Influencing Decision-Making with Behavioral Economics

In this episode of The Brainy Business podcast, Melina Palmer welcomes Quique Belenguer, the global lead of behavioral economics at BBVA. This insightful discussion centers on the internal structuring of behavioral economics teams within organizations, offering valuable lessons and strategies for those looking to incorporate behavioral science into their business practices.

Quique shares his experience at BBVA, where he has been instrumental in developing a behavioral economics unit over the past six years. He discusses the evolution of their approach, from focusing on small tweaks to integrating behavioral insights into broader strategic projects. Quique emphasizes the importance of asking the right questions, collaborating with other departments, and creating frameworks that encourage collective problem-solving.

The conversation also covers the significance of having internal advocates, understanding the key performance indicators (KPIs) of stakeholders, and the benefits of reskilling existing employees to build a diverse and effective behavioral science team. Quique provides practical advice for anyone looking to start or grow a behavioral economics unit, highlighting the need for flexibility, collaboration, and a deep understanding of the business context.

In this episode:

• Learn about the evolution of BBVA's behavioral economics unit and its integration into various projects.
• Understand the importance of asking the right questions and collaborating with other departments.
• Discover strategies for starting and growing a behavioral economics team within an organization.
• Gain insights into the significance of having internal advocates and understanding stakeholder KPIs.
• Explore the benefits of reskilling existing employees to build a diverse behavioral science team.

00:00:00 - Introduction Melina Palmer introduces Quique Belenguer and the focus of today's discussion on the internal structuring of behavioral economics teams.

00:02:15 - Quique's Background Quique shares his journey at BBVA and the evolution of their behavioral economics unit over the past six years.

00:08:50 - Asking the Right Questions It is important to ask the right questions and collaborate with other departments to create effective solutions.

00:15:30 - Internal Advocates The role of internal advocates in promoting behavioral science within organizations and securing resources for the team.

00:22:10 - Understanding KPIs The significance of understanding stakeholder KPIs and aligning behavioral interventions with business goals.

00:28:45 - Reskilling Employees The benefits of reskilling existing employees to build a diverse and effective behavioral science team.

00:35:20 - Practical Advice Quique provides practical advice for starting and growing a behavioral economics unit within an organization.

00:43:10 - 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.

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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
• influence Is Your Superpower, by Zoe Chance
• You Have More Influence Than You Think, by Vanessa Bohns
• Invisible Influence, by Jonah Berger

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