The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

Esteemed author Karin Hurt shares strategies for mastering workplace conflict by embracing the four C's: Connection, Clarity, Curiosity, and Commitment. Learn practical phrases and tactics to navigate office disputes, foster collaboration, and enhance conflict resolution skills. Gain insights on human-centered leadership, setting clear expectations, and handling conflicts with grace and resolve.

Join host Melina Palmer and guest Tim Houlihan, an expert in motivation and incentives, as they delve into the world of non-monetary rewards and personalized goal-setting. They challenge traditional views on motivation, emphasizing the power of recognition and thoughtful goal planning. Discover how incentives and motivation can impact employee engagement and performance, and gain practical insights on applying behavioral science in personal and professional realms.

Journalist Marjorie Ingall and wildlife behavior expert Susan McCarthy discuss the art of effective apologies. They explore the psychology behind apologies, public vs private apologies, steps to make a sincere apology, and the impact of genuine apologies on relationships.

Psychological underpinnings of decision-making expert, Gleb Tsipursky, shares insights on avoiding workplace disasters by understanding cognitive biases, implementing effective change management, cultivating emotional intelligence, and leveraging external perspectives. The podcast delves into real-world applications and emphasizes the role emotions play in professional lives, offering listeners valuable tools to enhance critical thinking and decision-making processes.

Guest Marc Zao-Sanders shares how timeboxing transformed his productivity and life. The episode explores intentional living, digital organization, and prioritizing tasks. Learn the benefits of timeboxing, mastering time management, and enhancing accountability in teamwork.

In this episode of The Brainy Business podcast, Melina Palmer explores the psychology behind precommitments and how they can profoundly impact our lives. Step into a thought-provoking conversation about the tools that assist us in adhering to our goals, including innovative apps like Stickk and Forest. Melina discusses the art of balancing personal aspirations and professional interactions, sharing anecdotes and advice on commitment and accountability. Get insights into practical methods for setting realistic deadlines and implementing precommitment tactics that truly work. Anticipate an exciting look ahead to her upcoming TEDx talk as well. This episode isn't just about tips—it's an invitation to a deeper understanding of commitment psychology, paving the way for lasting change. Perfect for anyone looking to harness the power of their intentions, this episode promises to be both enlightening and inspiring. In this episode: Master the benefits of precommitment strategies to achieve your personal and professional goals effectively. Incorporate behavioral economics in your business for improved decision-making and success. Overcome cognitive dissonance in goal setting to enhance your self-discipline and productivity. Utilize time boxing to maximize your productivity and accomplish your tasks efficiently. Leverage loss aversion to boost your motivation and drive towards achieving your objectives. Show Notes: 00:00:00 Introduction Melina introduces the concept of precommitment and explains how it can make us more likely to follow through on our intentions, whether it's committing to ourselves or someone else. 00:03:52 - Overcoming Time Discounting Melina delves into the concept of time discounting and how we often make decisions that prioritize short-term gains over long-term benefits. Precommitment helps us overcome this bias and stick to our commitments. 