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

In today's conversation, I am joined by Dr. Uri Gneezy. Uri's research focus is on putting behavioral economics to work in the real world, where theory can meet application. He is looking for basic research as well as more applied approaches to topics like incentives-based interventions to increase good habits and decrease bad ones, Pay-What-You-Want pricing, and the detrimental effects of small and large incentives. In addition to the traditional laboratory and field studies, he currently works with several firms conducting experiments which use basic findings from behavioral economics to help companies achieve their traditional goals in nontraditional ways. You may be familiar with Uri's name because he coauthored the wildly popular book, The Why Axis with John List, who was on the show last year talking about his book The Voltage Effect. I have a feeling you're going to really enjoy this conversation as it is about a topic people in business are thinking, talking and asking about all the time: incentives. Most specifically, Uri talks about what happens when we mix our messages (it happens a lot more often than you realize) and how that impacts behavior. There are tons of fascinating and practical examples in the book, and we will talk about a few of them today in the episode. Show Notes: [00:42] In today's conversation, I am joined by Dr. Uri Gneezy. Uri's research puts behavioral economics to work in the real world where theory can meet applications. [03:15] Uri shares his background and the work he does in behavioral science. He is a behavioral economist and most of his work is around how incentives really work and how they can change the world. [05:19] When you give the incentives it is not just the money, reward, or recognition that you give, you are also sending a message and telling a story. If you don't really understand how the incentive can shape or change the story you might send the wrong message. [07:03] Incentives are not good, wrong, or bad. It really depends on how you use them. [09:25] By changing the incentives from money to an item like a mug or pen you change the message that supports the signal that you want to send. [11:45] Uri shares about research around donating blood. [14:01] In the late '90s hybrid cars started to pop up. Toyota won the market with the signal they sent. [16:39] Different incentives work on different people. The incentives don't have to apply to everyone. [18:25] The role of incentives should be to push the story in the direction you want. Incentives are going to change the story. [21:27] Quality is much harder to control than value and sometimes it is subjective. How do you incentivize without damaging the quality? [24:30] We really need to be careful about the incentives we give. [27:00] If we want innovation we have to make sure we don't punish failure. [29:59] If you have an incentive in place, try to think about it and see if it really sends the message that you want to send. [30:51] The fact that you tried incentives and they didn't work doesn't mean that incentives don't work. It means that what you tried didn't work and it is time to try something else. [33:26] You need ways to measure your incentives and how they are working. [36:00] He decided to add cartoons to his book because they deliver the message better than just reading a long description and it makes it fun and less boring. [38:48] The Coca-Cola story is a very good example of how the framing of the incentive can give a completely different experience. [40:26] Not all incentives are created equal and you can understand more about them and predict how they will work if you understand the message they are sending. [41:55] Our brains have mental accounts. [44:30] If you find out what your clients care about you can use that to create your incentives. [46:51] The amount of money really sends a signal but gifts send a very different signal and meaning. [49:36] Make incentives simple. If you have many incentives, consolidate them. Make sure you align what you do with the message you want to give. [50:52] Melina's closing thoughts 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: Mixed Signals, by Uri Gneezy The Why Axis, by Uri Gneezy and John List Drive, by Daniel Pink Quit, by Annie Duke Both/And Thinking, by Wendy Smith & Marianne Lewis Connect with Uri: Uri on LinkedIn Uri on Twitter Top Recommended Next Episode: The Voltage Effect with John List (ep 190) Already Heard That One? Try These: Secrets of Motivation and Incentives, Tim Houlihan Interview (ep 109) Motivation and Incentives at Work with Kurt Nelson (ep 187) Incentives (ep 272) Social Proof (ep 87) Cognitive Semiotics and Metaphors with Sarah Thompson (ep 259) Using Semiotics in Retail with Rachel Lawes (ep 191) The Cobra Effect (ep 220) Priming (ep 18) Quit: The Power of Knowing When to Walk Away, with Annie Duke (ep 227) Both/And Thinking with Dr. Wendy Smith (ep 261) Framing (ep 16) Anchoring and Adjustment (ep 11) Mental Accounting (ep 56) Other Important Links: Brainy Bites - Melina's LinkedIn Newsletter

Today's episode is all about iNcentives, specifically as they pertain to the concept of NUDGES. This episode first aired as part of a 7-part series I did on NUDGES back in 2019. Why seven parts? Well, "NUDGES" is an acronym for the six types of nudges as introduced by Thaler and Sunstein: iNcentives (which is a bit of a fudge to make it work, but we all forgive them), Understand Mapping, Defaults, Give Feedback, Expect Error and Structuring Complex Choices. That original series included one episode on each, plus an introductory episode into what nudges and choice architecture are to kick things off - so there you have it: seven episodes. This episode on incentives is being refreshed today to help get your brain buzzing on the idea before the wonderful Dr. Uri Gneezy is here on Friday to share about his new book (which just came out today) called Mixed Signals: How Incentives Really Work. It is all about what happens when we mix up our incentives so things don't work as intended, and what we can do to correct those errors before they happen. Digging in on nudging incentives as it pertains to behavioral economics felt like the perfect way to get you ready and in the right mindset for that episode coming out on Friday. (If you haven't already subscribed to the podcast, take a moment to do so now!) Show Notes: [00:38] Today's episode is all about iNcentives, specifically as they pertain to the concept of NUDGES. This episode first aired as part of a 7-part series I did on NUDGES back in 2019. [03:20] We are inundated with choices in our lives and because our brains are lazy we don't put in all the effort required to make the best decision every time. Well structured choice architecture can influence the way someone makes a decision and the choice they make. [04:37] Proper