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

Dr. Paul Zak, a distinguished professor and behavioral neuroscientist, dives deep into the neuroscience of happiness and immersion in business. He reveals how oxytocin influences trust and storytelling can create powerful emotional connections. Paul emphasizes the need for businesses to enhance customer experiences through memorable moments and genuine service. He also introduces the SIX app, designed to track emotional wellness and maximize engagement. Discover the transformative impact of immersion on relationships in both business and personal realms.

Explore the captivating biases our brains have toward novelty and storytelling. Discover how the bizarreness effect and humor enhance memory, making marketing strategies more effective. Learn about pareidolia and its ability to capture attention. Uncover the significance of storytelling in fostering trust and engagement, while examining psychological biases like the empathy gap and authority bias. This insightful discussion provides valuable tools for improving decision-making and communication in both personal and professional settings.

Quique Belenguer, the global lead of behavioral economics at BBVA, discusses the pivotal role of behavioral science in organizational growth. He shares insights on integrating behavioral economics into diverse projects and emphasizes the need for collaboration across departments. The conversation also explores rethinking loyalty rewards to align with modern consumer behavior. Quique provides practical strategies for building a diverse behavioral economics team, stressing the importance of internal advocates and understanding key performance indicators.

Dr. Steve Wendel, an applied behavioral scientist and co-founder of sistemaFutura, delves into designing for behavior change. He introduces the CREATE and DECIDE frameworks, highlighting their role in tailoring interventions to human tendencies. Steve discusses the significant impact of timing in consumer engagement and shares relatable anecdotes, like the 'fish on the beach' analogy. He emphasizes real-world applications, such as improving financial services with behavioral insights, making complex ideas accessible and practically useful.

Andy Lopata, a leading business networking strategist with nearly 25 years of experience, shares his expertise on building and nurturing professional relationships. He emphasizes the importance of vulnerability in seeking help and practical methods for effective networking. The conversation dives into the psychology behind motivations for helping others and presents a seven-stage model for developing deeper connections. Andy also highlights the critical role of curiosity and active listening in creating meaningful collaborations and mentorship opportunities.

Brian Ahearn, a distinguished expert in ethical influence and a certified trainer in the Cialdini Method, shares insights on the power of ethical persuasion. He reveals the rigorous certification process and highlights actionable tips from his book, 'Influence People.' Brian discusses the art of personalized communication, demonstrating how handwritten notes can enhance engagement. He also unveils the significance of the word 'because' in effective persuasion, emphasizing its role in fostering trust and collaboration in both personal and professional settings.

Christopher Wong Michelson, a seasoned philosopher and co-author of 'Is Your Work Worth It?', dives into the essence of meaningful work. With 25 years of experience advising business leaders, he discusses how significant events like 9/11 and the pandemic have reshaped our views on work and purpose. The conversation explores the delicate balance between job, career, and calling, as well as the rise of self-employment in today's society. Christopher encourages listeners to reflect on their motivations and the intrinsic value their work holds in their lives.

Dr. Katy Milkman, a Wharton professor and co-director of the Behavior Change for Good Initiative, shares her insights on creating lasting behavior change. She discusses the concept of fresh starts and how they can spark motivation. Temptation bundling emerges as a strategy for forming habits, while giving advice to others is revealed as a confidence booster. Katy emphasizes identifying barriers to change for effective solutions and shares engaging stories illustrating the power of small interventions in achieving significant outcomes.

In this  episode of The Brainy Business podcast, host Melina Palmer welcomes Scott H. Young, the Wall Street Journal bestselling author of Ultralearning and Get Better at Anything. Scott shares his extensive insights into learning, cognitive science, and the psychology behind mastering new skills. Known for his MIT Challenge and year-long language learning adventure, Scott discusses the importance of immersive learning, repetitive practice, and the role of feedback in achieving fluency and proficiency. Scott delves into the fascinating world of how we learn and improve, emphasizing the significance of learning from others, the challenges of problem-solving, and the necessity of focused practice. He also touches on the concept of "desirable difficulties" and how they enhance long-term retention and skill mastery. This episode is a treasure trove for anyone looking to understand the mechanics of learning and how to apply these principles to get better at anything. In this episode: Discover the key components of effective learning: See, Do, and Feedback. Understand the importance of repetitive practice and immersion in mastering new skills. Learn about the concept of "desirable difficulties" and how they improve long-term retention. Explore the role of feedback in learning and how to create environments that foster expertise. Gain insights into the psychological aspects of learning and overcoming common barriers. Show Notes: 00:00:00 - Introduction Melina introduces Scott and highlights his background and work in the field of learning and cognitive science. 00:03:30 - Scott's Background and Projects Scott shares his journey and notable projects, including the MIT Challenge and his year-long language-learning adventure. 00:11:20 - The Importance of Immersion Scott discusses the benefits of immersive learning and how it accelerates fluency and proficiency. 00:21:45 - Repetitive Practice and Fluency The conversation explores the role of repetitive practice in achieving fluency and the difference between fluency and overall proficiency. 00:31:10 - Desirable Difficulties Scott explains the concept of "desirable difficulties" and how they enhance learning and retention. 00:41:00 - The Role of Feedback The discussion highlights the importance of feedback in learning and how to create environments that foster expertise. 00:45:00 - Practical Tips for Learning Scott offers practical advice for applying these learning principles to various skills, including public speaking and business. 00:47:00 - 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 Connect with Scott: LinkedIn X  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: Good Habits, Bad Habits, by Wendy Wood Indistractable, by Nir Eyal How to Change, by Katy Milkman Get Better at Anything, by Scott H. Young Ultralearning, by Scott H. Young and James Clear Top Recommended Next Episode: How to Set, Achieve and Exceed Brainy Goals (ep 70) Already Heard That One? Try These:  Habits (ep 256) Status Quo Bias (ep 376) Katy Milkman Interview (ep 151) Tapping into the Power of Habit (ep 368) Wendy Wood Interview (ep 428) Other Important Links:  Brainy Bites - Melina’s LinkedIn Newsletter

Dr. Wendy Wood, a renowned expert in behavioral science and author of Good Habits, Bad Habits, discusses the fascinating mechanics of habit formation. She explores how habits are formed through cues and rewards, emphasizing the influence of context on behavior. The conversation dives into the disruption of routines during the pandemic, the psychology behind fitness habits, and how businesses can leverage habit science for customer engagement. Wendy provides actionable strategies for fostering good habits while mitigating bad ones, using engaging real-world examples.