 00:31:24 - Utilizing the Peak-End Rule to Enhance Experiences Melina summarizes the importance of considering the peak-end rule in all experiences, whether customer-facing or internal, to leverage it for improving overall experience scores and retaining great talent. 00:32:46 - Leveraging the Peak-End Rule The conversation discusses leveraging the peak-end rule to improve customer and employee experiences. It emphasizes the importance of eliminating negative peaks, boosting positive peaks, and incorporating surprise and delight. 00:33:44 - Conclusion, What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn. Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So...

In Episode 407 of The Brainy Business podcast, Mindy Weinstein, the author of The Power of Scarcity and CEO of Market MindShift, joins host Melina Palmer to discuss the psychological impact of scarcity on consumer behavior. Mindy's expertise in scarcity tactics stems from her Ph.D. program and extensive market insights. Throughout the episode, Mindy explains the primal influence of scarcity on human behavior, identifying four types of scarcity: supply-related, demand-related, time-related, and limited edition. She emphasizes the importance of honest and transparent scarcity in marketing and shares practical case studies that illustrate the effectiveness of scarcity in driving consumer action. The engaging conversation between Mindy and Melina provides actionable insights into leveraging scarcity in marketing strategies and highlights the ethical considerations in deploying scarcity tactics. This episode is essential listening for entrepreneurs and small business owners seeking to create urgency, drive sales, and build customer engagement and loyalty through authentic scarcity tactics. In this episode: Show Notes: 00:00:00 - Introduction In the introduction, Melina celebrates the six-year anniversary of The Brainy Business podcast and the 407th episode. 00:06:12 - Types of Scarcity Mindy discusses the four types of scarcity: supply-related, demand-related, time-related, and limited edition. She explains how these types of scarcity influence human behavior and decision-making. 00:08:08 - Scarcity and Social Proof The conversation delves into the connection between scarcity and social proof. Mindy shares a case study about Melinda Maria jewelry to illustrate how scarcity and social proof influence consumer behavior. 00:11:44 - Testing Scarcity Strategies Melina emphasizes the importance of testing different scarcity strategies without the need for a large budget. The discussion highlights the power of testing simple word changes and reframing to leverage scarcity effectively. 00:12:30 - Case Study: Movie Ticketing App Mindy shares a case study about a movie ticketing app that successfully used scarcity messaging to drive sales. The app's use of the phrase "good tickets selling fast" illustrates the impact of scarcity messaging on consumer behavior. 00:14:14 - Understanding the Power of Scarcity Mindy and Melina discuss the concept of scarcity and how it affects consumer behavior. They delve into the importance of using scarcity language in marketing and how it can significantly impact sales. 00:15:07 - The Impact of Scarcity on Sales Mindy shares a case study where implementing the phrase "good tickets selling fast" increased Saturday morning movie sales by 33%. This demonstrated the power of using scarcity language to drive consumer behavior and increase sales. 00:16:46 - Understanding Consumer Behavior Melina and Mindy emphasize the importance of understanding what truly motivates consumer behavior. They discuss the significance of testing and incorporating scarcity language in marketing to drive action and engagement. 00:21:33 - Building Loyalty and Community Mindy highlights the counterintuitive aspect of scarcity, where it can actually build loyalty and a sense of community among consumers. They discuss how exclusivity and limited supply can create a sense of belonging and excitement among consumers. 00:25:57 - Applying Scarcity to Services Mindy explains how scarcity can also apply to service-based businesses, such as consultancy and software. She discusses the importance of quantifying scarcity, using exclusivity, and creating special opportunities to drive engagement and interest in services. 00:26:59 - Leveraging Scarcity for Client Management Mindy discusses how scarcity can be leveraged for client management, emphasizing the value of showing scarcity to potential customers to demonstrate value and urgency. 00:30:01 - Leveraging Scarcity within an Organization Mindy...

In episode 406 of The Brainy Business podcast, behavioral scientist Patrick Fagan shares insights on the psychology of effective messaging in marketing, drawing from his extensive research and book "Hooked." Fagan's expertise lies in understanding and influencing consumer behavior, utilizing behavioral science to uncover the impact of environmental cues, social media, and psychological segmentation on decision-making processes. Through his studies on background noises, Facebook psychology, and segmentation for a supplements brand, Fagan demonstrates the practical applications of behavioral science in marketing. His framework for effective messaging, encompassing attention-grabbing, engagement, and behavior nudges, offers actionable strategies for businesses to tailor messages to different audience segments. By listening to this episode, small business owners and marketers can gain valuable insights into consumer behavior, environmental cues, and ethical messaging strategies, empowering them to enhance consumer engagement and influence purchasing decisions effectively. In this episode: Show Notes: 00:00:00 - Introduction Melina introduces Patrick Fagan, author of #Hooked, and discusses the intentionality of marketing messaging in the book. 00:02:13 - Patrick's Background in Behavioral Science Patrick shares his background in behavioral science, including his research on music priming for online shopping and the effects of background noises on purchasing behavior. 00:07:15 - Facebook Psychology and Facial Expressions Patrick discusses his research on Facebook psychology, which found that the platform can impact self-esteem and loneliness. He also shares insights on using facial expressions to measure engagement and boredom. 00:10:23 - Current Projects and Interests Patrick shares his current interest in understanding behavior and influence, focusing on psychology and behavior segmentation. He highlights a recent segmentation project for a supplements brand, which identified five different types of people with respect to health and nutrition. 00:14:43 - Conclusion and Future Focus Patrick emphasizes his passion for understanding people's behavior and motivation, highlighting the importance of psychology and behavior segmentation over traditional demographics and attitudes. He expresses excitement for future projects in this area. 00:15:13 - Understanding Different Motivations Patrick discusses the different motivations people have for health and fitness, including diet, appearance, achievement, and reassurance. He highlights the importance of tailoring messages to different groups based on their motivations. 00:21:43 - The Power of Habits Patrick and Melina delve into the influence of habits on behavior, particularly in the context of fitness. They discuss how habits can impact people's reasons for exercising and how triggers can influence their decision to engage in physical activity. 00:24:44 - Traditionalism and Progressivism Patrick shares his research on traditionalism and progressivism, revealing that a significant proportion of people are motivated by a desire to return to the past rather than just conserving or progressing. He discusses the implications of this finding for businesses in terms of messaging and branding. 00:27:53 - Applying Psychology to Marketing Patrick and Melina explore how businesses can utilize psychological insights to tailor their marketing strategies. They discuss the importance of understanding customer mindsets and motivations, and how businesses can use this knowledge to communicate effectively with their target audience. 00:29:45 - The Three Steps of Effective Messaging Patrick outlines the three crucial steps for creating effective messages: grabbing attention, engaging the audience, and nudging behavior. He emphasizes the significance of understanding the brain's response to certain stimuli and leveraging this knowledge in crafting compelling messages. 00:30:14 -...

