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

In this episode of The Brainy Business podcast, Melina Palmer revisits a key topic from the foundational series on nudges, emphasizing the importance of feedback in correcting expected errors and guiding decision-making. Melina explores how thoughtful feedback mechanisms can keep individuals on track by providing timely and relevant cues, whether it's in daily life or within business processes. Melina shares practical examples of feedback in action, such as the use of flashing lights on speed limit signs or the innovative pink-to-white ceiling paint by Glidden, highlighting how feedback can be effectively integrated into various contexts to improve outcomes. She also discusses the significance of feedback in sales processes and customer interactions, encouraging businesses to design thoughtful interventions that prevent errors and enhance customer satisfaction. In this episode: Understand the role of feedback in the nudge framework and its impact on decision-making. Explore real-world examples of feedback mechanisms in everyday life and business. Learn how to design effective feedback interventions to prevent errors and enhance customer experience. Discover strategies for incorporating feedback into sales processes and customer interactions. Gain insights into the importance of thoughtful communication and follow-up in maintaining customer relationships. Show Notes: 00:00:00 - Introduction, Melina introduces the 450th episode and its focus on the "Give Feedback" concept in nudges. 00:05:30 - Importance of Feedback Melina discusses the significance of feedback in preventing errors and guiding decision-making. 00:10:45 - Practical Examples Examples of feedback in action, such as speed limit signs and Glidden's ceiling paint, are explored. 00:20:00 - Feedback in Sales Processes Strategies for incorporating feedback into sales processes to enhance customer experience. 00:30:00 - Thoughtful Communication The importance of thoughtful communication and follow-up in maintaining customer relationships. 00:40:00 - 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: [email protected] The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The 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 Palmer Nudge, by Richard Thaler & Cass Sunstein Thinking Fast and Slow, by Daniel Kahneman What Your Employees Need and Can't Tell You, by Melina Palmer Sludge, by Cass Sunstein Top Recommended Next Episode: NUDGES and Choice Architecture: Introduction (ep 35) Already Heard That One? Try These:  Unlocking the Secrets of the Brain (ep 1) Framing (ep 296) Priming (ep 252) Habits (ep 256) Prefactual Thinking: How to Turn “What If” Into “Why Not” (ep 71) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter Glidden® Pink to White Ceiling Paint Nissan ECO-Pedal THE ENERGY ORB: Visualize Electricity Consumption! Domino’s Track Your Order stickK

In this episode of The Brainy Business podcast, Melina Palmer is joined by Dr. Kari Leibowitz, a health psychologist, speaker, and writer. Kari, who holds a PhD in social psychology from Stanford University, shares her insights on the power of mindsets and how they influence our health and well-being. She discusses her research on how people in the Arctic embrace winter, as well as her new book, How to Winter, which explores the opportunities that winter presents both literally and metaphorically. As the episode is released on Thanksgiving, it serves as a timely reminder to shift our mindsets from viewing winter as a bleak season to one full of potential and joy. Kari shares practical strategies for embracing winter, such as focusing on the positive aspects of the season and adapting our routines to align with the natural rhythms of winter. She also delves into the broader application of these mindset shifts, offering insights on how to navigate personal "winters" in our lives, such as career setbacks or health challenges. In this episode: Discover how mindsets influence our perception of winter and how to shift from a "winter is dreadful" to a "winter is wonderful" mindset. Learn practical strategies for embracing winter, including adapting to the season and finding joy in winter activities. Explore the metaphorical application of winter mindsets to personal challenges and how to find opportunities in adversity. Understand the power of rituals and how they can transform mundane tasks into meaningful experiences. Gain insights into the role of light and creativity, and how dim lighting can enhance creativity and intimacy. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Dr. Kari Leibowitz and the topic of embracing winter mindsets. 00:02:00 - Kari's Background Kari shares her journey in health psychology and her research on winter mindsets in the Arctic. 00:10:00 - Winter Mindset Research Discussion on how people's mindsets about winter can influence their experience and well-being. 00:25:00 - Practical Strategies for Embracing Winter Kari shares tips for adapting to winter and finding joy in the season's unique opportunities. 00:35:00 - Metaphorical Winters Exploration of how winter mindsets can be applied to personal challenges and career setbacks. 00:45:00 - The Role of Rituals Discussion on how rituals can transform mundane tasks into meaningful experiences. 00:50:00 - Light, Creativity, and Intimacy Insights into how dim lighting can enhance creativity and intimacy. 00:55:00 - 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: [email protected] The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Kari: LinkedIn Kari'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: Good Habits, Bad Habits, by Wendy Wood Indistractable, by Nir Eyal How to Change, by Katy Milkman Happier Hour, by Cassie Holmes How to Winter, by Kari Leibowitz Top Recommended Next Episode: Tapping into the Power of Habit (ep 368) Already Heard That One? Try These:  Habits (ep 256) Status Quo Bias (ep 376) Katy Milkman Interview (ep 151) Wendy Wood Interview (ep 428) Sludge (ep 384) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer delves into the world of familiarity bias, a psychological phenomenon that makes us favor the known over the unknown. Our brains are naturally inclined to prefer the familiar, which can impact decisions in both personal and business contexts. This episode revisits the topic, originally aired in April 2021, to explore how familiarity bias affects our choices and how we can leverage it to our advantage. Melina discusses the implications of familiarity bias on business decisions and personal growth, highlighting how it can lead to holding onto outdated practices or resisting beneficial changes. She shares practical insights on overcoming this bias, encouraging listeners to embrace new opportunities despite initial discomfort. By understanding the subconscious preference for the familiar, businesses can better cater to customer preferences and avoid unnecessary changes that disrupt established trust. In this episode: Understand the concept of familiarity bias and its impact on decision-making. Learn how to identify and overcome familiarity bias in personal and business contexts. Explore strategies to leverage familiarity bias for customer satisfaction and brand loyalty. Discover the balance between innovation and maintaining familiarity in marketing and product design. Gain insights into practical examples, including Disney's approach to nostalgia and familiarity. Show Notes: 00:00:00 - Introduction Melina Palmer introduces the topic of familiarity bias and its relevance in today's episode. 00:01:30 - Why Familiarity Bias Matters Explanation of how familiarity bias influences our choices and the importance of understanding it. 00:05:00 - Real-Life Examples Melina shares anecdotes illustrating how familiarity bias can affect our preferences, using music as an example. 00:10:00 - Business Implications Discussion on how familiarity bias can lead to poor business decisions and the dangers of the sunk cost fallacy. 00:18:00 - Overcoming Familiarity Bias Tips on recognizing and overcoming familiarity bias to embrace beneficial changes in life and business. 00:25:00 - Leveraging Familiarity in Marketing How businesses can use familiarity bias to their advantage, including examples from Target and Coca-Cola. 00:35:00 - Repurposing Content and Branding The benefits of maintaining recognizable branding and messaging to build customer loyalty. 00:45:00 - 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: [email protected] The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The 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 Palmer Nudge, by Richard Thaler & Cass Sunstein Thinking Fast and Slow, by Daniel Kahneman What Your Employees Need and Can't Tell You, by Melina Palmer Sludge, by Cass Sunstein Top Recommended Next Episode: Priming (ep 252) Already Heard That One? Try These:  Unlocking the Secrets of the Brain (ep 1) Framing (ep 296) 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 Newsletter

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: [email protected] The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Siobhan: LinkedIn Siobhan'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 Palmer Influence, by Robert Cialdini The Speed of Trust, by Stephen M.R. Covey Drive, by Daniel Pink The 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