incentives can help encourage sales when you understand how they work. [05:11] Good choice architects understand how to structure the nudges and architecture to do what is best for their business. [06:43] Melina's example - air conditioning! [09:02] In general with air conditioning, it may feel like there isn't really a choice to be had. It looks pretty easy on the surface... [10:30] While air conditioning seems like a simple choice there were actually a lot of variables to be considered. [13:05] Consider who pays, who chooses, who uses, and who profits. [14:06] What happens when there are conflicting incentives? That is where we can really run into problems. [15:47] "Do you want the wi-fi enabled one?" [19:11] Look at how you can align the incentives to find the win-win-win scenario. [21:45] When all you look at is the cost it is easy to base your pricing off of that – but that isn't the best way. [23:52] Salience (or saying something is salient) is the way an item stands out from other items. [25:19] Our human brains have a hard time understanding value and cost over time. [27:03] Breaking down a large payment by year, month, week, or even day can make it a choice easier (or harder!) to make. Context matters. [29:43] Being in sales is basically being a full time choice architect. It is the burden of a salesperson and company to structure choices in a way that customers can quickly understand the value and make a choice. [32:02] Paying for the car is removed from the experience of you using and driving it. [34:00] Think about what you want to bring your customers' attention to (versus what would be a negative experience if you brought their attention to it). [36:23] Points, foreign currency, and tokens are not the same in our mind as "real" money. [38:04] It is important to consider the questions of who uses, who choses, who pays, who profits. [40:44] Surge pricing may seem like a way to nudge people into using less energy, but because this isn't salient in the moment it doesn't do as much as it could. Here's something else that might work better… [41:55] The last example of competing incentives is the US healthcare system. [44:20] Improvements can always be made. [46:30] Melina's closing thoughts [46:35] I find incentives fascinating because there are so many layers to them. It is so important to look at the ripples of choices and incentives, all those little facets that may not come to mind but can actually be really really important when decisions are made. 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: Mixed Signals, by Uri Gneezy Nudge, by Richard Thaler and Cass Sunstein Sludge, by Cass Sunstein What Your Customer Wants and Can't Tell You, by Melina Palmer The Why Axis, by Uri Gneezy and John List Top Recommended Next Episode: The Cobra Effect (ep 220) Already Heard That One? Try These: Motivation and Incentives at Work with Kurt Nelson (ep 187) Secrets of Motivation and Incentives, Tim Houlihan Interview (ep 109) NUDGES & Choice Architecture (ep 35) Understanding Mapping: The "U" in NUDGES (ep 37) Defaults: The "D" in NUDGES (ep 38) Expect Error: The "E" in NUDGES (ep 39) Give Feedback: The "G" in NUDGES (ep 40) Structuring Complex Choices: The "S" in NUDGES (ep 41) Loss Aversion: Why Getting New Stuff Is Not The Same (ep 9) Scarcity (ep 270) Relativity (ep 12) Anchoring & Adjustment (ep 11) The Truth About Pricing (ep 5) Unlocking the Power of Numbers (ep 17) The Overwhelmed Brain and its Impact on Decision Making (ep 32) What is Value? (ep 234) Framing (ep 16) Other Important Links: Brainy Bites - Melina's LinkedIn Newsletter Nudge: Improving Decisions About Health, Wealth, and Happiness Choice Architecture

Today, I am joined by Dr. Mindy Weinstein. Mindy is the founder and CEO of Market MindShift and was named one of the top women in digital marketing globally by her peers. She is also a global speaker, trainer, and digital marketing strategist who has worked with and trained companies of all sizes, including Facebook, The Weather Channel, Rosetta Stone, World Fuel Services, Investor's Business Daily, HBO, Fandango, Telemundo, LL Bean, Cisco, Transamerica, and Sportsman's Guide. Other digital marketing agencies come to Mindy to learn the latest trends, concepts, and methodologies. She teaches and leads marketing courses at Columbia Business School, The Wharton School at the University of Pennsylvania, Grand Canyon University, and the University of Denver. Getting introduced to Mindy was fascinating timing. A client asked if there was a book specifically about choosing the right type of scarcity tactics and how to apply them in her business. I let her know there wasn't a perfect fit and recommended What Your Customer Wants and Can't Tell You, as a great place to start. Later that day, I got a LinkedIn message from Brian Ahearn, introducing me to Mindy, who had just published her book, The Power of Scarcity: Leveraging Urgency and Demand to Influence Customer Decisions. And, let me tell you...everyone in business needs to read this. It is so valuable and such a great resource for everyone regardless of industry. Listen in to get some amazing insights on applying scarcity in your business! Show Notes: [00:43] In today's conversation, I am joined by Dr. Mindy Weinstein. Mindy is the founder and CEO of Market Mindshift and was named one of the top women in digital marketing globally by her peers. [02:02] She has a Ph.D. in general psychology with an emphasis on technology and is the author of The Power of Scarcity. [03:07] Everyone in business needs to read this book. It is so valuable and such a great resource for everyone regardless of industry. [04:57] Mindy shares about herself, her background, and the work she does. She has been a marketer for the last two decades. [06:07] As she was digging into all the factors, she realized that scarcity seemed to have the greatest power. It is also one of those factors that have been hardwired into our brain which dates back to our early ancestors. [08:39] "Obsession is a classic side effect of scarcity." [09:24] Mindy shares how scarcity affected her family on their visit to Disney World. [12:06] The Star Wars ride was in high demand and it was difficult to get on. When you are faced with something like that, it becomes urgent and an obsession for your brain. [14:52] Even though we know scarcity works, it can be really challenging to implement in business. [15:08] Scarcity is something you can implement and it always needs to be genuine. If it is authentic and something is truly scarce, why not communicate it? [15:42] As a small business a lot of times it is just your wording that makes a difference. Knowing how to word certain things makes a big difference. [17:22] One of the keys is not being afraid of running out of stock and instead making that an asset to you. Letting customers know items have been restocked triggers demand