In episode 405 of The Brainy Business podcast, Melina Palmer interviews Roger Hurni, an author and behavior strategist known for his work with iconic brands such as DoubleTree Hotels, Nike, PF Chang's, and PetSmart. Throughout the conversation, Roger shares pivotal moments that shaped his understanding of human behavior, emphasizing the importance of tapping into emotions and motivations when marketing products or services. He highlights the shift from focusing on functional features to addressing the emotional and psychological aspects of consumer behavior, stressing the significance of understanding and leveraging human emotions and motivations to drive effective marketing strategies. Roger's expertise in behavior marketing, demonstrated through his experiences with renowned brands, offers valuable insights for marketers and business professionals seeking to enhance customer loyalty and brand perception. By delving into Roger's journey from art director to behavior strategist, the episode provides a compelling narrative of continuous learning, open-mindedness, and the power of asking the right questions to drive successful business strategies. In this episode: Show Notes: 00:00:00 - Introduction Roger Hurni, author of Outthink. Outperform., shares his expertise in behavior marketing and branding. 00:02:20 - Path to Behavior Strategy Roger shares his journey from art director to behavior strategist, emphasizing the value of hard work over talent and the importance of seamless creative partnerships. 00:11:58 - The DoubleTree Cookie Story Roger discusses the iconic DoubleTree chocolate chip cookie campaign, highlighting the power of tapping into people's feelings and motivations to persuade them effectively. 00:14:48 - Marketing on Emotions Roger emphasizes the value of marketing products based on the job they can do and the values they represent, rather than just their functionality and features. 00:15:16 - The Art of Answering Questions and Media Training Roger shares the importance of answering questions strategically, regardless of the exact words asked. He discusses the value of media training and shares an anecdote about Henry Kissinger's press conference tactics. 00:17:00 - Leveraging Technology for Personalized Experiences Roger discusses the Four Seasons hotel example, highlighting how technology can be leveraged to create personalized and memorable experiences. He emphasizes the importance of using technology to enhance human connections rather than dehumanize interactions. 00:19:06 - Behavioral Data and Technology Roger shares how Four Seasons leveraged geofencing and technology to orchestrate a personalized and memorable customer experience. He emphasizes the potential of technology to inform operational and marketing decisions through behavioral data analysis. 00:23:05 - Surprise and Delight with Technology Roger discusses the concept of surprise and delight in marketing, emphasizing the use of technology to provide unexpected and special experiences for customers. He highlights the importance of analyzing behavioral data to inform personalized interactions and marketing decisions. 00:28:11 - Understanding the Problem and Solution Roger shares a case study about a movie theater chain's popcorn consumption. He emphasizes the importance of understanding the underlying reasons for customer behavior, highlighting the link between movie genres and popcorn consumption. 00:29:35 - Understanding Consumer Behavior in Movie Theaters Roger discusses the correlation between movie genres and popcorn sales and how understanding consumer behavior helps in movie theater marketing. 00:30:30 - Defining Objectives and Aspirations Roger emphasizes the importance of defining measurable objectives and aspirations for clients, and how understanding their true needs is crucial for business success. 00:32:45 - Solving Behavioral Problems for Clients Roger shares examples of how...

