Podcasts about Loss aversion

Ready to take a deep dive and learn how to generate personal tax-free cash flow from your corporation? Enroll in our FREE masterclass here and book a call hereAre your investment and business decisions secretly driven by fear of losing money more than the potential to gain?Whether you're chasing high returns through crypto, real estate, or equities—or sitting on too much cash out of caution—this episode unpacks the hidden force influencing every financial decision: loss aversion. Most Canadian investors don't realize how this bias shapes their risk tolerance, stalls their portfolio growth, or leads to missed wealth-building opportunities.In this episode, you'll discover:Why most people demand double the potential gain just to risk a loss—and how that mindset may be sabotaging your growthHow to determine your true risk tolerance along the “growth vs. safety” spectrumA 4-phase framework for building your wealth plan—starting with a safety layer that protects your future while enabling smarter, bolder investmentsReady to stop letting fear of loss hold you back from Canadian financial freedom? Hit play now and learn how to invest with clarity, confidence, and control.Discover which phase of wealth creation you are in. Take our quick assessment and you'll receive a custom wealth-building pathway that matches your phase and learn our CRA compliant tax optimized strategies. Take that assessment here.Canadian Wealth Secrets Show Notes Page:Consider reaching out to Kyle…taking a salary with a goal of stuffing RRSPs;…investing inside your corporation without a passive income tax minimization strategy;…letting a large sum of liquid assets sit in low interest earning savings accounts;…investing corporate dollars into GICs, dividend stocks/funds, or other investments attracting corporate passive income taxes at greater than 50%; or,…wondering whether your current corporate wealth management strategy is optimal for your specific situation.Understanding how behavioral economics—particularly loss aversion—shapes your risk tolerance is crucial to designing a smart portfolio strategy that aligns with your goals. Whether you're focused on investment growth, financial diversification in Canada, or building personal wealth, integrating a safety layer into your wealth management plan helps balance emotional and strategic decisions. For Canadian business owners, navigating corporate vs personal investments, salary planning, and investing retained earnings can unlock powerful tax deductible investments and business owner tax savings. Leveraging tools like RRSP matching pReady to connect? Text us your comment including your phone number for a response!Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

This conversation isn't about interest rates, the property cycle, or strategy. It's about the emotional friction that keeps smart investors from moving forward — even when the plan is clear. "I just need to save a bit more first""I'll wait until the market settles""I'm not quite ready yet" These aren't just personal thoughts — they're a pattern. One we've seen hundreds of times. And it's not a strategy problem. It's not about the data, the plan, or the timing. It's the inner game. In this episode, we dive into why so many smart, capable people stay stuck on the edge of investing — and what actually moves the needle. We unpack the psychology of waiting, the emotional loops that masquerade as logic, and how to break free from a mindset that keeps you on pause. We pull apart: The real reasons smart people stall, even when the strategy is sound The mindset patterns we've seen keep people stuck in planning purgatory How to tell when your 'caution' is actually avoidance A better question than "Should I invest now?" How to start moving — even if you're not 100% sure See you on the inside, WATCH ON YOUTUBE: https://www.youtube.com/live/cHKxGK5O3W4?si=iZZwg7AcDpXlLV57 IMPORTANT: The Investor Lab is for educational purposes only and does not constitute financial advice. Always do your own research and seek independent professional advice before making any investment or financial decisions. -- RESOURCES: Research on The Inner Game: https://docs.google.com/document/d/1yNZWerzhUzNMemAYG_NjMw2lbxpiPyYyEspqRLCFWtU/edit?usp=sharing Loss Aversion: https://thedecisionlab.com/biases/loss-aversion Read: A Practical Guide To Finding Happiness and Living A Deliberate Life - https://blog.goosemcgrath.com/p/practical-guide-finding-happiness-living-deliberate-life Read: Self Actualisation Is The Only Worthy Goal - https://blog.goosemcgrath.com/p/self-actualisation-is-the-only-worthy-goal-d5e2 Byron Katie's "Loving What Is" - https://www.amazon.com.au/Loving-What-Four-Questions-Change/dp/1400045371 Bill Perkins' "Die With Zero" - https://www.amazon.com.au/Die-Zero-Getting-Your-Money/dp/0358099765 Further Reading: Loss Aversion Explained: https://www.behavioraleconomics.com/resources/mini-encyclopedia-of-be/loss-aversion/ Harvard Business Review on Loss Aversion: https://hbr.org/2018/05/why-people-keep-spending-too-much-on-house-renovations -- Build a roadmap to achieve your goals for FREE on Property Pathfinder: propertypathfinder.io Want help to invest in 2025?Book in a quick chat here and we'll point you in the right direction:bit.ly/3E0wKGa Got a question or some feedback? We're all ears!bit.ly/tilqs Need finance guidance?Chat with the team: dashdotfinance.com.au/discoverycall – Catch Up On Recent Episodes: Trusts & SMSFs: How Advanced Investors Are Rethinking Their Structures in 2025Portfolio Acceleration Masterclass: How To Use Strategic Selling As A Booster How to Create A Property Portfolio Growth Plan The Smartest Plan B for Business Owners? Sean's $464k StoryFinancial Jiu-Jitsu: How to Break Through Your Portfolio's Cashflow ConstraintsWinning the Investment Game: How to Set & Beat Your Hurdle RateFake Gold? Markets Down? Liquidity Up? – What’s REALLY Going On? The RBA Just Changed the Game — Here’s What It Means for YouHold vs Sell: How to Know When to Take ProfitsBitcoin: Why Every Property Investor Needs to Consider Owning ItEverything You Need To Know About Property Investing FinanceProperty Investing In Australia In 2025: What You Need To Know Investment Strategies for 2025 Follow the Money: How Liquidity Drives Asset Prices (and How You Can Benefit) What You Don’t Know About Money Could Cost You Everything – Connect:https://www.dashdot.com.au https://youtube.com/@theinvestorlab https://instagram.com/dashdotproperty https://instagram.com/goosemcgrath https://instagram.com/gabi.billing See omnystudio.com/listener for privacy information.