related scarcity. [19:31] Businesses can show the "best sellers" or "most popular" packages or most popular items that people buy. [20:28] There is a lot you can do from a business and small business standpoint that isn't going to break the bank. [22:14] Luxury goods strive with supply related scarcity when there is only a certain amount of units. [24:47] When you are looking at the scarcity tactic you can still be a large retailer that is making a lot of money and having a lot of customers but be more focused and making sure that the things where you are advertising are going to be working for you instead of being a waste. [26:22] Time related scarcity is any kind of time restrictions like flash sales, coupons, or limited time offers or products. Demand related is where scarcity exists because of high demand. [28:30] Pricing isn't about price. All the stuff that happens before the price matters. [29:10] If there is only so much of something to go around and we are looking at demand you feel like you are in competition. [31:18] Supply related scarcity could be a shortage or an intentional restriction on supply. Supply related scarcity speaks to people that have a need for uniqueness. [33:11] The final type of scarcity is limited edition which is any variation on the original. [35:44] Social media fuels so much of what we know and see about scarcity because words spread really quickly. [38:38] "If you have to make an extra effort to obtain the item, that item has just become more attractive." [39:11] If we are told we can't have something or it is not very simple for us to get it then we start to really think about it and want it more. [40:34] As we think about all these different types of scarcity, be careful about continuing to do the same thing over and over again. You want to mix it up so you don't devalue your products or services. [42:20] Discounting deeply is going to be going against a lot of these scarcity principles. [44:36] Melina's closing thoughts [45:43] You never know who you are influencing and what value each moment can have on the world. Have a conversation and be generous with your time. Even a few thoughtful minutes could change someone including you for the better. 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: The Power of Scarcity, by Mindy Weinstein Influence, by Robert Cialdini Influence PEOPLE, by Brian Ahearn What Your Customer Wants and Can't Tell You, by Melina Palmer Friction, by Roger Dooley Connect with Mindy: Mindy's Website Mindy on LinkedIn Mindy on Twitter Top Recommended Next Episode: Scarcity (ep 14) Already Heard That One? Try These: Dr. Robert Cialdini and the (Now!) 7 Principles of Persuasion (ep 157) How To Ethically Influence People: Interview with Author Brian Ahearn (ep 104) Herding (ep 19) Social Proof (ep 87) Coronavirus and How the Brain Responds to Pandemics (ep 91) Get Your D.O.S.E. of Brain Chemicals (ep 123) Time Pressure (ep 74) Surprise and Delight (ep 60) Disney: A Behavioral Economics Analysis (ep 144) What is Value? (ep 234) Framing (ep 16) Friction - What It Is And How To Reduce It, with Roger Dooley (ep 72) Sludge (ep 179) Loss Aversion: Why Getting New Stuff Is Not The Same (ep 9) A Behavioral Economics Analysis of Costco (ep 47) Starbucks: A Behavioral Economics Analysis (ep 73) Priming (ep 18) Other Important Links: Brainy Bites - Melina's LinkedIn Newsletter

Today's episode is all about scarcity. This is a term you are familiar with, but I am willing to bet you aren't using it in all the ways it can be leveraged in your life and business. The term gets thrown around a lot and people know some of how it works, but the nuance is so so so much more than you can imagine. This refreshed episode, which originally aired in the fall of 2018, will introduce you to the depth that this topic can have to set you up for this Friday's episode with Mindy Weinstein, author of the book The Power of Scarcity which will absolutely blow your mind. It is so good. Within the book, she includes so much depth and nuance in a way I have never heard anyone else talk about scarcity. It's fascinating. Today is a primer to expand your thoughts about scarcity in a way that will get you ready to continue your learning when that episode comes out on Friday. As you listen, reflect upon times in your own life where you have been pulled in by scarcity, and where you can incorporate it more into your business. Show Notes: [00:39] Today's episode is all about scarcity. This is a term you are familiar with, but I am willing to bet you aren't using it in all the ways it can be leveraged in your life and business. [02:15] In traditional economics, scarcity occurs when an item has limited availability but unlimited desire for that item. This could include natural resources like oil and water or more abstract concepts like time. [02:55] Studies have proven that we see things as more valuable when they are less readily available. [05:55] Scarcity and value are closely tied together. Our crazy brains think less equals more…even when it is kinda weird. When something is scarce it triggers our loss aversion because we don't want to miss out on the opportunity. [08:13] Scarcity can only take effect when items are truly limited. This means not everyone gets one. [10:49] Scarce items can take on a life of their own. [11:37] Scarcity can create a cult following, which means other people do the marketing for you. This makes the brand bigger than anything you can do on your own. [14:57] These examples from Starbucks and Disney are a combination of scarcity and availability. This is essentially capitalizing on something popular and becoming part of the craze. [15:26] If you are going to take a shot at incorporating scarcity, know that not everything will cause an uproar of epic proportions. Sometimes there will be duds and that is ok. The question is what did you learn from them for next time? [16:50] There are some words you can use to trigger scarcity in the brain of your consumer, including: limited time, extended, custom, handcrafted, one of a kind, closeout sales, everything must go, and last chance. These terms can be added to more than products, extending into services as well. [18:27] If you do a promotion or discount, make sure it is short term and remind people when it ends. You can also limit the quantity available and stick with it. [20:16] Contests and giveaways can work really well for you, but there are a lot of rules and you need to make sure you play the game. [21:37] It is easy to sound like a cheesy infomercial when you're using scarcity, so take a step back and don't get too over the top. [23:23] Scarcity and availability are another peanut butter and jelly sort of concept grouping like anchoring and relativity. [26:15] Scarcity is a tactic that works especially when combined with availability. [27:05] If there is not enough value they need to control the supply