The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics 468. Decoding the Why
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Feb 4, 2025 Nate Andorsky, an entrepreneur and author of Decoding the Why, dives into how behavioral science shapes business strategies. He shares his journey into this field, influenced by the book Nudge. Discover how understanding the 'why' behind decisions can transform product design, especially in technology. Nate discusses leveraging principles like social norms and commitment devices to enhance user engagement, alongside real-world examples in sectors like nonprofit and education. He emphasizes the role of testing and insights in refining strategies for better user experiences.
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Understanding the "Why"
- Understand the "why" behind user behavior, going beyond surface-level data.
- Use behavioral science principles like social norms and commitment devices in product design.
Pre-Commitment and Time Discounting
- People often resist immediate commitments, like signing up for a checking account.
- Offering a delayed option, like in two weeks, increases agreement due to time discounting.
Social Norming for Engagement
- Talented, an online learning platform, struggled with user engagement.
- Highlighting early user successes through social norming increased overall participation.
