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

  • By: Melina Palmer
  • Podcast
  • 5.0 out of 5 stars (1 rating)

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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Episodes
  • 417. The Art of Respectful Disagreement w/ Justin Jones-Fosu

    417. The Art of Respectful Disagreement w/ Justin Jones-Fosu
    Aug 8 2024
    In episode 417 of The Brainy Business podcast, Melina Palmer interviews Justin Jones-Fosu, author of I Respectfully Disagree. Justin, the CEO of Work Meaningful, is a dynamic speaker and thought leader on topics of meaningful work and inclusion, delivering over 50 keynote addresses annually. His latest book delves into navigating difficult conversations in a divided world, a theme central to today’s discussion. Throughout the episode, Justin shares his insights on creating meaningful work environments and the importance of respectful disagreement. He emphasizes the significance of individuals finding meaning in their work, rather than relying solely on organizational missions. Justin introduces the 3 Rhythm Model, focusing on perspective, tasks, and relationships as key ways to bring meaning to work. He also addresses the concept of respectful disagreement, encouraging healthy conflict and curiosity within teams to foster better outcomes and innovation. In this episode: Discover the 3 Rhythm Model to bring meaning to your work.Learn how to create a culture of respectful disagreement in the workplace.Understand the importance of modeling and rewarding healthy conflict.Explore practical tips for challenging your perspective and engaging with diverse viewpoints.Gain insights into cognitive reframing and the value of hearing real stories. Show Notes: 00:00:00 - Introduction Melina introduces Justin Jones-Fosu and his work on meaningful work and respectful disagreement. 00:02:15 - Justin's Background Justin shares his journey, including his role as CEO of Work Meaningful and his latest book, I Respectfully Disagree. 00:06:30 - Meaningful Work Defined Justin explains the concept of meaningful work and the 3 Rhythm Model: perspective, tasks, and relationships. 00:12:45 - Individual vs. Organizational Meaning The focus shifts to how individuals can find meaning in their work, regardless of the organization's mission. 00:16:20 - The Greenhouse Effect Justin discusses the role of leaders in creating environments that foster meaningful work and engagement. 00:21:00 - Respectful Disagreement Transitioning to the topic of respectful disagreement, Justin explains the benefits of healthy conflict and curiosity in teams. 00:25:10 - Practical Tips for Leaders Justin provides actionable advice for leaders on modeling, rewarding, and seeking out disagreement. 00:27:00 - 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 Justin: Justin’s WebsiteHow to Respectfully DisagreeJustin on 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: I Respectfully Disagree, by Justin Jones-FosuFinding Confidence in Conflict, by Kwame ChristianLet’s Talk, by Therese HustonPowerful Phrases for Dealing with Workplace Conflict, by Karin Hurt and David DyeWhat Your Employees Need and Can't Tell You, by Melina Palmer Top Recommended Next Episode: Kwame Christian Interview (ep 221) Already Heard That One? Try These: Focusing Illusion (ep 89)Confirmation Bias (ep 260)Framing (ep 296)Therese Huston Interview (ep 381)Karin Hurt Interview (ep 393) Other Important Links: Brainy Bites - Melina’s LinkedIn Newsletter
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    27 mins
  • 416. Mastering Motivation: Behavioral Economics Insights (Refreshed Episode)

    416. Mastering Motivation: Behavioral Economics Insights (Refreshed Episode)
    Aug 5 2024
    In this episode of The Brainy Business podcast, Melina Palmer dives into the intricacies of motivation, exploring how our brains can both get and stay motivated. This episode is designed to help you understand the psychological underpinnings of motivation, including the impact of behavioral economics concepts like loss aversion, habits, and framing. Whether you're aiming for personal development or looking to integrate these insights into your business strategies, this episode has you covered. Melina shares personal stories, including her journey with running, to illustrate the principles of intrinsic and extrinsic motivation. She also evaluates popular fitness apps like Couch to 5K and Runkeeper, discussing their effectiveness in motivating users and suggesting improvements based on behavioral science. The episode is rounded out with actionable tips for hacking your own motivation, making it a must-listen for anyone eager to achieve their goals. In this episode: Learn the difference between intrinsic and extrinsic motivation and how to leverage both.Discover the role of behavioral economics in motivation, including concepts like loss aversion and framing.Get insights into popular fitness apps and how they can either encourage or discourage motivation.Gain actionable tips for setting and achieving your goals by understanding your brain's rules around mindset.Explore practical examples of how to flip the script on your motivation blocks. Show Notes: 00:00:00 - Introduction Melina introduces the episode's focus on motivation and its psychological aspects. 00:02:00 - Personal Journey Melina shares her personal story about running and how it ties into motivation. 00:06:00 - The Science of Motivation An overview of the scientific principles that drive motivation. 00:14:00 - Types of Motivation Discussion on intrinsic and extrinsic motivation, with examples from Melina's life. 00:20:00 - Case Studies Real-world examples of motivation in different contexts. 00:25:00 - Behavioral Economics Concepts Exploration of loss aversion, habits, and framing in the context of motivation. 00:32:00 - Evaluating Fitness Apps Melina evaluates Couch to 5K and Runkeeper, discussing their motivational strategies and suggesting improvements. 00:40:00 - Practical Tips Actionable tips for hacking your own motivation, including setting and limiting goals. 00:43:00 - 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: Work Well, Play More, by Marcey RaderMixed Signals, by Uri GneezyWhat Your Employees Need and Can't Tell You, by Melina PalmerGood Habits, Bad Habits, by Wendy WoodI Respectfully Disagree, by Justin Jones-Fosu Top Recommended Next Episode: iNcentives (ep 272) Already Heard That One? Try These: Wendy Wood Interview (ep 127)Katy Milkman Interview (ep 151)Cobra Effect (ep 220)Uri Gneezy Interview (ep 273)Marcey Rader Interview (ep 323) Other Important Links: Brainy Bites - Melina’s LinkedIn Newsletter
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    43 mins
  • 415. Behavioral Finance and Wealth Confidence w/ Anthony Damtsis of TD Wealth