that is available to keep demand high. [28:12] Melina's closing thoughts 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: The Power of Scarcity, by Mindy Weinstein What Your Customer Wants and Can't Tell You, by Melina Palmer Influence, by Robert Cialdini What Your Employees Need and Can't Tell You, by Melina Palmer Power of Regret, by Dan Pink Top Recommended Next Episode: Availability Bias (ep 15) Already Heard That One? Try These: The Top 5 Wording Mistakes Businesses Make (ep 2) What is Value? (ep 234) Loss Aversion: Why Getting New Stuff Is Not The Same (ep 9) The Truth About Pricing (ep 5) The Power of Regret with Daniel Pink (ep 214) Dr. Robert Cialdini and the (Now!) 7 Principles of Persuasion (ep 157) A Behavioral Economics Analysis of Costco (ep 47) Starbucks: A Behavioral Economics Analysis (ep 73) Disney: A Behavioral Economics Analysis (ep 144) Other Important Links: Brainy Bites - Melina's LinkedIn Newsletter What is 'Scarcity' Influence: Science and Practice (5th Edition) Narcissists as consumers: The effects of perceived scarcity on processing of product information The Top 10 Most Expensive Stamps In The World The Five Most Expensive Coins Ever Sold at Auction Costco Business Model and Their Strategy @TheRealPSL on Twitter Want a Starbucks Unicorn Frappuccino? Too bad. Most stores sold out Starbucks Coffee Rose Gold Pink Sequin 24oz Venti Tumbler Cold Cup The Rarest and Best Disney Mickey and Minnie Mouse Ears How 'Tickle Me Elmo' Caused Holiday Hysteria Back In 1996 Have You Ever Tried to Sell a Diamond?

Conflict expert Amy Gallo discusses workplace dynamics, communication, and dealing with difficult people. The conversation highlights the importance of emotional intelligence, negotiation skills, and building quality relationships at work. It also explores strategies for navigating challenging personalities and reframing negativity for team success.

Today's episode is all about fundamental attribution error. Why is this the Tuesday Refresh? Well, when contributing editor to the Harvard Business Review, Amy Gallo, is on the show this coming Friday to discuss her book Getting Along: How to Work With Anyone (Even Difficult People) we specifically talk about this concept in detail. Also, upon review, this episode first aired on March 20, 2020…something tells me it hasn't gotten as many listens as it deserves - ha! It is so prevalent in every interaction at work, that this all made it an easy choice for being today's episode. The episode explains what fundamental attribution error is and how you experience it every single day at work and in your personal life. In essence, it is when we give ourselves the benefit of the doubt…but don't give that same benefit to others. This happens because we humans are very tribal by nature. Our brains are constantly sorting people into "us" and "them" categories. When we have people in the "us" world (yourself, your significant other, your family, your best friend, or favorite colleague) they get treated differently than those in a "them" category (people who don't look or sound like you, people in a different department that is always at odds with your own, that person who made you feel dumb at the meeting six years ago). Even if you don't want it to be a factor, it is. Our brains do this, and it is important to understand the bias and how it impacts our behavior (and those around us) so we can properly leverage it — because avoiding it doesn't work. Show Notes: [00:40] Today's episode is all about fundamental attribution error. The episode will get into more detail on what fundamental attribution error is and how you experience it every single day at work and in your personal life. [02:28] As an interesting side note, I was looking back to share when this episode first aired as I always like to make a note of it and the release date was March 20, 2020. I couldn't help but laugh as that date had a pretty visceral reaction for me. I'm guessing it might have for you too. [03:48] I like to call fundamental attribution error the "Pot / Kettle Phenomenon." When you use a different criteria to think about yourself and how you are acting than you use to think about and judge others…it is fundamental attribution error. [04:28] A classic example is when driving. How do you feel about someone who cuts you off in traffic and how do you feel about yourself when you cut someone else off in traffic? When thinking about yourself, you know this is a one-time thing and give yourself the benefit of the doubt (while that other person is labeled a "jerk"). [06:02] We also see this with movies in who is labeled good or bad. The best example is the Wicked Witch in the Wizard of Oz. [09:00] Your brain is biased to think of you as different and better than others, especially people that are not like you. [09:30] You don't have to let that immediate reaction form a lasting impression of someone else. You can put in a little effort once you understand the brain process. This can make all those relationships at work and in your personal life a little more pleasant. [11:12] The big difference between the way we see others and how we see ourselves is the intrinsic story compared to the extrinsic story. Intrinsic is internal and extrinsic is external. [12:48] In general, we are much more likely to say that others' internal attributes or personalities led to their bad behavior, while we see ours as being from external situational circumstances. [13:44] Four ways to change the ways you react to others: 1) Decide you want to work on this and understand why it is important to you. 2) Choose an initial group or person to start the process with. 3) Reframe your "in" group. 4) Consciously adjust to extrinsic attributes for 30 days or a decent number of total interactions and then move to the next group. [15:42] It is also important to remember that fixing your mindset on the way you think about others is about your choice. You can't change them or their responses to situations. [17:35] If you know what makes you think that way and who's in the "in" group and the "out" group you can look to expand that "in" group so you can be less biased overall. [18:29] When you broaden the circle of the "in" crowd you start to see everyone in a better light. While you might not notice it until you start to open up, it can greatly impact all of your working relationships. [21:00] Conquering your fundamental attribution error to have better relationships with a department means every time you have a negative response you need to check in with yourself and remember they are part of your "in" group. Then think of something positive about them to replace the negative feeling you had initially. [22:11] When you force yourself to look deeper for positives, it can help round them out and build that intrinsic story. [23:00] The easiest way to see someone as your "in" group is to find ways you are similar. [24:08] I gave the tip of starting with one group to begin with to get the ball rolling but once that snowball starts do what you can to add on and add on. [25:10] It is important to look at your own behavior the way others do as well. Try to stop writing an extrinsic story for why it is okay. [26:41] When you understand how your brain is sorting other people and treating them differently and how you are many other peoples' "them" it can really help you to adjust your own behavior so you can have better relationships at work and in your personal life. 