404. Navigating the Customer Journey: Insights from Jennifer Clinehens (Refreshed Episode) Today’s Episode: In episode 404 of The Brainy Business, Jennifer Clinehens, with her diverse background in entrepreneurship and experience design for global brands, shares valuable insights into the intersection of behavioral science and business. Through her discussion with host Melina Palmer, Jennifer emphasizes the significance of understanding the emotional journey of customers and leveraging the peak-end rule to shape customer perceptions. The conversation explores the non-linear nature of customer journeys, the importance of contextual factors, and the power of experimentation in applying behavioral science principles. Jennifer's expertise in leveraging behavioral science to create meaningful customer experiences provides a nuanced approach to customer journey mapping and enhancing touchpoints. Her practical examples, such as Disney's approach to shaping the true end of customer experiences, add depth and relevance to the discussion. Listeners can gain valuable takeaways on choice hacking, understanding the true end of experiences, and the application of behavioral science principles to create engaging and memorable brand interactions, making this episode an essential listen for business leaders and marketers seeking to improve customer experiences. In this episode, you will be able to: Show Notes: 00:00:00 - Introduction Jennifer introduces the concept of choice hacking and its application in understanding the psychology of why people buy. 00:02:00 - Intersection of Behavioral Science and Experience Jennifer shares her background and how she applies behavioral science to experience design, marketing, and advertising for various brands. 00:07:49 - The Messy Reality of Customer Journeys Customer journeys are not linear and require a pragmatic approach. It's crucial to experiment with behavioral science principles and consider the context of the customer base. 00:09:58 - Small Steps in Customer Journeys Jennifer discusses the importance of breaking down customer journeys into small steps and paying attention to every moment to create a seamless and effective experience for the customers. 00:12:13 - Peak End Rule in Customer Journeys Jennifer highlights the significance of applying the peak-end rule across a customer journey and the challenges of capturing the emotional journey autonomic. 00:13:27 - Understanding the True Ending of Customer Experience Jennifer discusses the importance of recognizing the true ending of a customer experience, highlighting the common mistake brands make in neglecting the post-purchase phase and how it impacts customer satisfaction. 00:14:01 - Examples of Brands Getting the Ending Wrong Jennifer provides examples of brands failing to manage the true ending of their customer experience, including a personal experience with Lululemon's delivery partner and Disney's innovative approach to enhancing the end of their theme park experience. 00:17:16 - Importance of Context in Customer Experience The conversation delves into the significance of understanding the context in which customers interact with a brand, emphasizing the need for brands to take responsibility for the entire customer journey, including post-purchase interactions and feedback management. 00:19:41 - Tips for Discovering the True End Jennifer shares practical tips for identifying the true end of the customer experience, including the importance of talking to and observing customers, breaking down silos within the organization, experimenting with different approaches, and measuring satisfaction on a journey level. 00:24:23 - Creating Surprise and Delight Moments The conversation explores the concept of surprise and delight in customer experience, highlighting how brands like John Lewis and Purple mattress company effectively use unexpected gestures to enhance the overall brand memory and customer...

In episode 403 of The Brainy Business podcast, neuroscientist and physicist Kelly Clancy, through her extensive experience at MIT, Berkeley University College London, and DeepMind, provides a profound exploration of the psychology of games and their influence on behavior and decision-making. Kelly's expertise in neuroscience and game design is evident as she connects concepts from these fields to offer a comprehensive understanding of the topic. Her book, Playing with Reality, delves deep into the history and significance of games, emphasizing their role in shaping human behavior and thought processes. Throughout the conversation, Kelly highlights the impact of games in shaping behaviors, the significance of balancing innovation with maintenance, and the power of experiential games in fostering empathy and understanding. She presents valuable insights into the role of games in shaping economic concepts, fostering understanding, tolerance, and better conversations, and the strategic and innovative aspects of game design for creating new systems and marketplaces. Kelly's examples and anecdotes effectively illustrate the broader implications of gaming in various contexts, making it clear that games are not just about entertainment but can also have profound effects on decision-making and societal dynamics. Kelly's expertise and passion for the subject shine through, making the episode an engaging and informative exploration of the psychology of gaming. In this episode, you will be able to: Show Notes: 00:00:00 - Introduction Melina introduces Kelly Clancy, author of Playing with Reality, and sets the stage for a conversation about the history and impact of games on society. 00:02:30 - Kelly's Background and Interest in Games Kelly shares her background as a neuroscientist and physicist and her interest in the history of games, which stems from her work at DeepMind and her observations of how games influence scientific thought. 00:05:51 - Definition of Games Kelly defines games as systems with a goal and restrictions on how to achieve that goal, highlighting the importance of following rules and how games have been influential in shaping behavior and learning. 00:09:00 - Influence of Games on Behavior and Dopamine System Kelly discusses how games can shape behavior through the manipulation of the dopamine system, leading to behaviors that may not align with personal values, and the potential dangers of games encouraging individuals to abandon their values to win. 00:13:38 - Designing Systems and Mechanism Design Kelly explores the concept of mechanism design and the importance of thinking at a systems level, drawing parallels between game design and designing systems to elicit specific behaviors, with examples from the tech industry. 00:16:25 - Designing Games for Honesty Kelly discusses the goal of designing games where everyone can win by being honest. The importance of incentivizing the right behaviors within organizations is highlighted. 00:17:54 - Incentivizing Different Strategies Kelly suggests incentivizing different personality types within organizations to balance innovation with maintenance work. She emphasizes the need to reward solid, clever work alongside innovation. 00:21:31 - Sports and Games The guest discusses the historical significance of sports as a physical conditioning for conflict resolution. She explores the idea of trying on different personalities in games and how it can lead to self-discovery. 00:24:54 - Fascinating Aspects of Games The conversation delves into the experiential nature of games and how they provide a unique exploration of agency. Anecdotes about the powerful impact of immersive games on decision-making are shared. 00:27:29 - Reality Shows and Games The guest draws parallels between modern reality shows and historical events like the Renaissance Venice carnival. The discussion centers on how reality shows allow participants to try on different...

