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

  • By: Melina Palmer
  • Podcast

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

By: Melina Palmer
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  • Summary

  • Consumers are weird. They don't do what they say they will do and don't act how we think they "should." Enter Melina Palmer, a sales conversion expert with a personal mission to make your business more effective and brain friendly. In this podcast, Melina will take the complex concepts of behavioral economics (the study and science of why people buy - or not) and provide simple, actionable tips you can apply right away in your business. Whether you're a small business or thriving corporation, Melina's tips can help your business increase sales and get more customers.
    TheBrainyBusiness
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Economics Marketing Science Social Sciences
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Episodes
  • 447. The Hive Mind at Work: Transforming Organizations with Dr. Siobhan McHale

    447. The Hive Mind at Work: Transforming Organizations with Dr. Siobhan McHale
    Nov 21 2024
    In this episode of The Brainy Business podcast, Melina Palmer welcomes Dr. Siobhan McHale, author of The Hive Mind at Work. Siobhan's fascination with bees from her childhood in Southern Ireland led her to explore human ecosystems and the power of group intelligence in transforming workplaces. With over 30 years of experience, she has guided leaders in creating agile and productive environments, drawing from her role as an executive in charge of transformation at international firms like ANZ Bank. Throughout the episode, Siobhan discusses the concept of the hive mind and its application in business, emphasizing the importance of understanding group intelligence (GQ) alongside traditional IQ and EQ. She shares insights from her book, including case studies from her career, and explains how organizations can overcome challenges by diagnosing patterns and reframing roles. The conversation also delves into the nine laws of group dynamics and the role of storytelling in facilitating change. In this episode: Discover the significance of group intelligence (GQ) in modern workplaces.Learn about the nine laws of group dynamics and how they can transform organizations.Explore the parallels between bee behavior and business ecosystems.Understand the role of storytelling in driving meaningful change.Gain practical insights into diagnosing and addressing group dynamics issues. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Dr. Siobhan McHale and the topic of group intelligence in the workplace. 00:03:15 - Siobhan's Background Siobhan shares her journey from a small village in Ireland to a career in organizational psychology and transformation. 00:09:45 - The Hive Mind Concept Discussion on the inspiration behind The Hive Mind at Work and the lessons from bees. 00:15:30 - IQ, EQ, and GQ Explanation of group intelligence and its importance in navigating complex business environments. 00:22:00 - Diagnosing Organizational Patterns Insights into identifying and addressing hidden patterns in workplace dynamics. 00:30:00 - Case Study: ANZ Bank A detailed look at the successful transformation of ANZ Bank using group intelligence principles. 00:38:00 - The Nine Laws of Group Dynamics Overview of the laws and their application in business contexts. 00:45:00 - Storytelling and Change The role of storytelling in making complex ideas accessible and memorable. 00:52:00 - 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 Business on Youtube Connect with Siobhan: LinkedInSiobhan's Website 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: What Your Employees Need and Can't Tell You, by Melina PalmerInfluence, by Robert CialdiniThe Speed of Trust, by Stephen M.R. CoveyDrive, by Daniel PinkThe Hive Mind at Work, by Siobhan McHale Top Recommended Next Episode: Change Management (ep 226) Already Heard That One? Try These: Confirmation Bias (ep 260)That’s not fair! (Inequity Aversion) (ep 224)Planning Fallacy (ep 346)Fundamental Attribution Error (ep 268)Manuj Aggarwall Interview (ep 192) Other Important Links: Brainy Bites - Melina’s LinkedIn Newsletter
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    39 mins
  • 446. The Taste of Success: How Flavor Impacts Buying Behavior