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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 Employees Need and Can't Tell You, by Melina Palmer Getting Along, by Amy Gallo A More Just Future, by Dolly Chugh How Minds Change, by David McRaney How To Have Difficult Conversations About Race, by Kwame Christian Top Recommended Next Episode: Confirmation Bias (ep 102) Already Heard That One? Try These: Time Discounting (ep 51) Overview of Personal Biases (ep 45) Biases Toward Others (ep 46) Focusing Illusion (ep 89) Coronavirus and How the Brain Responds to Pandemics (ep 91) How to Get (and Stay) Motivated (ep 67) How to Set, Achieve & Exceed Brainy Goals (ep 248) The Brainy Benefits of Gratitude (ep 236) Vulnerability Loops (ep 229) Other Important Links: Brainy Bites - Melina's LinkedIn Newsletter Fundamental Attribution Error Here's Why Rushing to Back-to-Back Meetings Is Hurting Your Reputation Why Learning To Embrace Criticism Should Be Your Top Resolution This Year

In today's conversation, I am joined by Dr. Tomas Chamorro-Premuzic, an international authority in psychological profiling, talent management, leadership development, and people analytics. His commercial work focuses on the creation of science-based tools that improve organizations' ability to predict performance, and people's ability to understand themselves. He is currently the Chief Innovation Officer at Manpower Group, co-founder of Deeper Signals and Metaprofiling, and Professor of Business Psychology at University College London and Columbia University. He has previously held academic positions at New York University and the London School of Economics and lectured at Harvard, Stanford, and London Business Schools, Johns Hopkins, IMD, and INSEAD, as well as being the co-founder and CEO of BrazenX and the CEO at Hogan Assessment Systems. Dr. Tomas has written 11 books and over 150 scientific papers on the psychology of talent, leadership, innovation, and AI, making him one of the most prolific social scientists of his generation. His work has received awards by the American Psychological Association, the International Society for the Study of Individual Differences, and the Society for Industrial-Organizational Psychology, to which he is a Fellow. Dr. Tomas is also the founding director of University College London's IndustrialOrganizational and Business Psychology program, and the Chief Psychometric Advisor to Harvard's Entrepreneurial Finance Lab. Over the past 20 years, he has consulted to a range of clients. His media career comprises over 100 TV appearances and he is a keynote speaker for the Institute of Economic Affairs. I am so beyond delighted and honored that he is joining me on the show today to discuss his newest book, I, Human. Show Notes: [00:43] In today's conversation, I am joined by Dr. Tomas Chamorro-Premuzic, an international authority in psychological profiling, talent management, leadership development, and people analytics. [01:41] Dr. Tomas has written 11 books and over 150 scientific papers on the psychology of talent, leadership, innovation, and AI. [04:07] Dr. Tomas shares his experience, his work, and how he found himself doing the work he does now. His background is in psychology. [06:37] It is generally more useful to be smarter than not, but there are many other things that contribute to peoples' success in any area of life. [09:33] Very sought after strengths can come with limitations and turn into weaknesses if overused. [12:24] Humans are naturally tribal and we want to construct very coherent identities. With that comes the subjective experience that we belong to some groups and we don't belong to others. [13:21] We also strive to feel very rational and consistent. It is a lot simpler and generally more pleasant to hold attitudes, beliefs, and values that are compatible with each other. [15:07] So much of this world can be changed or modified a little bit if we convince people to spend time with others who don't think like them. [17:34] We tend to pick leaders based on their confidence instead of their competence. (Dunning-Kruger Effect) [18:11] A surplus of confidence really dilutes self awareness. The better you think you are at something the worse you probably are at that thing. [20:39] Instead of blaming women for not behaving overconfidently (more like the often incompetent men who move forward when they don't have the talents to back it up). We should instead stop falling for men who do that. [21:47] If leadership selection was gender blind you would end up with 60-65% of women in charge because of things like emotional intelligence, heart skills, qualifications, and absence of dark side traits. The actual frequency is 80-20 in favor of men. [23:37] Gender diversity and inclusion interventions have become more data driven in the last five years. [26:13] The entire world seems to be talking about Chat GPT. Tomas shares how that relates to his new book, I Human. [29:02] Three avenues to protect and preserve our expertise are to focus more on asking questions, really pick one or two areas of expertise that you invest in, and go from insights to actions. [30:42] Machines and technologies have always pushed us to upgrade ourselves. [33:30] In the book he answers the question of what it means to be human in this day and age when all the focus is on artificial intelligence and machines are clearly evolving and advancing. [34:59] The book has two parts. The first part highlights some of the worst behaviors that we have already seen humans display as a consequence of being so dependent on AI and related technologies. [37:25] The second and last parts of the book are a request for us to rediscover and reclaim the qualities that make us special, unique, and different from machines. [39:45] The shift really needs to be much more prominent from teaching information to teaching skills, behaviors, and ethics. [41:33] Organizations, nonprofits, institutions, governments, and societies need to sort out the issue of reskilling and upskilling so people are not made useless or redundant. [43:45] Businesses should find ways to really humanize work in the age of machines and AI is really important. [44:56] Find the time to ask questions. Don't take facts at face value. Focus on the things that you find interesting and useful. [47:31] Melina's closing thoughts [49:26] A forced shift in teaching methods and how we test knowledge and show intelligence isn't inherently bad. There are some real opportunities there. [52:42] Try to understand your own brain's tendencies and not believe everything you hear, see, or read. Find ways to do your own fact-checking whenever possible. 