416. Mastering Motivation: Behavioral Economics Insights (Refreshed Episode)

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.

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. 

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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 Rader
• Mixed Signals, by Uri Gneezy
• What Your Employees Need and Can't Tell You, by Melina Palmer
• Good Habits, Bad Habits, by Wendy Wood
• I 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