In episode 402 of The Brainy Business podcast, Annie Duke, a former professional poker player and author of the book Quit, joins host Melina Palmer to discuss the psychology of quitting and decision-making under uncertainty. Annie's transition from an academic to a professional poker player and her subsequent work in decision science provide a unique and valuable perspective on the topic. Throughout the conversation, Annie challenges traditional perceptions of quitting and emphasizes its crucial role in winning and strategic decision-making. She introduces concepts such as pre-mortems and the mental model of monkeys and pedestals, offering practical tools and frameworks for making better decisions. The episode provides valuable insights into reframing the mindset around quitting, the importance of understanding when to quit, and the potential impact of decision education in various domains. Annie Duke's diverse background and expertise in decision science make this episode a must-listen for entrepreneurs and business owners seeking to enhance their strategic decision-making skills and achieve increased business success. In this episode: Show Notes: 00:00:00 - Introduction The episode introduces Annie Duke and her book Quit about the psychology of quitting and decision-making. 00:01:15 - The Importance of Quitting Annie explains how winners often say no and quit things to succeed, emphasizing the need to know what to stick with, what to quit, and when. 00:04:47 - Annie's Background and Transition Annie shares her journey from academia to professional poker and behavioral psychology, highlighting how her poker career led her back to her cognitive science roots. 00:08:40 - The Power of Diverse Perspectives Annie discusses the value of diverse experiences in decision-making and problem-solving, emphasizing the importance of different frames of thinking to bring unique insights to the table. 00:12:05 - The Pre Mortem Skepticism Annie shares her research on pre-mortems, expressing skepticism about their effectiveness as standalone decision tools and the need to combine them with other strategies for improving decision quality. 00:14:18 - Normalize Dissent and Prospective Hindsight Daniel Kahneman's advice on normalizing dissent allows for consideration of both good and bad outcomes. Prospective hindsight can generate 30% more reasons for failure or success. 00:15:19 - Pre Parade and Pre Mortem Tools Pre-mortem exercises influence confidence and introduce self-serving bias. The pre parade increases overconfidence, while the pre-mortem leads to attributing bad outcomes to external factors. 00:18:43 - Challenges in Behavior Change Difficulty in getting people to change plans despite pre-mortem insights. Anecdotal observations and studies show resistance to plan modifications across various domains, raising questions about the effectiveness of the exercise. 00:19:55 - Group Dynamics and Real-world Impact Need for group testing of pre-mortems to understand the impact of group dynamics. Potential for behavior change in high-stakes environments like work projects. Studies underway to explore these aspects in real-world scenarios. 00:22:23 - Thinking in Bets and How to Decide Annie's books Thinking in Bets and How to Decide explore decision-making under uncertainty. They provide practical tools and insights, such as pre-mortems, to improve decision accuracy and overcome cognitive biases. 00:27:11 - The Impact of Hindsight Bias Annie discusses how most of the time, we learn new things after the fact and act like we should have known them beforehand. She highlights the importance of tracking knowledge and listening to independent opinions to avoid biases. 00:27:52 - Overcoming Analysis Paralysis Annie explains the process of decision-making and the importance of making implicit factors explicit. She emphasizes the need to consider the consequences of decisions and the ability to change your...

On this episode of The Brainy Business podcast, host Melina Palmer welcomes Dr. Dan Simons and Dr. Christopher Chabris, the renowned authors behind the bestseller The Invisible Gorilla. They dive deep into their groundbreaking research on inattentional blindness and how everyday cognitive habits can render us vulnerable to deception. Through engaging stories and revelatory insights, the duo discusses the dark side of our mental shortcuts and how scammers exploit them in art frauds, financial scams, and beyond. With a focus on their new book, Nobody’s Fool, they offer strategies to recognize and resist deceptive tactics that prey on precision, familiarity, and efficiency in our thinking. Prepare to uncover the invisible gorillas in your life and sharpen your mental defenses against frauds. Tune in to rethink how you perceive reality and protect yourself from being misled. In this episode: Show Notes: 00:00:00 - Introduction The episode begins with the introduction of the guests, Dr. Dan Simons and Dr. Christopher Chabris. They discuss their collaboration and the unexpected viral success of the study, which led to further research and applications in various fields. 00:04:08 - The Mismatch Between Perception and Intuition Dan and Christopher delve into the significance of The Invisible Gorilla, emphasizing the mismatch between what people actually notice and what they think they will notice. This mismatch highlights the limitations of human intuition and has broad implications for decision-making and behavior. 00:09:21 - Inattentional Blindness and Focus The guests explain that the failure to notice the gorilla is a consequence of our ability to focus attention and ignore distractions. They discuss how this phenomenon extends beyond visual attention and can lead to dangerous or problematic behaviors due to people's reliance on intuitive understanding. 00:11:21 - Unintended Consequences and Viral Impact Dan and Christopher reflect on the unexpected viral impact of their study and the idiosyncratic elements that captured people's imaginations. They acknowledge the role of luck and timing in the study's success and share their continued fondness for the gorilla-related work. 00:14:05 - Inattentional Blindness in Medical Contexts Dan and Christopher discuss the limited research on inattentional blindness in medical contexts, using controlled computer-based displays to understand the mechanism of noticing unexpected things. 00:15:26 - Can You Tell If Someone Is Watching You? Dan and Christopher talk about the common belief that people can tell if someone is watching them, despite the lack of evidence for it. They highlight how experiences can mislead us in forming intuitions. 00:16:43 - Misleading Experiences and Intuitions They discuss how experiences can mislead us, using the example of someone catching another person staring at them. They explain how remarkable events stick in our memory, leading to spurious relationships. 00:20:07 - Deception and Attention The conversation delves into how deception takes advantage of our cognitive tendencies, especially our ability to focus on what we care about. They emphasize the importance of asking good questions and seeking complete answers to avoid being deceived. 00:25:24 - Efficiency and Deception Dan and Christopher highlight how our efficiency in processing information can lead to oversight, emphasizing the need to slow down and critically evaluate the information presented. They discuss the importance of questioning and examining jargon and impressive-sounding claims. 00:27:05 - Efficiency and Decision Making The efficiency of our mental habits can sometimes hinder good decision making. While most of the time our cognitive tendencies work well, there are instances, such as driving at high speeds, where a slight delay in noticing something can be catastrophic. 00:29:13 - Cognitive Habits and Decision Making Dan and Christopher discuss the...