00:09:35 - Cognitive Dissonance and Behavior Change Melina discusses cognitive dissonance and its role in behavior change. She emphasizes the importance of facing our past behavior and accepting it in order to make meaningful changes in our commitments and habits. 00:11:34 - Implementing Precommitment Tactics Melina provides practical strategies for implementing precommitment devices to keep commitments. She emphasizes the importance of addressing the root causes of behavior and finding precommitment tactics that align with our motivations and goals. 00:14:33 - Tools for Precommitment Melina highlights the Stickk app, crafted by behavioral economists to help users stick to their goals. She encourages listeners to explore tools and ideas that can support their precommitment tactics and help them achieve cognitive alignment. 00:15:03 - Making Commitments and Using Precommitment Devices Melina discusses the importance of making commitments and using precommitment devices to ensure sticking to them. She provides examples of setting up commitments and consequences to keep oneself motivated. 00:16:29 - Using the Forest App for Productivity Melina introduces the Forest app, which helps in increasing productivity by creating a virtual forest and using it as a visual representation of commitment. She explains how the app helps in staying focused and avoiding distractions. 00:18:16 - Making Precommitments in Business and Teams Melina emphasizes the importance of making precommitments in business and teams to ensure follow-through on commitments. She explains how setting up appointments and deadlines in the moment increases accountability and keeps everyone on track. 00:21:11 - The Loss Aversion Jar for Precommitment Melina introduces the concept of the loss aversion jar as a precommitment tactic. She explains how it works by setting goals, putting money in the jar for daily commitments, and losing all the funds if the commitment is not met. The jar serves as a visual reminder and motivator. 00:26:41 - Embracing Precommitment to Achieve Goals Melina encourages listeners to embrace precommitment to achieve their goals. She shares her own experience of using precommitment tactics and emphasizes the importance of focusing on one important goal at a time to see real progress. 00:29:37 - The Importance of Understanding Consumer Behavior Melina discusses the significance of understanding consumer behavior in marketing, emphasizing the impact of decision-making on purchasing behavior. 00:30:20 - Factors Influencing Consumer Choices Melina delves into the various factors that influence consumer choices, including cognitive biases, emotions, and social influences, highlighting the complexity of decision-making processes. 00:31:05 - The Role of Behavioral Economics in Marketing The conversation shifts to the role of behavioral economics in marketing, with Melina stressing the importance of leveraging behavioral insights to design effective marketing strategies and campaigns. 00:32:15 - 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. Let's connect: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube 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: What Your Customer Wants and Can't Tell You, by Melina Palmer The Selling Staircase, by Nikki Rausch Good Habits, Bad Habits, by Wendy Wood Timeboxing, by Marc Zao-Sanders Work Well, Play More, by Marcey Rader Top Recommended Next Episode: Aline Holzwarth Interview (ep 135) Already Heard That One? Try These: Habits (ep 21) The Overwhelmed Brain and its Impact on Decision Making (ep 32) How to Organize Your Brain with Behavioral Economics (ep 83) Nikki Rausch Interview (ep 96) Confirmation Bias (ep 260) Other Important Links: Brainy Bites - Melina's LinkedIn Newsletter Don't Let Me Do That! – Models of Precommitment Precommitment Precommitment and Procrastination: Behavioral Tools for Students Forest App Stickk App