    415. Behavioral Finance and Wealth Confidence w/ Anthony Damtsis of TD Wealth
    Aug 1 2024
    In episode 415 of The Brainy Business podcast, host Melina Palmer welcomes Anthony Damtsis, Deputy Head of Behavioral Finance at TD Wealth. Anthony shares his fascinating journey from leading the behavioral science practice at Discover Card in Chicago to his current role at TD Wealth, where he develops tools to help advisors integrate behavioral finance principles into their practice. The episode delves into his background, the importance of word choice in financial planning, and the intriguing concept of "wealth confidence." Throughout the conversation, Anthony discusses how subjective feelings of wealth can differ significantly from objective measures, revealing that having more money doesn't always equate to feeling wealthier. He introduces the concept of wealth confidence, which includes intertemporal, social, and purpose and pleasure components, and explains how giving to charity can enhance one's sense of wealth. Anthony also shares insights from a research project that tested different value propositions for financial plans, leading to a significant increase in plan creation rates. The episode is a treasure trove of insights for anyone interested in behavioral finance, the psychology of wealth, and the power of language in financial planning. In this episode, you will learn: The concept of wealth confidence and its impact on financial well-being.How subjective feelings of wealth can differ from objective financial measures.The importance of word choice in financial planning and how it affects client engagement.The role of charitable giving in enhancing one's sense of wealth.Practical strategies for financial advisors to communicate the value of financial plans. Show Notes: 00:00:00 - Introduction Melina introduces Anthony Damtsis, Deputy Head of Behavioral Finance at TD Wealth, and sets the stage for a conversation about behavioral finance and wealth confidence. 00:02:30 - Anthony's Background and Journey Anthony shares his journey from Discover Card to TD Wealth and his passion for behavioral science and economics. 00:05:51 - Concept of Wealth Confidence Anthony introduces the concept of wealth confidence, explaining its components and how it differs from traditional measures of wealth. 00:09:00 - Subjective vs. Objective Wealth Anthony and Melina discuss how subjective feelings of wealth can differ from objective financial measures and the role of social comparisons. 00:13:38 - Impact of Charitable Giving Anthony explains how charitable giving can enhance one's sense of wealth and the psychological mechanisms behind it. 00:17:54 - Research on Financial Plans Anthony shares insights from a research project that tested different value propositions for financial plans, leading to a significant increase in plan creation rates. 00:21:31 - Importance of Word Choice Discussion on the importance of word choice in financial planning and how it affects client engagement. 00:24:54 - Practical Strategies for Advisors Anthony provides practical strategies for financial advisors to communicate the value of financial plans effectively. 00:28:36 - Wording Matters Anthony and Melina discuss the nuances around words used to describe feeling wealthy. 00:34:27 - The Importance of Financial Plans Anthony describes the outcomes of his research and applications for financial advisors. 00:37:12 - 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 LinkedI​​n. 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 Anthony: Anthony on LinkedInAnthony on X Learn and Support The Brainy Business: Check out and get your copies of Melina’s Books. Get the Books Mentioned on (or related to) this Episode: Behavioral Science in the WIld, by Dilip Soman and Nina MazarBehavioral Investor, by Daniel CrosbyDollars and Sense, by Dan Ariely and Jeff KreislerInfluence, by Robert CialdiniDesigning for Behavior Change, by Stephen Wendel Top Recommended Next Episode: Chuck Howard Interview (ep 213) Already Heard That One? Try These: Reciprocity (ep 238)Luke Freeman Interview (ep 239)Dilip Soman Interview (ep 241)Jeff Kreisler Interview (ep 397)Melaina Vinski ...
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    47 mins
Marketing Economics Social Sciences Science
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