Yep! Change often feels like swimming upstream against sticky currents. Even if the status quo is a mess, we cling to it like a life raft. Why? Because the familiar feels like less work for our brain, even when it's failing us. In this episode, guest co-hosts Eli and Casey unravel the complex web of emotions and instincts that make embracing change feel like swimming through sticky peanut butter. Inspired by future of work thought leader Ira Wolfe's insights, this deep dive is your ticket to understanding the messy, human side of transformation. Here's what you'll uncover: Our Addiction to Certainty: Our brains are wired to see uncertainty as a threat. Some call this status quo bias. Like survival mode, this triggers a primal response in us. Knowing why change feels unsettling is step one in managing it. Loss Before Gain: Change almost always feels like a loss initially, even if it leads to greater benefits later. It's crucial to acknowledge and address this sense of loss to help people move forward. Culture and Control: The norms and culture of our "tribe" are formidable forces. Ignoring them can lead to resistance. Moreover, people need a sense of control. Ensuring involvement and offering ownership of the change can dramatically reduce pushback. Dive deeper into this episode and let's continue the conversation on how to lead through change effectively and make change work for you.  

How to craft communication that your audience will remember.Why do some messages stick, while others go in one ear and out the other? When it comes to crafting memorable communication, Ada Aka says not all verbiage is created equal. “Certain words are intrinsically more memorable than others,” says Aka, an assistant professor of marketing at Stanford Graduate School of Business. In her research of consumer behavior and decision-making, she's uncovered how language shapes not just our perception of the world, “but how the world stays with us over time." From concrete terms to emotionally charged ones, certain words have more staying power than others, and to communicators who want to capture audiences (and keep them), she says, “Carefully chosen words, they're going to be taking the attention.”In this episode of Think Fast, Talk Smart, Aka joins Matt Abrahams to explore the science of memorable communication. From creating brand slogans that stick to choosing words that align with your message, she reveals how to create communication that won't be forgotten.Episode Reference Links:Ada AkaEp.80 Magic Words: Change What You Say to Inspire and Influence Others Connect:Premium Signup >>>> Think Fast Talk Smart PremiumEmail Questions & Feedback >>> hello@fastersmarter.ioEpisode Transcripts >>> Think Fast Talk Smart WebsiteNewsletter Signup + English Language Learning >>> FasterSmarter.ioThink Fast Talk Smart >>> LinkedIn, Instagram, YouTubeMatt Abrahams >>> LinkedInChapters:(00:00) - Introduction (02:05) - The Power of Words in Memory (03:45) - What Makes Words Memorable? (06:04) - Informal and Conversational Language (07:38) - AI & Memory (09:34) - Memorable Slogans (11:26) - Predicting Memorability: Why We Get It Wrong (13:15) - Framing in Communication (15:24) - Creating Meaningful Interactions (17:34) - The Final Three Questions (22:21) - Conclusion  ********Become a Faster Smarter Supporter by joining TFTS Premium. 