Welcome to the 400th episode of The Brainy Business podcast! In this milestone episode, Melina Palmer delves into the intriguing concept of survivorship bias, a critical thinking error that can significantly impact decision-making in business and personal life. Through engaging storytelling, Melina takes us back to World War II to uncover the origins of this concept and how it played a crucial role in military strategy. She then brings the concept into contemporary contexts, illustrating how survivorship bias leads us to overvalue success stories while ignoring the vital lessons from failures. This episode not only celebrates our podcast’s journey but also equips you with practical insights to recognize and overcome survivorship bias in your ventures. Join Melina as she explores this bias’s profound implications on entrepreneurship, business strategies, and everyday decisions, helping you make more informed choices. In this episode: Show Notes: 00:00:00 - Introduction Melina introduces the concept of survivorship bias and its relevance to business decisions. She emphasizes the impact of this bias on entrepreneurs and its influence on decision-making in various roles across industries. 00:04:08 - Abraham Wald and World War Two Melina delves into the story of Abraham Wald, a mathematician who discovered survivorship bias during World War Two. She highlights the significance of Wald's analysis of bullet holes on planes and the crucial insights it provided on reinforcing strategic spots. 00:09:16 - The Fallacy of Survivorship Bias The discussion focuses on the fallacy of survivorship bias in seeking advice for success. Melina provides examples of how survivorship bias leads to misconceptions about causation and correlation, using narratives of successful individuals as illustrations. 00:11:31 - Business Applications of Survivorship Bias Melina explores the business applications of survivorship bias and its implications for decision-making. She emphasizes the complexity of success and the dangers of assuming a one-size-fits-all approach based on survivorship bias. 00:13:56 - Correlation vs. Causation The conversation delves into the distinction between correlation and causation, highlighting the misconceptions that arise from survivorship bias. Melina illustrates the importance of discerning causation for making informed decisions in business and life. 00:15:46 - Survivorship Bias in Conclusions Not all successful CEOs wake up at 05:00 a.m. Correlation doesn't imply causation. It's important to consider all data points and not draw conclusions based on one aspect. 00:16:21 - Success and Failure in Publishing For every popular book, there are a million unsuccessful books and authors. It takes trial and error and hard work to succeed. Learn from others' experiences and determine what works for your goals. 00:18:07 - The Illusion of the Best Product The best products don't always lead the market. Being the best or first doesn't guarantee success. Look at all possible data points and consider what's missing for your business venture. 00:19:55 - Customer Feedback and Satisfaction Customer satisfaction surveys may not capture all feedback. Consider the concerns of those who didn't choose your business. Look beyond extreme examples and aim for a complete data set for feedback. 00:23:49 - Openness to Unexpected Findings Be open to the things you aren't looking for. Anomalies and unconventional ideas could lead to valuable insights. Consider reframing questions and exploring untested areas to avoid survivorship bias. 00:24:48 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn. Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you...

In this insightful episode of The Brainy Business podcast, host Melina Palmer welcomes Max Mawby, a seasoned expert in applied behavioral science at Thinks Insight & Strategy. Max shares his unique journey from working in the UK government to founding the financial behavior team at the Behavioral Insights Team, exploring the significant impact of behavioral science in both private and public sectors. With a focus on simplifying complex information for better consumer understanding, Max discusses his collaboration with plain numbers, a social enterprise dedicated to making numerical communications more accessible. Delve into practical strategies like the EAST framework to enhance decision-making processes. Max emphasizes the necessity of clear, effective communication to empower informed choices without compromising freedom. This episode is a treasure trove of insights for anyone interested in how behavioral science can drive positive financial behaviors and facilitate informed, sustainable decisions. Tune in to learn how to implement these practices in your organization and make a lasting impact. Don't miss this episode’s engaging discussion on the power of behavioral insights in real-world applications. In this episode: Show Notes: 00:00:00 - Introduction Max Mawby, managing director of applied behavioral science at Thinks Insight & Strategy, shares his insights on driving positive change using behavioral science in various sectors. 00:05:58 - Starting in Behavioral Science Max shares a personal story about his early attempts to introduce behavioral science in the UK civil service. He emphasizes the importance of perseverance and finding opportunities to apply behavioral science. 00:10:30 - Experimental Projects Max discusses a project on improving financial decision making for pensions in the UK. By using personalized guidance in a digital journey, they were able to significantly increase the number of people making good financial decisions. 00:14:46 - Behavior and Technology Max highlights the potential of leveraging technology to provide personalized advice, reducing the need for expensive human resources. He emphasizes the importance of using empirical evidence to make an investable case for implementing behavioral science solutions. 00:16:34 - Importance of Persuasive Evidence in Experiments Max discusses the importance of persuasive evidence in experiments, highlighting the need to understand the context and literature. He emphasizes the significance of high confidence in experiment results. 00:17:22 - Designing Experiments Based on Context Max emphasizes the importance of understanding contextual pieces when designing experiments. He discusses the need to translate research findings to different situations and adapt methods accordingly. 00:18:30 - Structuring Problem Solving in Projects Max explains the process of structuring problem-solving in projects, including setting a structure around the specific problem, forming research questions, and selecting appropriate methods to answer those questions. 00:22:13 - Exploring Behavioral Interventions Max discusses the exploration of behaviorally informed interventions and projects, highlighting the importance of frameworks like EAST (Easy, Attractive, Social, Timely) for driving change and evaluating impact. 00:28:57 - Discovering New Research Max shares his approach to discovering new research through social media platforms like Twitter, emphasizing the importance of engaging with a community to stay updated on the latest research in a specific field. 00:31:43 - The Power of Plain Numbers Approach Max discusses the effectiveness of the plain numbers approach in simplifying complex information for consumers, citing examples from water bills and credit card statements. The approach focuses on making financial outcomes understandable to customers. 00:32:30 - Impact of Plain Numbers Approach in Regulation Max highlights the impact...

