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

Discover how behavioral economics is supercharging local economies through community involvement. Learn about innovative gamification strategies aimed at boosting participation in urban projects. Uncover the success of mobile apps in reviving small businesses amid disruptions, and how rewards programs are incentivizing local shopping. The podcast highlights unique urban ecosystems and emphasizes the importance of fostering consumer loyalty while supporting diverse businesses for resilience and recovery.

Dr. Ruth Gotian, a leading expert in mentorship and leadership development, shares insights on achieving success through effective mentorship. She discusses the crucial role of having multiple mentors and differentiates between mentors, coaches, role models, and sponsors. Ruth highlights four key elements of success: intrinsic motivation, overcoming challenges, continuous learning, and mentorship's evolving nature. She emphasizes the significance of structured mentoring programs and building diverse support networks for personal and professional growth.

Discover the intriguing world of personal biases that shape your decisions and interactions. The discussion sheds light on biases like optimism bias and planning fallacy, revealing how they can impact goal-setting. Learn how naive realism and the false consensus effect hinder communication and collaboration. The conversation emphasizes the importance of self-awareness in recognizing these biases to enhance personal and professional success. Get ready to navigate the hidden forces that influence your thoughts and improve your decision-making skills!

Justin Jones-Fosu, author and CEO of Work Meaningful, dives into the importance of meaningful work and fostering respectful disagreement in this engaging discussion. He introduces the 3 Rhythm Model, which emphasizes perspective, tasks, and relationships as keys to creating a fulfilling work environment. Justin advocates for embracing healthy conflict within teams to drive innovation and better outcomes. With practical tips on challenging perspectives and enhancing communication, he inspires listeners to engage in meaningful conversations that promote inclusion and growth.

Discover the intricate world of motivation and how your brain can learn to stay motivated. Explore the compelling differences between intrinsic and extrinsic motivation and how to leverage them effectively. Delve into behavioral economics concepts like loss aversion and habits that impact your goal setting. Hear personal anecdotes about overcoming limiting beliefs in fitness, particularly through running. Gain valuable insights into popular fitness apps and actionable tips to boost your motivation, both in personal and business endeavors.

Anthony Damtsis, Deputy Head of Behavioral Finance at TD Wealth, shares his insightful journey from leading the behavioral science practice at Discover Card. He explores the intriguing concept of 'wealth confidence,' illustrating how personal perceptions of wealth can diverge from actual financial status. Language plays a crucial role in shaping these perceptions, alongside social comparisons and the positive impact of philanthropy. Anthony also discusses research that enhances financial planning strategies, making this conversation a goldmine for understanding behavioral finance.

Explore the art of structuring complex choices and how it can simplify decision-making for customers. Discover the five essential steps for effective choice architecture. Learn about real-world examples from successful companies like Amazon, Google, and Expedia that enhance user experience. Understand the importance of mapping and organizing options to reduce consumer confusion. Uncover strategies that encourage thoughtful decision-making and improve customer satisfaction.

Dr. Melaina Vinski, Behavioral Science Lead at IBM, discusses applying behavioral science in technology and business, emphasizing mind wandering, empathy, and stress management. She shares insights on integrating behavioral science into technology, studying the effects of daylight savings on cognition, and designing user-centric solutions in financial services and insurance industries.

Matthew Confer, VP of Strategy at Abilitie, shares essential steps for better decision-making in business leadership. Topics include challenging constraints, pre-mortems, simulation training, adaptability, and the psychology of decision-making. Practical examples and actionable strategies provided to improve decision-making processes in any organization.

Jordan Bridger, a behavioral scientist and TEDx speaker, discusses linguistic neuroscience, storytelling, and the power of word choice in influencing behavior. He shares insights on humanizing communication, implementing change in organizations, and the intersection of technology and behavioral science. Jordan also shares a success story of a hospital group using self-nudging techniques for behavioral change and explores the role of comedy in facilitating positive transformations.