Hugh Massie, founder of DNA Behavior, discusses the importance of psychological safety in business environments and utilizing technology to improve communication and team collaboration. He shares insights on human behavior, leadership, and communication strategies for enhancing productivity and efficiency in the workplace.

In this episode of The Brainy Business podcast, Nuala Walsh, CEO of Mind Equity Consulting, shares her extensive experience in advising on behavior change, culture, and communications for various organizations, including World Athletics and the Football Association. With a background in behavioral science and a focus on gender equality and diversity, Nuala provides valuable insights into the challenges of whistleblowing in the workplace. She emphasizes the reluctance of employees to report misconduct, highlighting the high costs involved, such as job loss and harassment. Nuala's research underscores the ineffectiveness of zero-tolerance policies and the need for organizations to create supportive environments where speaking up is encouraged and safe. Her discussion with host Melina Palmer delves into the significance of courage-based stories in inspiring employees to speak up and the importance of creating a culture of psychological safety. Nuala's expertise and practical insights make this episode essential for ethics and compliance professionals, offering strategies to foster a culture of ethical behavior and address whistleblowing challenges effectively. In this episode: Uncovering Workplace Whistleblowing Challenges: Learn to navigate and overcome the complexities of workplace whistleblowing for a culture of integrity. Embracing Cognitive Diversity in Decision-Making: Harness the power of diverse perspectives to enhance the quality of organizational decisions and problem-solving. Fostering Psychological Safety: Cultivate an environment where employees feel safe to express themselves and contribute to innovative solutions. Celebrating Courageous Actions in Organizations: Recognize and reward acts of courage that drive positive change and ethical conduct within the workplace. Addressing Barriers to Reporting Misconduct: Equip yourself with strategies to effectively identify and dismantle obstacles to reporting misconduct in the workplace. Show Notes: 00:00:00 - Introduction Melina Palmer introduces the episode about whistleblowing at work and the reasons why so few people actually blow the whistle, even when they intend to or know something is wrong. 00:02:24 - Nuala Walsh's Work in Behavioral Science Nuala shares her extensive experience in behavioral science, her roles in advising on behavior change, brand and reputation, culture and communications for private sector organizations, and her involvement in gender-based initiatives. 00:08:03 - Getting Involved in D&I Nuala discusses her involvement with UN Women, World Athletics, and the Football Association, highlighting the challenges she observed in the male-dominated corporate world and her transition into the gender agenda and diversity and inclusion initiatives. 00:11:01 - Overcoming Familiarity Bias in Hiring Nuala emphasizes the importance of cognitive diversity in board appointments, shares her experience with unconscious bias in executive search hires, and suggests listening to recruitment agencies to achieve diverse hiring at the top level. 00:15:32 - Overcoming Biases in Decision Making Nuala emphasizes the importance of companies listening to independent groups to avoid falling prey to their own biases when making final decisions for roles. 00:16:09 - The Impact of Bias on Decision Making The discussion delves into different biases such as confirmation bias, familiarity bias, status quo bias, and loss aversion, and their influence on decision-making processes. 00:17:14 - Encouraging Whistleblowing Nuala discusses her research on whistleblowing and the challenges employees face in speaking up when they witness wrongdoing. She highlights the need for companies to encourage employees to speak up and the potential consequences whistleblowers may face. 00:18:32 - The Bystander Effect Nuala shares her fascination with the bystander effect and its application to whistleblowing. She discusses the reluctance of bystanders to take action and the factors influencing their behavior in such situations. 00:20:38 - Balancing Encouragement and Risk Nuala reflects on the conflicting emotions of encouraging people to speak up while acknowledging the potential risks they may face. She highlights the need for companies to adopt a more integrated and holistic approach to addressing the issue of whistleblowing. 00:30:15 - Recognizing Courage in Whistleblowers Nuala discusses the act of whistleblowing as an act of courage and shares her insights on communicating courage-based stories. She highlights the story of Harry Markopoupoulos and his attempts to expose Bernie Madoff's fraudulent activities. 00:31:35 - Embracing Outgroup Members as Heroes Nuala emphasizes the importance of sharing inspirational stories of whistleblowers, including those who are not well-known. She discusses the significance of portraying individuals like Harry Markopoupoulos, who was an outgroup member, as heroes. 00:32:45 - Shifting the Dial on Whistleblowing Nuala stresses the value of internal whistleblowers who have prevented disasters within their organizations. She suggests celebrating and sharing their stories to promote a positive shift in the culture of whistleblowing within companies. 00:33:30 - The Challenge of Measuring Whistleblowing Culture Nuala addresses the limitations of tracking whistleblowing culture solely through surveys. She highlights the need for evidence-based tracking and metrics to effectively measure the impact of storytelling on promoting ethical behavior within organizations. 00:37:40 - Intention vs. Action in Whistleblowing Melina reflects on the discrepancy between intentions and actions in whistleblowing. She discusses how the passage of time can impact individuals' willingness to speak up and draws parallels to Dolly Chug's insights on the perception of past and future events. 00:38:15 - Conclusion Melina's top insights from the conversation. 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. Let's connect: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Nuala: Mindequity Website Nuala on LinkedIn Nuala on Twitter 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: Tune In, by Nuala Walsh A More Just Future, by Dolly Chugh Getting Along, by Amy Gallo Finding Confidence in Conflict, by Kwame Christian The Speed of Trust, by Stephen M.R. Covey Top Recommended Next Episode: Tune In (ep 379) Already Heard That One? Try These: Change Management (ep 226) Biases Toward Others (ep 314) A More Just Future, with Dolly Chugh (ep 247) Meet GAABS! (ep 121) Familiarity Bias (ep 149) Other Important Links: Brainy Bites - Melina's LinkedIn Newsletter How to Encourage Employees to Speak Up When They See Wrongdoing

Distinguished professor Huggy Rao from Stanford Graduate School of Business discusses workplace friction, emphasizing the role of leaders in managing obstacles. Topics include time poverty, strategic obstacles in organizations, and optimizing decision-making processes. Huggy provides practical examples on adding and subtracting friction for improved employee engagement and organizational success.