Today, we unpack the book "Predictably Irrational" by Dan Ariely.In this book profile, we explore the fascinating world of behavioral economics, where Dan Ariely reveals how our supposedly rational decisions are actually governed by predictable patterns of irrationality. Charles breaks down key psychological principles that influence our everyday choices, from how relativity affects our satisfaction to why "free" makes us lose our logical thinking abilities.Key topics include:• Relativity and comparison - How we evaluate things based on comparisons rather than absolute value, affecting our satisfaction with purchases and even our salaries• Anchoring and arbitrary coherence - Why the first price we see becomes a mental benchmark that influences all future related decisions• The power of "free" and the distinction between social vs. market norms - How we irrationally respond to free offers and why mixing money with social relationships often backfires• Loss aversion and the paradox of choice - Why parting with possessions feels painful and how too many options lead to decision paralysis• The placebo effect and expectations - How our perceptions shape our reality, from wine tasting to pain reliefPredictably Irrational Book: https://www.amazon.com/Predictably-Irrational-Hidden-Forces-Decisions/dp/006135323X-Website and live online programs: http://ims-online.comBlog: https://blog.ims-online.com/Podcast: https://ims-online.com/podcasts/LinkedIn: https://www.linkedin.com/in/charlesagood/Twitter: https://twitter.com/charlesgood99Chapters: (00:00) Introduction(01:00) How Comparisons Shape Our Decisions (04:00) Technique: Anchoring(07:15) The Magic of "Free" (08:30) Social Norms vs. Market Norms (10:30) Technique: Procrastination and How to Overcome It (12:00) Loss Aversion and the IKEA Effect (13:45) Tip: The Paradox of Choice (15:15) Expectations and How They Shape Our Experience (17:00) The Placebo Effect and Pricing Perception (18:30) Conclusion

This episode explores loss aversion—the idea that we feel the pain of loss more strongly than the pleasure of gain—and how it affects leadership decisions. Learn strategies to overcome risk avoidance, embrace change, and handle setbacks like a strong leader.Host: Paul Falavolito Connect with me on your favorite social media platform. Now on Substack and Discord Free Leadership Resourceswww.paulfalavolito.comExclusive 7 Minute Leadership Merchlinktr.ee/paulfalavolitoBookstore:Get your copy on Amazon: https://bit.ly/48J8zFGGet your copy at Book Baby: https://bit.ly/3P8iFsUFor the best aviator sunglasses on the market, use the link below to get 10% off Flying Eyes. Discount Code: PFAVhttps://flyingeyesoptics.com/eyewear/?ref=2J4duW9yyI3hiwSubscribe and listen to all of my podcast shows:The 7 Minute Leadership Podcast 1 PAPA FOXTROT - General Aviation PodcastThe DailyPfav

This week, we take a look at Last Chance Tourism.Tourism companies around the world have started to advertise specific destinations to travelers, because those locations have a very unique offering.Namely, they are vanishing.From glaciers, to polar bears, to the Amazon Rainforest. Marketers are using a strategy called “Loss Aversion” – where the emotional impact of a loss is felt more intensely than a gain.So people are rushing to these locations, afraid they might miss their last chance to see them. Hosted on Acast. See acast.com/privacy for more information.

Why is it sometimes hard to part with your money, even when it's for something you want? Want to test yourself on how well you can recognize fallacies in real life? Take the Meme Fallacy Quiz! www.filteritthroughabraincell.com/quiz Learn more about Crazy Thinkers membership where you can practice critical thinking using real-life memes, articles & headlines: www.filteritthroughabraincell.com/crazy Here's how you can purchase the Logical Fallacies ebook: https://www.filteritthroughabraincell.com/offers/z6xbAcB2 Send me any questions, comments or even the fallacies you're seeing around you! think@filteritthroughabraincell.com Or, tag me on Instagram: @filteritthroughabraincell Sign up on my email list at: www.filteritthroughabraincell.com/contact Learn more about Summit Student Conferences: www.summit.org/braincell and use code BRAINCELL25 to get $200 off! Learn more about Classical Conversations: www.classicalconversations.com/filterit To take the YouScience Talent Assessment: Website: https://www.wellspentsolutions.com/discoverregistration Get 20% off with discount code FILTERIT20 Thank you to our sponsor, CTC Math! Website: https://www.ctcmath.com/?tr_id=brain Homeschool page: https://www.ctcmath.com/how-it-works/home-school?tr_id=brain Free trail: https://www.ctcmath.com/trial?tr_id=brain Special offer! Get 1/2-off discounts plus bonus 6-months free! https://www.ctcmath.com/purchase/homeschool50?tr_id=BRAIN