In this episode of The Brainy Business podcast, host Melina Palmer welcomes Dr. Michael Hallsworth, a co-author of Behavioral Insights and a key figure in applying behavioral science to public policy. Dr. Hallsworth shares fascinating anecdotes from his extensive work, highlighting projects such as reducing antibiotic prescriptions in the UK and influencing food consumption habits to combat obesity. The discussion delves into the evolution of his team’s approach, tackling bigger policy issues like economic mobility and social justice with support from major foundations. Lessons from both successful and unsuccessful trials are explored, underscoring the importance of sharing outcomes to refine interventions. Dr. Hallsworth also touches on the nuances of replicating behavioral strategies across different countries and contexts, emphasizing the need for a deep understanding of specific problems before proposing solutions. This episode is a treasure trove for anyone interested in how small nudges can lead to significant societal shifts and is packed with real-world applications of behavioral economics. In this episode: Show Notes: 00:00:00 - Introduction The episode introduces Dr. Michael Hallsworth, managing director of the Behavioral Insights team, and his journey into behavioral science. He discusses the institute for government and the development of mindspace as a framework for applying behavioral science in practice. 00:06:48 - Flagship Project - Antibiotic Prescribing Michael shares a flagship project on antibiotic prescribing in the UK. By identifying prescribers who were outliers and sending them letters based on social norms, there was a substantial decline in antibiotic prescribing, equivalent to around 1% of England's total. This approach had a comparable effect to a massive financial incentive program, showing the effectiveness of alternative methods. 00:10:33 - Generalizability of Behavioral Insights The conversation delves into the generalizability of behavioral insights across different contexts. Michael emphasizes the complexity of generalizability, highlighting examples where similar interventions have had comparable results in different countries, while also acknowledging instances where interventions haven't worked as expected. 00:13:12 - Importance of Testing The discussion underscores the importance of rigorous testing and questioning the transferability of behavioral insights. Michael emphasizes the need for ongoing testing and the productive tension between retaining active ingredients that work and adapting interventions to different contexts. 00:14:02 - Applying Behavioral Insights Michael outlines a ten-step process for applying behavioral insights, emphasizing the importance of identifying the behavior in question, understanding the context, and diagnosing the underlying problem. 00:15:38 - The Behavioral Change Process Michael explains the common stages in behavioral change frameworks, from identifying factors to developing interventions and scaling the results. He emphasizes the importance of understanding the overall context and distinguishing between strategic and tactical use of behavioral science. 00:17:26 - Policy Impact of Behavioral Science Michael discusses the strategic and tactical use of behavioral science in influencing policy and structural changes. He shares an example of the behavioral effects of the sugar drinks tax in the UK and how it influenced reformulation rather than consumer behavior. 00:24:25 - Rapid Trials in Response to COVID-19 Michael talks about rapid trials conducted in the US with cities in response to COVID-19, focusing on messaging effectiveness for behaviors like staying home, social distancing, and mask use. He highlights the counterintuitive results and the importance of testing and implementing effective communication strategies. 00:27:34 - Urban Environment Design Michael discusses the potential for applying behavioral...

