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464. Rethinking Failure: Behavioral Insights with Madeline Quinlan

Jan 21, 2025

Madeline Quinlan, a behavioral scientist and co-founder of Salient, shares her fascinating journey from finance to behavioral science. She emphasizes the power of reframing failure as a learning opportunity. The discussion dives into integrating qualitative and quantitative research for effective behavioral interventions, highlighting the need for personalized approaches in understanding consumer behavior. Madeline also addresses the significance of identifying the right problems before applying behavioral insights, shedding light on innovative techniques developed during the COVID-19 pandemic.

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ANECDOTE

From Finance to Behavioral Science

Madeline Quinlan studied finance and psychology, facing skepticism about combining these fields.
Discovering behavioral finance during her CFA studies bridged her interests, leading her to pursue a master's degree.

ANECDOTE

Founding Salient

Quinlan met her business partner at LSE, and they co-founded Salient during their master's program.
They aimed to bridge the gap between academic behavioral science insights and practical applications, especially in the private sector.

INSIGHT

Qualitative vs. Quantitative Research

Qualitative research can yield different results from quantitative research, as seen in a pension savings project.
People's stated preferences in focus groups contrasted with their actual behavior when presented with loss-framed messaging.

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In this episode of The Brainy Business podcast, Melina Palmer engages in an insightful conversation with Madeline Quinlan, a behavioral scientist and co-founder of Salient, a consultancy bridging the gap between academic insights and practical applications of behavioral science. Madeline shares her journey from finance to behavioral science and discusses the importance of reframing failures as opportunities for learning and growth. With a focus on the intersection of finance and psychology, Madeline reveals how unexpected outcomes can lead to deeper insights into human behavior and decision-making.

Throughout the discussion, Melina and Madeline explore the significance of understanding the right problem before applying behavioral science interventions and the value of piloting initiatives to ensure effectiveness. They also explore the role of qualitative and quantitative research in validating behavioral strategies, emphasizing the need for a more personalized approach to behavioral interventions.

In this episode:

Discover how unexpected results can provide valuable insights and opportunities for growth.
Understand the importance of addressing the right problem in behavioral science applications.
Explore the balance between qualitative and quantitative research in behavioral interventions.
Learn about the potential of personalization in behavioral science through data and technology.
Gain insights into the founding and mission of Salient and the Global Association of Applied Behavioral Scientists (GAABS).

Show Notes:

00:00:00 - Introduction Melina introduces Madeline Quinlan, co-founder of Salient, and her background in finance and psychology. Maddie shares her journey and the inspiration behind co-founding Salient.

00:05:45 - Discovering Behavioral Science Maddie discusses her transition from finance to behavioral science and the pivotal moment when she discovered the intersection of finance and psychology.

00:10:30 - Founding Salient Maddie shares the story of founding Salient while pursuing her master's at the London School of Economics and the importance of bridging the gap between academic insights and practical applications.

00:15:22 - Innovative Projects Maddie highlights some of her favorite projects, including a collaboration with Nest Insight to encourage self-employed individuals in the UK to save for their pensions through innovative message framing techniques.

00:22:15 - The Importance of Testing Maddie and Melina discuss the importance of rigorous testing in behavioral science and the value of learning from both successes and failures.

00:30:45 - Embracing Failures Maddie shares insights from her master's thesis on mindfulness meditation and temporal discounting, emphasizing the importance of embracing failures and unexpected results in research.

00:40:30 - The Future of Behavioral Science Maddie discusses the future of behavioral science, including the potential for personalized interventions and the importance of maintaining a human-centered approach.

00:50:15 - 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.

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