Dr. Addison Killeen explores how loss aversion shapes treatment planning decisions. Fear of patient pushback can lead to overly conservative choices or cheaper alternatives, compromising optimal care. Learn how to recognize this tendency and prioritize patient well-being without hesitation. For more information about Dr. Addison Killeen, visit: www.addisonkilleen.com or interact with him on a daily basis at www.DentalSuccessNetwork.com

In deze podcast gaan Hans Janssen en Christ Coolen live in gesprek met Dr. Jonah Berger over een aantal geweldige ideeën uit zijn boeken. In moordend tempo! Je hoort o.a.Waarom overtuigen beter werkt als je niet ‘doorduwt' maar juist ‘hindernissen weghaalt'.Hoe het Endowment Effect zorgt dat mensen niet willen verliezen wat ze al hebbenWelke magische woorden mensen aan jouw kant krijgenEen supersnel en mega interessant gesprek! Dat belooft veel voor de komst van Jonah naar Utrecht voor het seminar Psychologie van het Overtuigen. 

Here is the AI generated discussion of my article, Loss Aversion.  The original article is here:  https://partnersinexcellenceblog.com/loss-aversion/   (opens in a new tab)Enjoy!

The post 312: The Fear Of Weight Gain And Loss Aversion appeared first on Seven Health: Eating Disorder Recovery and Anti Diet Nutritionist.

Episode 151 brings us the October spookies with Halloween upon us. We discuss the presidential election and the fear surrounding the outcome. How will the market react? How should you react? We remind listeners of the cognitive bias called "Loss Aversion," which says we perceive losses as more psychologically damaging than gains of the same size. By a factor of 2 to 1, in fact. Remember this when you see all the political ads trying to keep you glued by informing you of all the horrible things the "other" candidate will do. Our investment thesis for Rivian "$RIVN" is also discussed. Listen, research, and then decide if it could be an investment you'd be interested in. 

When it comes to taking losses, there are actually a lot of different categories here.  One of them is the fear of taking them in the first place.  VP and Robb explore the different ways we talk ourselves out of profitable trades and investments, and you'll hopefully see just how ridiculous it can be when you hear it out loud.   #TradingPsychology   Maverick Links   Click Here To Learn More about Maverick Forex Trading:  URL: https://maverickfx.com/application-3-a/?utm_source=vpyt   Click Here To Learn More about Maverick Currencies: URL: https://maverickcurrencies.com/application-3-a/?utm_source=VPPodPsych   Click Here To Learn More about Maverick Trading's Stock/Options Division: URL: https://mavericktrading.com/application-3-a/?utm_source=VPPodPsych   Maverick Trading YouTube Channel: https://www.youtube.com/@mavericktrading   Robb's Flat Earth Trading Society https://www.youtube.com/@FlatEarthTradingSociety       No Nonsense Forex Links   VP's Trading Psychology Book https://nononsenseforex.com/forex-psychology-book/   Recommended Crypto Trading Platform (Bonus and Contest Eligibility) - https://nononsenseforex.com/cryptocurrencies/best-crypto-trading-platform/   Blueberry Markets Blog (Top FX Broker) - https://nononsenseforex.com/uncategorized/blueberry-markets-review-my-top-broker-for-2019/   Follow VP on Twitter https://twitter.com/This_Is_VP4X   The hosts of this podcast are not licensed financial advisors, and nothing heard on this podcast should be taken as financial advice.  Do your own research and understand all financial decisions and the results therein are yours and yours alone.  The host is not responsible for the actions of their sponsors and/or affiliates.  Conversely, views expressed on this podcast are that of the host only and may not reflect the views of any companies mentioned. Trading anything involves risk.  Losses can exceed deposits.  

