Learn why it's not what you think, it's what your brain does
I bet you have often wondered why you hear people say one thing and then do the opposite. Or, perhaps you know you should do one thing but then find yourself going in another direction. To find answers, behavioral economists study why people are so predictably irrational, which by the way, includes each of us. In this podcast, I speak with a behavioral economist whom you are going to love listening to, Melina Palmer. Afterward, you won't think of your brain the same way!
What is behavioral economics? Why does it matter to you?
Melina Palmer, host of The Brainy Business Podcast, has dedicated her career to seeking answers to these questions for herself and her clients. In these uncertain times, it's more important than ever to make sure your message is properly communicating with the brain of your customer. Small things make a big difference. In one study, states Melina's website, changing a single word in an ad resulted in a 38% increase in sales. Worth paying attention to!
Want to understand why we do what we do? Key takeaways from our interview:
- What we have learned as we study the human brain.
- How we make decisions with the subconscious leading the way and overriding the conscious mind.
- Why framing, anchoring and adjusting are so important. (If you see a sign in a store for 10 bottles for $10, and another sign for the same bottles at $1 each, which do you buy, 10 individual bottles or the 10 for $10? You guessed it. The way something is framed greatly influences how you decide what to do.)
- How to skillfully use these concepts to persuade someone to agree to a higher or lower number or quantity. This helps close sales, increase conversions and steer negotiations.
- Our brains are all about shortcuts. When your subconscious brain doesn’t know the answer to something, it makes a guess.
About Melina Palmer
Melina was the first person to graduate from the University of Washington’s Global Honors Program with a degree in business. Her senior thesis was presented at the Association of Consumer Research Symposium in Hyderabad, India. A lifelong learner, she then pursued a Master’s in Behavioral Economics from The Chicago School of Professional Psychology.
Through her company, The Brainy Business, Melina works with organizations and entrepreneurs to understand and master the small changes that make product programs, pricing, change initiatives, branding, internal communication and marketing messages “brain friendly,” increasing engagement and ROI.
Want to learn more about the role the brain plays in business? Try these
- Blog: How To Get Your Brain To Let Go Of Its Old Bad Habits
- Podcast: Holly Green—Tapping Into Your Brain to Build Better Relationships
- Podcast: Roger Dooley—Neuromarketing Made Easy
- My award-winning book: "On the Brink: A Fresh Lens to Take Your Business to New Heights"
- Simon Associates Management Consultants website