    446. The Taste of Success: How Flavor Impacts Buying Behavior
    Nov 19 2024
    In this episode of The Brainy Business podcast, host Melina Palmer revisits a fascinating topic: the sense of taste. Originally aired as episode 26, this episode is part of a series exploring the five senses and their impact on behavioral economics and decision-making. Whether your business is service-based or product-focused, Melina emphasizes the importance of considering all senses, including taste, in your strategy. Melina delves into the intricate relationship between taste and smell, revealing that taste is 80% smell. She discusses the concept of anosmia, a condition where individuals lose their sense of smell, and how it significantly diminishes their sense of taste. The episode also explores the role of mirror neurons, which allow us to empathize with others' experiences, including taste. Throughout the episode, Melina shares insights on how taste is influenced by all other senses, such as sight, sound, and touch, and how these can be leveraged in branding and marketing. From the impact of color on taste perception to the power of brand expectations, listeners will gain a deeper understanding of how to create a holistic sensory experience for their customers. In this episode: Discover how taste and smell are interconnected and why taste is 80% smell.Learn about anosmia and its effect on taste perception.Explore the role of mirror neurons in experiencing taste and other senses.Understand how all senses, including sight, sound, and touch, contribute to the perception of taste.Gain insights on leveraging sensory experiences in branding and marketing. Show Notes: 00:00:00 - Introduction 00:02:00 - Both taste and smell use chemical receptors to the brain and are more primitive senses 00:09:16 - Mirror neurons were partially discovered because of taste and our desires to eat food 00:13:33 - Using food imagery in branding can backfire on you because of mirror neurons 00:17:16 - Sound and touch can impact taste, as well as texture and temperature 00:19:05 - Ambiance affects perceived flavor and the amount someone was willing to pay 00:28:00 - 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 Business on Youtube 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: What Your Customer Wants and Can't Tell You, by Melina PalmerNudge, by Richard Thaler & Cass SunsteinThinking Fast and Slow, by Daniel KahnemanWhat Your Employees Need and Can't Tell You, by Melina PalmerSludge, by Cass Sunstein Top Recommended Next Episode: Framing (ep 296) Already Heard That One? Try These: Unlocking the Secrets of the Brain (ep 1)Priming (ep 252)NUDGES and Choice Architecture: Introduction (ep 35)Habits (ep 256)Prefactual Thinking: How to Turn “What If” Into “Why Not” (ep 71) Other Important Links: Brainy Bites - Melina’s LinkedIn NewsletterTaste & Smell: Crash Course A&P #16What is Taste?How does our sense of taste work?Confusing Tastes and Smells: How Odours can Influence the Perception of Sweet and Sour Tastes Coke Won the Cola Wars Because Great Taste Takes More Than a Single Sip
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    31 mins
  • 445. From Insights to Action: Behavioral Science at Lyft with Irrational Labs

    445. From Insights to Action: Behavioral Science at Lyft with Irrational Labs
    Nov 14 2024
    In this episode of The Brainy Business podcast, host Melina Palmer welcomes Evelyn Gosnell and Dr. Isabel Macdonald from Irrational Labs. Evelyn, as the managing director, applies behavioral insights to help product teams drive business outcomes and customer value. She has collaborated with leading companies like Lyft, TikTok, Google, and more. Isabel, a behavioral scientist with a PhD in public policy from Harvard University, focuses on leveraging economic and psychological forces to guide the development of technology tools for social good. The episode delves into a recent project with Lyft, where Evelyn and Isabel share key insights on using behavioral science to enhance user engagement. They discuss the Women+ Connect feature, aimed at increasing matches between female drivers and riders, and how different behavioral messaging strategies were tested to optimize driver opt-in rates. In this episode: Discover the behavioral mapping process used by Irrational Labs to identify psychological factors impacting user decisions.Learn about the three messaging strategies tested with Lyft drivers and the surprising results that emerged.Understand the importance of being "uncomfortably specific" when defining key behaviors to change.Explore how behavioral science can be applied across various industries to improve product engagement and business outcomes.Gain insights into the challenges and opportunities of incorporating behavioral science into product development. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Evelyn Gosnell and Dr. Isabel Macdonald from Irrational Labs and sets the stage for a discussion on applying behavioral science in business. 00:05:32 - Evelyn's Background Evelyn shares her journey from product management to behavioral science and her role at Irrational Labs. 00:10:45 - Isabel's Background Isabel discusses her transition from academia to behavioral science and her passion for applying economic and psychological insights. 00:15:23 - The Lyft Project Discussion on the Women+ Connect feature and the behavioral science approach used to increase driver opt-ins. 00:25:14 - Behavioral Mapping and Messaging Strategies Evelyn and Isabel explain the behavioral mapping process and the three messaging strategies tested with Lyft drivers. 00:35:47 - Results and Insights Analysis of the test results and the surprising effectiveness of the concreteness message in changing driver behavior. 00:45:29 - Importance of Being Uncomfortably Specific The significance of defining specific behaviors and how it aids in designing effective interventions. 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® on FacebookThe Brainy Business on TwitterThe Brainy Business on InstagramThe Brainy Business on LinkedInMelina on LinkedInThe Brainy Business on Youtube Connect with Evelyn and Isabel: Evelyn websiteIsabel LinkedInEvelyn LinkedIn 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: What Your Customer Wants and Can't Tell You, by Melina PalmerAlchemy, by Rory SutherlandBlindsight, by Matt Johnson and Prince GhumanUsing Behavioral Science in Marketing, by Nancy HarhutImmersion, by Paul Zak Top Recommended Next Episode: Sudy Majd Interview (ep 444) Already Heard That One? Try These: A Behavioral Economics Analysis of Costco (ep 47)Disney (ep 292)Peloton (ep 338)Starbucks: A Behavioral Economics Analysis (ep 73)Amazon (ep 159) Other Important Links: Brainy Bites - Melina’s LinkedIn Newsletter Irrational Labs 3B FrameworkCase Study: Doubling New Engagement With Lyft’s Women+ Connect Feature
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    50 mins

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