The inner workings of social influence and persuasion.Want to change someone's mind? First, explains Robert Cialdini, you have to change their framing.For Cialdini, the Regent's Professor Emeritus of Psychology and Marketing at Arizona State University, persuasion begins before we even deliver our pitch or presentation. Through what he calls “Pre-suasion,” communicators can prime audiences to receive messages in a specific way, simply by drawing their attention in specific directions. “It involves focusing people on—putting them in mind of—those motivators before they encounter [them] in the communicator's message,” Cialdini says, “bringing people's focus of attention onto something that is nested in the message…before that message is delivered, so they have been readied for the concept.”In this episode, Matt Abrahams and Cialdini talk about the motivating power of FOMO, getting better advice from others, and how your next wine purchase could be influenced by what music is playing in the shop.Episode Reference Links:Robert CialdiniRobert's books: Influence / Pre-SuasionEp.11 The Science of Influence: How to Persuade Others And Hold Their AttentionEp.142 Power and Persuasion: Live Insights from Stanford Experts Original Episode: Ep.76 Change My Mind: Using “Pre-suasion” to Influence Others Connect:Email Questions & Feedback >>> hello@fastersmarter.ioEpisode Transcripts >>> Think Fast Talk Smart WebsiteNewsletter Signup + English Language Learning >>> FasterSmarter.ioThink Fast Talk Smart >>> LinkedIn, Instagram, YouTubeMatt Abrahams >>> LinkedInChapters:(00:00:00) IntroductionMatt Abrahams introduces Robert Cialdini, the Regents Professor Emeritus of Psychology and Marketing at Arizona State University(00:01:56) Persuasion and Pre-suasionDistinguishing persuasion and pre-suasion, with focus on attention and motivation.(00:05:17) Priming and Framing in Pre-suasionThe power of pre-suasion and its cognitive effects on decision-making.(00:07:58) Understanding ScarcityHow scarcity influences behavior and decision-making through fear of loss.(00:10:48) The Unity PrincipleThe unity principle and its role in building connection in persuasive efforts.(00:14:04) Social Proof and InfluenceResearch on social proof  and how others' actions influence individual choices.(00:19:24) The Role of Language in PersuasionThe impact of subtle language shifts on collaboration and critique.(00:22:23) The Final Three QuestionsRobert shares communication advice, a communicator he admires, and his recipe for successful communication.(00:26:49) Conclusion (00:00) - Introduction (02:40) - Persuasion and Pre-suasion (06:01) - Priming and Framing in Pre-suasion (08:42) - Understanding Scarcity (11:32) - The Unity Principle (14:48) - Social Proof and Influence (20:08) - The Role of Language in Persuasion (23:07) - The Final Three Questions (27:33) - Conclusion

In this abridged episode, Paul and Howard discuss the widespread panic arising from a minor market downturn and the mass attempts to sell investments, resulting in crashes for services like Vanguard and Schwab. They explore the human tendency to overreact, seek out explanations, and fail to trust in their preparation and processes. The conversation covers the parallels between financial markets, fitness routines, and the importance of patience, while highlighting the pitfalls of reactionary behavior and hedging bets. They also touch on the broader problem of loss aversion and the psychological need to feel part of significant events or movements.00:00 Introduction and Unexpected Tweet00:39 Market Panic and Human Behavior02:34 The Importance of Preparation04:08 Financial Lessons and Long-Term Thinking08:03 Trusting the Process11:02 Hedging Bets and Human Instincts14:54 The Search for Explanations17:09 Final ThoughtsPremium subscribers get access to the complete episode, as well as a full transcript. 

Three Key Actions for Financial Freedom:    1. Clarify Your Vision: Define what financial freedom and a life by design mean to you.2. Daily Check-In: Ask yourself if you're closer to your vision today than you were yesterday. 3. One Action a Day: Identify one thing you can do each day to move closer to your vision. The Art of Simplifying[00:02:48] We're all conditioned to add more, to build bigger as a business owner, to scale faster, to add more team members. But sometimes the solution actually lies in subtracting and taking things away. [00:28:09] Start keeping a stop doing list and just start putting some things on there that you know you don't want to do anymore. Maybe you don't know how to stop doing them yet, but you can start strategizing about how to get them off your list. [00:38:09] Nobody goes from zero to financial freedom like that. Everybody does it step by step by step. And the more that you do it, the bigger those steps will get, that you'll be able to make bigger strides faster because you'll have that momentum behind you. Mentioned in this episode: Subtract: The Untapped Science of Less, by Leidy Klotz: https://www.amazon.com/Subtract-Untapped-Science-Leidy-Klotz/dp/1250249864  WANT TO LEARN MORE ABOUT INVESTING? If you're new to passive real estate investing, our FREE 7-day email course is perfect for you. It was designed to teach you all the basics to help you confidently begin your passive investing journey and achieve the financial freedom and lifestyle of your dreams.  CONNECT WITH USIf you have done any of these actionable exercises, tell us how it went by sending an email to podcast@goodegginvestments.com. Connect with GoodeggWebsite - https://goodegginvestments.com/YouTube - @GoodegginvestmentsInstagram - @goodegginvestments 

