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

Feedback is a powerful tool in guiding decision-making and correcting errors. Real-world examples, like Glidden’s color-changing paint, illustrate how visual cues can enhance experiences. Thoughtful feedback interventions can prevent mistakes in sales and improve customer interactions. The importance of kind follow-ups in business communication is also highlighted, emphasizing the need for considerate outreach to maintain strong relationships. Understanding these strategies can propel both personal and professional success.

Dr. Kari Leibowitz, a health psychologist with a PhD from Stanford, dives into the power of mindset in embracing winter. She shares insights from her research in the Arctic, revealing how local residents find joy amid darkness. Kari introduces practical strategies to reframe winter as a season of opportunity and resilience. She discusses the therapeutic benefits of hands-on crafts and the importance of rituals. Listeners learn to navigate personal setbacks by viewing them as metaphorical winters, fostering a mindset of growth and positivity.

Dive into the intriguing world of familiarity bias, where our brains cling to the known, sometimes at the expense of growth. Discover how this psychological phenomenon influences both personal decisions and business strategies. Learn to identify and overcome this bias to embrace change and innovation. Hear how brands, like Disney, masterfully leverage nostalgia to forge customer loyalty. Practical insights and relatable examples will inspire you to break free from outdated routines while balancing familiarity and progress.

Dr. Siobhan McHale, an organizational psychologist with over 30 years of experience, explores the fascinating intersection of bees and workplace dynamics. She introduces the concept of Group Intelligence (GQ), emphasizing its role alongside IQ and EQ in organizational transformation. Listeners will learn about the nine laws of group dynamics that can lead to meaningful change, and the importance of storytelling as a tool for fostering collaboration. Siobhan shares compelling case studies that illustrate how understanding group behavior can overcome workplace challenges.

Dive into the intriguing relationship between taste and smell, discovering that 80% of what we perceive as taste actually comes from our sense of smell. Learn about anosmia and how losing this sense impacts flavor perception. Uncover the role of mirror neurons in shaping our experiences and empathy, influencing consumer behavior. It's fascinating how all senses—sight, sound, and touch—interact to create memorable branding and marketing strategies. Explore how to craft a holistic sensory experience that delights customers.

Explore how behavioral science is redefining user engagement at Lyft. Discover the innovative Women+ Connect feature aimed at improving matches between female drivers and riders. Learn about the surprising outcomes of messaging strategies tested with Lyft drivers. The discussion reveals the significance of being 'uncomfortably specific' in behavior change and the broader applications of behavioral insights across industries. Gain valuable insights into the intersection of psychology, technology, and consumer behavior.

Join Dr. Sudy Majd, a behavioral scientist with a rich background in e-commerce, as she shares her insights into consumer behavior at Candid. She discusses the intention-action gap, unveiling why customers procrastinate on returning dental kits. Sudy highlights the power of behavioral science techniques like nudging and social proof to enhance marketing strategies. She also emphasizes the balance between qualitative and quantitative research, along with the role of customer feedback in refining business practices. Tune in for valuable lessons on real-world applications of behavioral insights!

In a captivating conversation, Jason Voiovich, author and fractional chief marketing officer, dives into the consumer revolution of the 1920s. He shares insights from his journey and how innovations of the era shaped modern consumer behavior. The discussion highlights the impact of mass production and marketing on choice culture, as well as the psychological ties between identity and consumption. Jason emphasizes learning from history to navigate today’s business challenges, making connections that illuminate the evolution of consumer culture.

Discover the intriguing world of choice architecture and nudges, which shape how we make decisions. Learn how small changes in choice presentation can lead to better outcomes, with compelling examples like cafeteria food placement. Dive into the groundbreaking work of Richard Thaler and Cass Sunstein, unraveling the principles that help us understand behavioral economics. This conversation is all about applying these insights to enhance decision-making in everyday life!

Hunter Thurman, President of Alpha-Diver, combines behavioral science and neuroscience to decode consumer behavior. He shares insights from the BEV 50 report, revealing that price perceptions often contradict actual costs. Hunter explains how social context and emotional connections can outweigh price, affecting choices for routine brands like Coke compared to explorers like Poppy. He also discusses the paradox of perceived wealth, highlighting how self-image influences spending decisions, particularly in the snack market.