In this episode of The Brainy Business podcast, host Melina Palmer welcomes Jeff Kreisler, Head of Behavioral Science at JPMorgan Chase and celebrated author. Dive into Jeff's fascinating journey from lawyer and stand-up comedian to a leading expert in behavioral science, discovering along the way how humor intertwines with our decision-making processes. Jeff shares insightful anecdotes and explains the significant impact of behavioral economics in both personal and professional realms, especially in wealth management at JPMorgan Chase. The discussion explores the evolving role of AI in decision-making, emphasizing ethics and biases, and highlights the necessity of diverse perspectives and adapting to new challenges in large organizations. Jeff's unique blend of wit and wisdom illuminates the peculiarities of human behavior and the potential of behavioral science to enhance financial decision-making and reduce stress. This episode is a must-listen for anyone intrigued by the intersection of psychology, economics, and the transformative power of humor within the business world. In this episode: Show Notes: 00:00:00 - Introduction, Jeff Kreisler shares his unconventional journey from studying economics and law to becoming a stand-up comedian and eventually the head of behavioral science at JPMorgan Chase. 00:05:22 - Discovering Behavioral Science Jeff discusses how he stumbled upon behavioral science through a business humor column and his collaboration with Dan Ariely, which led to a deeper understanding of human decision-making. 00:07:50 - Applying Behavioral Science Jeff talks about his experience working on popular books and projects with Dan Ariely, as well as his role at PeopleScience, where he bridged the gap between behavioral science and real-world applications in various industries. 00:10:38 - Career Insights and Opportunities Jeff reflects on the importance of staying open to opportunities, being honest with oneself, and the role of privilege in taking career risks. He emphasizes the value of keeping a flexible mindset in today's ever-changing economy. 00:13:42 - Coping with the Unknowns of the World Jeff discusses the idea of coping with the unknowable aspects of the world and the mindset of irrationality in human behavior. He shares a personal anecdote about learning to laugh at mistakes and the unique experience of being alive. 00:14:50 - Observing Human Behavior Jeff talks about the mindset of behavioral scientists and the importance of observing and testing people's behavior. He emphasizes the significance of small, seemingly insignificant changes that can have a massive impact on human behavior. 00:16:14 - Spontaneity in Public Speaking The conversation touches on the spontaneity in public speaking and the challenge of maintaining spontaneity while using a script. Jeff humorously reflects on his experiences in comedy and public speaking. 00:18:17 - Mental Accounting and Decision Making Jeff discusses the concept of mental accounting and how it influences decision making. He highlights the emotional and irrational aspects of decision making, using the example of pricing and relativity in consumer behavior. 00:24:27 - Impact of Behavioral Science in Finance Jeff shares his motivation for joining JP Morgan Chase and the potential impact of behavioral science in improving financial decision making for American families. He emphasizes the importance of communication and the value of leaning into one's strengths in a professional role. 00:27:07 - Career in the Financial Sector Jeff discusses how he transitioned from working in show business to the financial sector and shares his experiences of stereotypes in the banking world. 00:29:11 - Application of Behavioral Science Jeff talks about how he utilized behavioral science in his role at JP Morgan, focusing on client engagement, advisor empowerment, and financial innovation. 00:31:23 - Perspective on AI and Behavioral...

In Episode 396 of The Brainy Business podcast, host Melina Palmer explores the intriguing world of memory reliability and the common misconceptions that alter our perception of past events. Melina delves into how our brains often mislead us into thinking we understood or predicted outcomes that were, in fact, unforeseeable. With insights into cognitive biases like leveling, sharpening, and survivorship bias, this episode uncovers how these mental processes distort our understanding of reality and influence business and personal decisions. Drawing from vivid examples and thoughtful analysis, Melina offers practical strategies to combat hindsight bias and enhance decision-making clarity. Whether you're reflecting on past business strategies or personal experiences, this episode provides valuable lessons on the importance of questioning our instincts and memories. Tune in to learn how to navigate your reflections with greater accuracy and less bias, preparing you for better outcomes in future endeavors. In this episode: Show Notes: 00:00:00 - Introduction Melina welcomes listeners to the Brainy Business podcast and introduces the topic of hindsight bias, reflecting on past decisions and events with a biased perspective. 00:03:08 - The Nature of Memories Melina discusses the inaccuracy of memories, how they can be distorted over time, and the impact of biases like leveling and sharpening on memory recollection. 00:05:03 - Survivorship Bias The concept of survivorship bias is explained through the story of planes in World War Two, highlighting the importance of considering missing data and the potential impact on decision-making. 00:07:53 - Overconfidence and Cognitive Dissonance Melina delves into the overconfidence that arises from hindsight bias, how people often claim to have known outcomes all along, and the role of cognitive dissonance in justifying past beliefs. 00:12:59 - Tips for Combating Hindsight Bias Melina provides three practical tips for combating hindsight bias, including being comfortable admitting surprise, taking notes beforehand, and considering alternative outcomes when reviewing past events. 00:15:44 - Overcoming Hindsight Bias Melina discusses the importance of doing thorough analysis before making decisions and the value of admitting when you don't know the answer. 00:16:58 - Taking Notes and Evaluating Decisions Melina emphasizes the importance of writing down suspicions or ideas before making a decision, as well as evaluating the decision-making process in a post-mortem. 00:17:40 - Reviewing What Happened and Considering Other Outcomes Melina encourages thinking through alternative outcomes and considering the possibility of missing information when reviewing past decisions. 00:18:44 - Avoiding Overconfidence and Generalization Melina advises against putting too much weight on finding the exact answer and using it as a general rule for future decisions. Context matters and overconfidence can be detrimental. 00:20:27 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn. Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation. Let’s connect: Melina@TheBrainyBusiness.comThe Brainy Business® on FacebookThe Brainy Business on TwitterThe Brainy Business on InstagramThe Brainy Business on LinkedInMelina on LinkedInThe Brainy...