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: I, Human, by Tomas Chamorro-Premuzic Why Do So Many Incompetent Men Become Leaders? (And How To Fix It), by Tomas Chamorro-Premuzic Predictably Irrational, by Dan Ariely Both/And Thinking, by Wendy Smith & Marianne Lewis Beautiful Questions in the Classroom, by Warren Berger Connect with Tomas: Tomas' Website Tomas on Twitter Top Recommended Next Episode: Dunning-Kruger Effect (ep 266) Already Heard That One? Try These: When Machine Learning Meets Neuroscience, with Ingrid Nieuwenhuis (ep 170) AI, Blockchain, Machine Learning, & Behavioral Economics with Manuj Aggarwal (ep 192) Dan Ariely Interview: Discussing Shapa, the Numberless Scale (ep 101) Both/And Thinking with Dr. Wendy Smith (ep 261) Confirmation Bias (ep 260) Herding (ep 19) The Power of Us with Dr. Dominic Packer (ep 178) Social Proof (ep 87) Unity (ep 216) Priming (ep 18) Avoiding Everyday Work Disasters, an Interview with Dr. Gleb Tsipursky (ep 111) Optimism Bias (ep 34) Questions or Answers (ep 4) The Most Important Step in Applying Behavioral Economics: Understanding the Problem (ep 126) Negativity Bias (ep 223) A More Beautiful Question with Warren Berger (ep 200) Other Important Links: Brainy Bites - Melina's LinkedIn Newsletter Why Do So Many Incompetent Men Become Leaders? How ChatGPT Is Redefining Human Expertise: Or How To Be Smart When AI Is Smarter Than You.

Today's episode is all about the Dunning Kruger Effect, which was the second most downloaded episode of the year in 2022, so in case you missed it I wanted to be sure you had a chance to listen to it like so many of your peers did. :) If you DID hear this episode last year when it came out, I highly recommend you still tune in now because I can guarantee it will hit you differently today than it did back then. You are a different person and you will glean different insights from the episode, I promise. So, why this episode and why today? Well, in Friday's episode with Dr. Tomas Chamorro-Premuzic, we talk explicitly about the Dunning Kruger Effect and how it applies in life and business when he shares about his new, fascinating book I, Human and our discussion is specifically around one of his other books, Why So Many Incompetent Men Become Leaders (And How To Fix It). That book has too good of a title to not be honored with a refresh on the Dunning Kruger Effect, which looks at the relationship between confidence and competence, as you will learn more about today. Show Notes: [00:39] Today's episode is all about the Dunning Kruger Effect, which was the second most downloaded episode of the year in 2022. [02:22] To put the Dunning-Kruger effect into its simplest form, it would say essentially that people who are unskilled tend to overestimate their abilities and those who are very skilled experts will underestimate theirs. [03:15] Think about a kid who graduates from high school and believes they know everything. [03:35] When someone graduates from high school, they are at a point that has come to be known as the "Peak of Mount Stupid." At the peak of mount stupid, someone has lots of confidence, but it isn't built on much competence. They have no idea how much they don't know so they are blissfully unaware of their precarious position and how close they are to falling right off the cliff. When this kid gets to college and realizes they don't know nearly as much as they thought they did, they fall into the "Valley of Despair." [05:51] This is an opportunity to look at the things you don't yet know and begin to research them. This gradual climb is called the "Slope of Enlightenment." You slowly gain confidence as you grow your competence…though you might never get back up to the level of confidence you had way back at the peak of mount stupid. [06:48] If you take a moment now to reflect upon your own life, I am guessing you could pretty easily come up with at least half a dozen examples where the Dunning-Kruger effect reared its ugly overconfident head. [08:17] While you are an expert in one thing, you are way overconfident in something else, where you don't have any idea of the ocean of stuff you don't know. [09:23] How the effort heuristic relates. [11:16] I can live in blissful unawareness of my inadequacies forever and never have it be an issue until I try the thing enough to realize that I should have been a little less confident. [12:30] Have some awareness and don't assume you know better than everyone else. [13:27] There is a flip to this as well. (It isn't all about mount stupid). Remember, there is a point where you become an expert and then grossly underestimate your own abilities. [14:45] You can't do this for everything, but on the things that matter it is worth doing a little Dunning-Kruger evaluation every so often to discover if you are underestimating or overestimating your confidence and competence at this point. [15:41] Look at your own moments where you have high confidence and low competence (or high competence with not enough confidence) to determine if you are showing up in the best way possible. Also, look at others to determine where they are on that Dunning-Kruger scale. [17:08] Another place where the Dunning-Kruger effect is really critical to keep in mind is when you look at coaching or giving advice to members of your team. [18:40] Giving them too many things to change while they are feeling the stress in the "valley" is going to make the problem worse, so you need to be selective on what advice to give them. [19:55] Know that when people have low competence in something, they are likely to be overconfident in their own abilities. Those who are very competent have a tendency to underestimate their own skill or ability. [20:3] There is an interesting point when there is an increase in knowledge where you realize all of what you don't know—that increased competence results in a drastic drop in confidence. [21:17] As you build knowledge, know that you will gradually underestimate your abilities, skills, and all the effort and training that went into what you now know and can do. Just because it is easy for you doesn't mean it isn't of value to someone else. Especially when someone is new, overshare information to help with where you both are on the Dunning-Kruger scale. [22:04] Don't take your spot on the Dunning-Kruger scale as a fixed point. The context is always changing, there are new discoveries and technologies and experts every day. [23:16] I just love this concept in so many ways. It is a great opportunity to look at ourselves, and others so we can overcome obstacles we may be putting in our own way, avoid big crashes into that valley of despair, be better at coaching others, and have better relationships with colleagues of all kinds — and even understand our relationship with technology. [24:12] Keep the Dunning Kruger Effect in mind as you look around at your own choices and the relationships you have with others over the next couple of weeks. 