In this episode of The Brainy Business podcast, Melina Palmer delves into the concept of sludge in business processes, shedding light on unnecessary barriers that hinder customers and internal operations. Drawing from her deep understanding of behavioral economics and cognitive psychology, Melina provides practical insights and real-world examples to demonstrate the impact of sludge on customer satisfaction, employee morale, and overall efficiency. With a focus on creating brain-friendly environments, she offers actionable strategies and resources for businesses to streamline processes and eliminate sludge, making it easier for people to engage with their products and services. Melina's expertise and engaging approach make the complex topic of sludge accessible and applicable for business owners and managers seeking to enhance efficiency, reduce friction, and improve customer experience. This episode serves as a valuable resource for those looking to optimize decision-making processes and drive success within their organizations. In this episode: Understand how sludge in business processes impacts your bottom line. Improve customer satisfaction by eliminating bureaucratic hurdles in operations. Quantify the costs of unnecessary barriers and optimize your resources. Leverage behavioral economics to enhance efficiency and productivity in your business. Show Notes: 00:00:00 - Introduction Melina introduces the concept of sludge and its impact on decision-making and processes in business and everyday life. 00:05:18 - Effects of Sludge Melina explains the pervasive nature of sludge and its detrimental effects on economic growth, public health, education, and equality. She provides examples of sludge in various contexts, including financial aid, healthcare, and voting. 00:11:44 - Understanding Sludge Melina delves into the characteristics of sludge, including waiting time, reporting burdens, administrative requirements, and transaction costs. She emphasizes that sludge is not always a negative force and can sometimes be necessary or beneficial. 00:12:29 - Quantifying Sludge Melina discusses the challenges of quantifying sludge and differentiating it from other transaction costs and administrative burdens. She highlights the importance of understanding the real impact of sludge to effectively address and remove it in business processes. 00:14:18 - Importance of Removing Sludge Melina explains the significance of removing sludge in business processes, using Amazon's one-click buying as an example of the value of reducing friction in the customer experience. She encourages businesses to assess the potential value of removing sludge from their processes. 00:15:29 - The Impact of Sludge in the Buying Process In the buying process, extra fields and steps act as partitions that make people evaluate if it's worth it or not. Businesses often add unnecessary questions that lead to lost sales and missed opportunities. 00:17:38 - Focus on Micro Moments and Necessary Information Focusing on each micro moment and asking only what's necessary can help remove sludge. For example, simplifying the discovery call form to just name and email can lead to more conversions. 00:19:32 - Examples of Sludge in Business Operations Sludge is not just limited to customer interactions but can also be present in back-office operations. This can include complicated decisions, too many choices, and unnecessary procedures that waste time and money. 00:24:20 - Trust and Sludge in the Back Office Trusting employees can reduce sludge and improve efficiency. When unnecessary procedures and processes are eliminated, more work gets done for less money. Trust and removing sludge go hand in hand in the back office. 00:25:11 - Quantifying the Cost of Sludge Quantifying the cost of sludge can help justify the need for its removal. The example of TSA Precheck demonstrates how quantifying the time saved and its monetary value can show the benefits of removing sludge. 00:30:45 - Conclusion Melina's top insights from the conversation. 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. Let's connect: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube 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: Sludge, by Cass Sunstein The Friction Project, by Robert Sutton and Huggy Rao Friction, by Roger Dooley Nudge, by Richard Thaler and Cass Sunstein The Speed of Trust, by Stephen M.R. Covey Top Recommended Next Episode: Roger Dooley Interview (ep 274) Already Heard That One? Try These: Partitioning (ep 254) Paradox of Choice (ep 171) Introduction to NUDGES and Choice Architecture (ep 35) What Problem Are You Solving? (ep 126) Cass Sunstein Interview (ep 371) Other Important Links: Brainy Bites - Melina's LinkedIn Newsletter REDUCING ELEVATOR ENERGY USE: A COMPARISON OF POSTED FEEDBACK AND REDUCED ELEVATOR CONVENIENCE