The Behavioral Economics in Marketing's Podcast

The availability heuristic is all about being top of mind. Developing a strong, punchy elevator pitch can help marketing and sales leaders get their point across and have it stick, developing that top of mind recognition.

Conflict is a normal part of everyday life and all of us have experienced friction or disagreements. In this episode, we discuss ways to alleviate conflict before it begins such as through open communication, communication training, building report with your team, maintaining transparency and giving positive feedback.

When conflicts happen in the workplace; they impede progress, lower morale and can even repel talented employees. Therefore, it is important for leaders to resolve and manage them in an effective manner. In this episode, we discussed ways that leaders can address conflict in the workplace including ways to assess the situation, listen and communicate positively. 

Mastering the art of managing conflict is a lifelong pursuit. Conflict is a normal part of everyday life and all of us have experienced friction or disagreements. Not surprisingly, conflict can also happen in the workplace. And when conflicts happen at work, they can create discord between co-workers, impede progress, lower morale and can even repel talented employees. In this episode, we discuss categories of conflict and commonly practiced conflict resolution strategies. 

Acquisition theory is a motivational model that affirms that we all have three motivating drivers: achievement, power and affiliation. The type of motivation by which each we are driven derives from our life experiences, perceptions and cultural norms. As a leader in your organization, assessing and understanding your team's motivational drivers helps you to create a working environment that not only optimizes your employees productivity but promotes their overall wellness and well-being. 

In this episode, we considered ways in which travel companies can leverage pent-up demand through research, collaboration, targeting and using this time to skill-up and onboard new employees.

In this episode, we consider pent-up in the travel industry during COVID-19 in three research studies and their findings from Sandra Thomas-Comenole's recent white paper, "Are we experiencing pent-up demand in the travel industry?" 

Pent-up demand is a build-up of demand for goods and services in an economy where consumers are unable or unwilling to make purchases to satisfy the demand at the present time. This generally occurs during times of economic uncertainty – such as a recession. In this episode, we considered pent-up demand in the travel industry during COVID-19.

Cognitive dissonance is the phenomenon of having inconsistent thoughts, beliefs, values or attitudes and can cause psychological stress. People who experience cognitive dissonance can act irrationally to relieve that stress. Leaders can alleviate cognitive dissonance through expectation management and strong communication.

Human capital is a measure of the economic value of an employee's skill set. A company that focuses on increasing their human capital has the best possibility for growth because people are a source of competitive advantage. This episode considers the intrinsic and extrinsic factors that contribute to an employee's human capital, as well as several strategies for increasing human capital through personal and professional development, hiring for human capital and team building activities.