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: I, Human, by Tomas Chamorro-Premuzic Why Do So Many Incompetent Men Become Leaders? (And How To Fix It), by Tomas Chamorro-Premuzic What Your Employees Need and Can't Tell You, by Melina Palmer Getting Along, by Amy Gallo You Are Not So Smart, by David McRaney Top Recommended Next Episode: Confirmation Bias (episode 102) Already Heard That One? Try These: Framing (ep 16) Priming (ep 18) What is Value? (episode 234) Mental Accounting (ep 56) Partitioning (ep 254) How to Raise Your Prices (ep 77) The Truth About Pricing (ep 5) Focusing Illusion (ep 89) Get Your D.O.S.E. of Brain Chemicals (ep 123) Decision Fatigue (ep 132) IKEA Effect & Effort Heuristic (ep 112) Other Important Links: Brainy Bites - Melina's LinkedIn Newsletter Dunning-Kruger Original Research Baader-Meinhof Phenomenon

In today's conversation, I am joined by Dr. Nick Epley, Director of the Center for Decision Research at the University of Chicago Booth School of Business. I was introduced to Nick by the amazing Ayelet Fishbach, who has been on The Brainy Business twice before. Nick studies social cognition—how thinking people think about other thinking people—to understand why smart people so routinely misunderstand each other. He teaches an ethics and well-being course to MBA students called Designing a Good Life (sounds like a perfect fit around here, and we do talk about this in the episode). His research has appeared in more than two dozen empirical journals, been featured by the New York Times, Wall Street Journal, CNN, Wired, NPR, and more. As Nick will share with us today...you may not realize it, but you were born with an extraordinary ability to understand what others think, feel, believe, want, and know. You are a mind reader! It's a sixth sense you use every day, in every personal and professional relationship you have. Today, Nick will share a bit of what scientists have learned about our ability to understand others and the surprising mistakes we so routinely make. Show Notes: [00:45] In today's conversation, I am joined by Dr. Nick Epley, director of The Center of Decision Research at the University of Chicago, Booth School of Business. Nick studies social cognition. [02:52] You may not realize it, but you were born with an extraordinary ability to understand what others think, feel, believe, want, and know. You are a mind reader. [05:02] Nick shares about himself and his background. He is a professor of behavioral science at the University of Chicago. [07:32] There are systematic gaps between our beliefs about someone else and reality. If we can understand what those gaps are we can understand why they exist. [09:38] The quality of our social relationships is a critical determinant of our happiness, probably the most important. Other people are the single biggest source of our happiness as well as our misery. [11:55] One of the big barriers to people being more social in their daily lives is that they underestimate how social others are. [13:35] We get that risk-reward trade-off with other people wrong. We think it is riskier to reach out and engage than it is. [15:05] Failing to realize that other people are social is a barrier to us. [17:43] One of the common things we find is that people are often surprised at how much they learned, how enjoyable the conversation was, and how much they have in common with the other person. [20:22] Conversations have a magnetic quality to them. It draws people together and surprises people. [22:02] If you don't like small talk…stop having it. When you take an interest in other people they reveal interesting stuff and take an interest in you. [24:18] Take an interest in another person - that is how you have good conversations. [26:26] If you care about somebody then you ask them questions that matter to them. Treat other people like they are good friends. [28:09] When people imagine having a meaningful conversation with a stranger, they think the other person is not going to want to hear about it or care about it. When they get into it and open up to each other it generally goes way better than people expect. [29:56] Having a culture where people are open, honest, and willing to engage and connect with one another, they feel connected to the place because they are connected to each other is the kind of culture that every organization wants to have and helps get the job done. [31:56] People's reluctance to reach out and engage with others is exactly the kind of barrier that organizations would want to get rid of. [33:38] The things that basic psychology has to teach people in business is the same thing we have to teach people in their everyday lives. [36:02] If you are bringing people into your organization, think about interviewing with your culture in mind. [38:46] When you make connection activities routine, common, easy, and part of the habits so people aren't thinking about it, you design it with the context so it just happens this way that is how they spread through organizations and you sustain them. [41:30] Often organizations don't choose to make these types of opportunities a priority. [43:52] Typing and texting lack the emotion and the thinking behind those words that you get from a person's voice. [45:32] Share kind thoughts with other people. [46:35] Think about somebody you feel grateful to and write them a note. Try to connect with a stranger. [49:17] Melina's closing thoughts [50:36] Take the time for real human connections, even small ones each day and see what happens. 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: Mindwise, by Nick Epley Nudge, by Richard Thaler & Cass Sunstein Get It Done, by Ayelet Fishbach Both/And Thinking, by Wendy Smith & Marianne Lewis Happier Hour, by Cassie Holmes Connect with Nick: Nick's Website Top Recommended Next Episode: Vulnerability Loops (ep 229) Already Heard That One? Try These: Get It Done: Surprising Lessons from the Science of Motivation with Ayelet Fishbach (ep 186) How to Make 2023 Your Best Year Ever with Ayelet Fishbach and Cassie Holmes (ep 249) NUDGES & Choice Architecture (ep 35) Herding (ep 19) Focusing Illusion (ep 89) The Brainy Benefits of Gratitude (ep 236) You Have More Influence Than You Think, Vanessa Bohns (ep 197) Both/And Thinking with Dr. Wendy Smith (ep 261) Herding (ep 19) The Power of Us with Dr. Dominic Packer (ep 178) Using Behavioral Science to Build Connections, an interview with Jon Levy, author of You're Invited (ep 150) Reciprocity: The Amazing Power of Giving (ep 238) Only 1% of People Blow the Whistle at Work—How to Fix That, with Nuala Walsh (ep 153) Habits (ep 256) Other Important Links: Brainy Bites - Melina's LinkedIn Newsletter Undersociality: miscalibrated social cognition can inhibit social connection Why Your Social Life Is Not What It Should Be Go Ahead, Ask for Help. People Are Happy to Give It. You Should Actually Send That Thank You Note You've Been Meaning to Write Small talk is boring. Our research shows how you can do better. The Unexpected Power of Random Acts of Kindness

