Guest Melina Palmer, known for her Brainy Business Podcast, discusses the psychology of pricing tactics, consumer behavior, and decision-making. Key topics include leveraging behavioral economics, decoding pricing strategies, setting confident pricing, and applying behavioral economics to business scenarios.
Understand consumer psychology to price products effectively.
Utilize subconscious influences for tailored messaging and enhanced customer engagement.
Deep dives
Understanding Behavioral Economics and Human Behavior
Behavioral economist Melina Palmer delves into the realm of behavioral economics, focusing on the applied side of understanding human behavior and decision-making. By comprehending how individuals make decisions and what influences their choices, businesses can tailor their strategies to better engage customers and employees, fostering more effective communication and decision-making processes.
The Journey into Behavioral Economics
Melina Palmer shares her journey into behavioral economics, highlighting her fascination with the psychology of buying decisions and human behavior. Through her studies and experiences, she emphasizes the importance of curiosity and understanding decision-making processes to enhance communication and connect with others effectively.
Insights from 'What Your Customer Wants and Can't Tell You'
Melina Palmer's book 'What Your Customer Wants and Can't Tell You' delves into the complexities of human decision-making. By exploring subconscious influences on buying behavior, such as loss aversion and framing, businesses can tailor their messaging to align with customers' psychological tendencies, leading to more effective communication and increased engagement.
Exploring Pricing Strategies and Consumer Behavior
In 'The Truth About Pricing,' Melina Palmer sheds light on the importance of pricing strategies and consumer psychology. By understanding the psychological factors that influence purchasing decisions, businesses can optimize their pricing models to create value and enhance customer perceptions, fostering a positive buying experience and customer engagement.
Make smarter choices when deciding how to price your product or service by arming yourself with an understanding of the psychology that contributes to consumer behavior. Behavioral economist, author, and Brainy Business Podcast host Melina Palmer joins On Leadership to share how to build consumer curiosity, present information in a clear and concise manner, and get out of your own way when making tough decisions about pricing in your business.
Execute Your Strategic Goals and Create Breakthrough Results: Rather than just a theory, The 4 Disciplines of Execution is a proven set of principles designed to help leaders consistently achieve breakthrough results. This shareable guide gives an overview of each discipline to help you get started on achieving your goals by executing on your priorities.
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