How to Apply Behavioral Economics to Your Business

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The first thing that you would need to do is figure out what the ingredients are and have some knowledge of how they work on their own. And then you also need to have a plan of what you're trying to make because again, you can't just throw all those ingredients in a bowl and hope that they come out as brownies on the other side. So similarly with looking to apply behavioral economics,. my book walks through a process of introducing 16 concepts of which there are hundreds. I picked a top 16 from having worked with businesses in this area for a long time that I think are most relevant and applicable to get started.

Which product makes you more likely to buy it? A bag of chips that says, “90% Fat-Free” or a bag of chips that says, “Made With 10% Fat”? Sure, the answer seems like it’s obviously the first option, but can you explain the reasons why?

Melina Palmer can, and as a behavioral economist, she’s here to explain why we buy the things we buy in this episode from the archives. As the podcast host of “The Brainy Business; Understanding the Psychology of Why People Buy,” Melina discusses the ways science can be used to unlock the consumer decision-making process and unleash the key to your business’ success.

She and Daniel talk about how behavioral science utilizes economics, psychology, and neuroscience to reveal the secrets behind the subconscious decisions we make on an everyday basis.

Follow Melina:

Website: https://www.thebrainybusiness.com

Podcast: https://thebrainybusiness.com/why-behavioral-economics/#

Follow Daniel:

Twitter: https://www.twitter.com/Dmurr68

LinkedIn: https://www.linkedin.com/in/daniel-murray-marketing

And thanks to our episode sponsor, Retention. What do brands like Warby Parker, Dr. Squatch, Vital Proteins, and Blendjet all have in common? Retention.com is their highest-performing ROAS channel by far. Visit Retention.com to book a demo today.

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Daniel is a Workweek friend, working to produce amazing podcasts. To find out more, visit:

www.workweek.com