Today's episode is all about herding. We humans are a herding species, just like cows and sheep and guppies, and this has a big impact on our behavior. We are tribal and we look to others to help us stay safe and make good decisions. Or, at least, what our subconscious tells us is a good decision. :) This is why things like testimonials are so important. Herding has a dedicated chapter in my first book, What Your Customer Wants and Can't Tell You because they are so important for businesses to understand. The reason I chose to refresh this episode is because of the guest who is joining me this coming Friday, Nick Epley. We talk about the importance of social connection and why we often don't do the things that will help us to be happier because we perceive them as being uncomfortable or awkward or against the social norms in the moment. In the business context, imagine how much value could come from having a simple chat with your colleagues or people at a conference. Most people probably stick to their groups where they are already comfortable and don't strike up a conversation, but what could happen if you did? There is a lot of value in breaking from the herd and having that conversation, even for less than a minute, which we will talk about more on Friday when episode 265 with Dr. Nick Epley comes out. And as you listen today, I encourage you to reflect on all the times you thought about striking up a conversation or asking a question and didn't. What aspects of herding made you feel like you shouldn't and what can you do in the future to engage with others more? It is valuable for you both professionally and personally, I promise. Show Notes: [00:39] Today's episode is all about herding. We humans are a herding species, just like cows and sheep and guppies, and this has a big impact on our behavior. [02:21] In the business context, imagine how much value could come from having a simple chat with your colleagues or people at a conference. [04:07] Humans herd in the same way as other species for most of the same reasons. The main reason animals herd is for protection. [05:41] Herding is in our nature. [08:02] Herding helps us learn by observation. Watching where others go and following the group keeps you safe. [09:38] As humans have evolved, herding behavior has not always served us well. Herding is there to protect individuals, not the group or a complex society as a whole. [11:41] We choose restaurants by online reviews and crowdedness. We think the people must know something we don't. [12:58] People are more likely to leave tips when others have done it. [15:51] Herding mentality is much more likely to come out when people feel vulnerable or are unsure of themselves. [17:23] It is better to be conventionally wrong than unconventionally right. [18:58] Studies have shown that up to 75% of participants will give an answer they know is wrong to go with the group. [21:07] When everyone follows the herd and doesn't take the time to do their own research stocks or companies get artificially inflated by the confidence of others. [23:42] Crypto is absolutely impacted by the herd mentality. [24:16] Always beware if your brain is making you feel anxious to take steps and do something just because everyone is doing it or having your FOMO triggered in a way that makes you want to do less research before investing your time, energy, or other resources. [27:48] People like to be part of the group and this is increased when the other people in the group are comparable and more like you. [28:14] Whatever your business does, you are in the business of solving problems. The only reason people buy anything is to solve a problem. [30:52] Being in a group makes us feel safe and happy because of this release of oxytocin. When we are not part of the group, our brains do whatever they can to get that bliss feeling back by seeking out more group relationships to help us feel safe and warm. [33:28] while we can't change our natural tendency to herd, you do have options to change your behavior. [34:28] Understanding what will trigger herd mentality in your customers for both good and bad can help you to message better and more effectively. [36:52] If you really care about starting a movement, have the courage to follow and show others how to follow. When you find a lone nut doing something great, have the guts to be the first one to stand up and join in. [37:09] Melina's closing thoughts [40:52] Be thoughtful with the numbers you put out into the world, and consider the herding implications for what you want people to do in the long run. [41:59] Consider how social norms and herding instincts may keep you from having conversations with other people. 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: Influence, by Robert Cialdini What Your Customer Wants and Can't Tell You, by Melina Palmer How Customers Think, by Gerald Zaltman The Power of Us, by Jay Van Bavel and Dominic Packer You Have More Influence Than You Think, by Vanessa Bohns Top Recommended Next Episode: Social Proof (ep 87) Already Heard That One? Try These: Framing (ep 16) Priming (episode 18) Get Your D.O.S.E. of Brain Chemicals (ep 123) Dr. Robert Cialdini and the (Now!) 7 Principles of Persuasion (ep 157) Unity (ep 216) The Power of Us with Dr. Dominic Packer (ep 178) You Have More Influence Than You Think, Vanessa Bohns (ep 197) Unlocking The Secrets Of The Brain (ep 1) Unlocking the Power of Numbers (ep 17) Availability Bias (ep 15) Other Important Links: Brainy Bites - Melina's LinkedIn Newsletter Poll: Despite Record Turnout, 80 Million Americans Didn't Vote. Here's Why 6 in 10 Americans don't have $500 in savings Presidential Election Voting Human Herding: How People are Like Guppies The Unwisdom of Crowds Herding, social influence and economic decision-making: socio-psychological and neuroscientific analyses Herd behavior in consumers' adoption of online reviews Which restaurant should I choose? Herd behavior in the restaurant industry Watch These Awkward Elevator Rides From an Old Episode of Candid Camera Herding Behavior in Social Media Networks in China Herd Instinct Warren Buffett explains one thing people still don't understand about bitcoin Herding behavior in cryptocurrency markets Science Of Persuasion Oxytocin The Brain and the Herd Mentality How to Start a Movement Derek Sivers