In this episode of The Brainy Business podcast, host Melina Palmer welcomes back the captivating Kwame Christian, host of the Negotiate Anything podcast, for a deep dive into the art of negotiation. In this richly insightful episode, Melina leads a dynamic reverse interview, unveiling Kwame's revered Compassionate Curiosity framework. Discover the transformative potential of acknowledging emotions, fostering genuine curiosity, and the strategic power of joint problem-solving. Be enthralled by the exploration of affect labeling's effect on emotions and learn how breaks in negotiation can precipitate better outcomes. We navigate the cultural nuances crucial for negotiation success and share valuable insights on the synergy between sales processes and negotiation skills. Whether you are looking to enhance your professional dealings or elevate personal interactions, this episode offers groundbreaking strategies that honor both the psychological and practical aspects of communication. In this episode: Show Notes: 00:00:00 - Introduction Melina introduces Kwame Christian, host of the Negotiate Anything podcast. 00:02:41 - Compassionate Curiosity Framework Recap Melina and Kwame discuss the Compassionate Curiosity framework, a three-part framework for having difficult conversations, which involves acknowledging and validating emotions, getting curious with compassion, and utilizing joint problem-solving. 00:06:47 - Balancing Priming and Anchoring in Emotion Recognition The conversation delves into the trade-offs of priming and anchoring when offering emotion descriptors, specifically when using the Compassionate Curiosity framework, and the potential impact on the emotional temperature of the conversation. 00:11:39 - Examples of Excellent Framework Implementation Kwame provides examples of individuals who demonstrate each part of the compassionate curiosity framework, highlighting podcast hosts as exemplary question-askers and interviewers who excel at acknowledging and validating emotions. 00:12:28 - Co-negotiators and Good Cop Bad Cop Strategies The discussion explores the concept of co-negotiators and the effectiveness of the "good cop, bad cop" strategy in negotiation, considering the role of relationship builders and problem solvers partnering towards a common goal for a client. 00:14:07 - The Hot Ones Interviewer and the Power of Preparation Kwame talks about the interviewer from the show Hot Ones and his exceptional preparation skills. The ability to ask in-depth questions beyond the surface level helps build rapport and reciprocity with guests. 00:18:22 - The Value of a Co-negotiator Kwame shares a story about a negotiation where the relationship with the counterpart was strained. He discusses the value of having a co-negotiator in complex negotiations to bring in a fresh perspective and facilitate a fair outcome. 00:20:28 - The Role of Negotiation in Personal Branding and Success Kwame reflects on how negotiation skills have been instrumental in securing media deals and partnerships, contributing to the success of his personal brand. Negotiation played a crucial role in landing opportunities and creating mutually beneficial deals. 00:23:02 - Negotiation in Sales and Marketing Kwame explains how negotiation techniques are integrated within the sales process, emphasizing the importance of understanding the synergy between negotiation and sales. He highlights the role of negotiation in closing deals and finding mutually beneficial terms. 00:25:30 - The Power of Anchoring in Negotiation Kwame delves into the psychological concept of anchoring within negotiation and its impact on influencing deal outcomes. He emphasizes the significance of setting a strong anchor to guide negotiations towards favorable terms. 00:28:12 - The Importance of Information in Negotiation Kwame discusses the significance of having the right amount of information before making an offer. He emphasizes the role...

In this episode of The Brainy Business podcast, we delve into the compelling world of anchoring and adjustment. Host Melina Palmer breaks down this influential psychological concept, showing its power to shape decision-making in everyday transactions and big-ticket purchases alike. Discover how simple numerical suggestions can dramatically shift consumer behavior and increase sales, whether it's the number of Snickers bars you buy or the perceived value of jewelry. Learn tactics utilized by savvy entrepreneurs who've exponentially grown their revenue by grasping the subtleties of high anchor-setting. Whether it's in real estate, retail, or service businesses, anchoring holds the key to influencing customer perception and boosting profitability. This jam-packed episode not only explores anchoring's practical applications across various industries but also arms you with the strategies to apply this knowledge in your professional and personal life. Get ready to anchor your way to success as we unravel these fascinating insights. In this episode: Show Notes: 00:00:00 - Introduction Melina introduces the concept of anchoring and adjustment and its impact on decision-making, setting the stage for the rest of the episode. 00:03:05 - The Power of Anchoring in Decision Making Melina explains how anchoring influences decision-making, using examples such as estimating the number of countries in the world and the value of a necklace based on Social Security numbers. 00:09:08 - Case Studies on Anchoring and Adjustment Melina discusses the Snickers bar and canned soup studies, highlighting the impact of anchoring and limits on consumer behavior and purchase decisions. 00:13:43 - Applying Anchoring and Adjustment in Business Melina provides practical examples of how businesses, including jewelry stores and retailers, can leverage anchoring and adjustment to influence consumer purchasing behavior and drive sales. 00:16:31 - Setting the Right Anchor Understanding the impact of anchoring in setting customer expectations and influencing purchasing decisions. The importance of setting a high anchor to avoid unintentionally limiting the customer's budget. 00:18:48 - Real Estate Anchoring Exploring the impact of anchoring in real estate transactions and the need to disconnect from low anchors to be realistic about available options. Using high anchors to set customer expectations in comparison shopping. 00:21:39 - Anchoring in Retail Utilizing anchoring in retail settings to influence customer perceptions of price and value. Strategic placement of items to create a perception of bargains and reasonable prices. 00:23:03 - Anchoring in Car Sales The impact of anchoring in car sales and the effectiveness of presenting bundled options to influence purchasing decisions. The importance of presenting the top-of-the-line model to encourage spending. 00:26:19 - Service-Based Business Anchoring Case studies of entrepreneurs implementing anchoring strategies to increase sales and up their income in service-based businesses. The effectiveness of creating high anchor packages to influence customer purchasing decisions. 00:32:10 - Understanding Anchoring and its Impact Anchoring impacts decision-making and budget requests. Setting a high anchor can lead to a higher budget request, but suggesting a realistic low number can influence a lower request. 00:33:39 - Using Anchoring for Travel and Training Requests Anchoring can be used to justify higher expenses, such as conference attendance. Presenting a higher cost option and then offering a more reasonable alternative can lead to a successful budget approval. 00:35:20 - Caution with Low Anchors Low anchors can be effective, but they must reflect the true value or time required. Misleading low anchors can lead to negative reactions and damage reputation. 00:36:48 - Anchoring in Fundraising and Auction Events Setting high suggested donation amounts can lead to...