Behavioral economics is the marketing research future of brands and business and today I’m thrilled to have business owner, consultant, podcaster, and behavioral economics expert Melina Palmer on the show to help us unpack this and show you how it can help you grow your business. Her new book, What Your Customer Wants (And Can’t Tell You) goes beyond an academic understanding of behavioral economics and into practical applications you can tap into right away.
During this fascinating conversation, learn how real businesses and business professionals just like you can use science to make your company better and more profitable. In her book and in our discussion, you can learn how to use the psychology of the consumer, innovation, and truly impactful branding to achieve real, bottom-line benefits.
Listen in as Melina and I chat about how the consumer brain works and discover tools you can quickly use to influence consumers. Effectively market your brand by clarifying and understanding the needs of your customers. This is a great book, I highly recommend it, and you’ll love this episode!
Melina Palmer is the founder and CEO of The Brainy Business, which provides behavioral economics consulting to businesses of all sizes from around the world. Her podcast, The Brainy Business: Understanding the Psychology of Why People Buy, has downloads in over 160 countries and is used as a resource for teaching applied behavioral economics for many universities and businesses.
Melina obtained her bachelor’s degree in business administration: marketing and worked in corporate marketing and brand strategy for over a decade before earning her master’s in behavioral economics. A proud member of the Global Association of Applied Behavioral Scientists, Melina has contributed research to the Association for Consumer Research, Filene Research Institute, and runs the Behavioral Economics & Business column for Inc Magazine. She teaches applied behavioral economics through the Texas A&M Human Behavior Lab and her first book, What Your Customer Wants and Can’t Tell You, published in May 2021.
- Defining Behavioral Economics: Why do people buy?
- How the brain works as a gatekeeper or receptionist.
- Our subconscious is doing the heavy lifting, even if we don’t realize it.
- Framing can be the easiest concept to start with and test.
- How you say something matters much more that what you are actually saying.
- Our subconscious helps set up rules, so we don’t have to consciously make decisions.
- Really knowing your customer, who they are and what they need, can help you develop the right messaging.
- The difference between businesses and brands: a brand is a based on experiences that have come before.
- Humans are more loss averse than attracted to a gain.
- Delight is different and more powerful than merely satisfaction.
- Websites are often trying o do too much in too little space.
- When testing, change one thing at a time and track.
- Showing the action will connect with consumers brains more than simply requesting them to take that action.
- Our brains can process 11 million bits of information per second subconsciously, but only 40 bits per second consciously.
- Limiting goals and distractions will help prevent overwhelm.
- Some fantastic tips and rules on pricing! (Hint: What happens before the price matters most.)
- Be thoughtful 🙂
- Download a free chapter of Melina’s new book
- What Your Customer Wants and Can’t Tell You on Amazon
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