We humans are so complex and paradoxical. On the one hand, we experience loss with such greater emotional intensity compared to gains. On the other hand, we are not driven to prevent loss by nature, but instead are driven toward “better” and “more.” I talk through this paradox here, which I hope you find to be useful. Thanks for listening. As always, Much Love ❤️ and please take care. --- Support this podcast: https://podcasters.spotify.com/pod/show/matt-best/support

I'm so excited for this topic, because today we're looking at Cognitive Biases.This is how our brains can trick us into certain beliefs and behaviours. Learn about things like the Sunk Cost Fallacy, Loss Aversion,  Confirmation Bias, and more!We'll be talking about examples of how these things can affect our views and beliefs, as well as how you can use these to become better English learners.Share your views and comments on the show notes page below! If I get good feedback, I'd love to make a Part 2 in the future. Show notes page - https://levelupenglish.school/podcast281Sign Up for Free Lessons - https://www.levelupenglish.school/#freelessonsJoin Level Up English - https://courses.levelupenglish.schoolBy becoming a member, you can access all podcast transcripts, listen to the private podcast and join live lessons and courses on the website.

In Episode 407 of The Brainy Business podcast, Mindy Weinstein, the author of The Power of Scarcity and CEO of Market MindShift, joins host Melina Palmer to discuss the psychological impact of scarcity on consumer behavior. Mindy's expertise in scarcity tactics stems from her Ph.D. program and extensive market insights. Throughout the episode, Mindy explains the primal influence of scarcity on human behavior, identifying four types of scarcity: supply-related, demand-related, time-related, and limited edition.  She emphasizes the importance of honest and transparent scarcity in marketing and shares practical case studies that illustrate the effectiveness of scarcity in driving consumer action. The engaging conversation between Mindy and Melina provides actionable insights into leveraging scarcity in marketing strategies and highlights the ethical considerations in deploying scarcity tactics. This episode is essential listening for entrepreneurs and small business owners seeking to create urgency, drive sales, and build customer engagement and loyalty through authentic scarcity tactics. In this episode: Implementing transparent scarcity tactics can drive sales and create urgency in your business strategy. Understanding the psychological impact of scarcity on consumers can give you a competitive edge in the market. Leveraging different types of scarcity in marketing can help you stand out and capture your audience's attention. Creating urgency with scarcity tactics can lead to increased customer engagement and loyalty. Exploring the connection between scarcity and customer loyalty can provide valuable insights for your business growth. Show Notes: 00:00:00 - Introduction In the introduction, Melina celebrates the six-year anniversary of The Brainy Business podcast and the 407th episode. 00:06:12 - Types of Scarcity Mindy discusses the four types of scarcity: supply-related, demand-related, time-related, and limited edition. She explains how these types of scarcity influence human behavior and decision-making. 00:08:08 - Scarcity and Social Proof The conversation delves into the connection between scarcity and social proof. Mindy shares a case study about Melinda Maria jewelry to illustrate how scarcity and social proof influence consumer behavior. 00:11:44 - Testing Scarcity Strategies Melina emphasizes the importance of testing different scarcity strategies without the need for a large budget. The discussion highlights the power of testing simple word changes and reframing to leverage scarcity effectively. 00:12:30 - Case Study: Movie Ticketing App Mindy shares a case study about a movie ticketing app that successfully used scarcity messaging to drive sales. The app's use of the phrase "good tickets selling fast" illustrates the impact of scarcity messaging on consumer behavior. 00:14:14 - Understanding the Power of Scarcity Mindy and Melina discuss the concept of scarcity and how it affects consumer behavior. They delve into the importance of using scarcity language in marketing and how it can significantly impact sales. 00:15:07 - The Impact of Scarcity on Sales Mindy shares a case study where implementing the phrase "good tickets selling fast" increased Saturday morning movie sales by 33%. This demonstrated the power of using scarcity language to drive consumer behavior and increase sales. 00:16:46 - Understanding Consumer Behavior Melina and Mindy emphasize the importance of understanding what truly motivates consumer behavior. They discuss the significance of testing and incorporating scarcity language in marketing to drive action and engagement. 00:21:33 - Building Loyalty and Community Mindy highlights the counterintuitive aspect of scarcity, where it can actually build loyalty and a sense of community among consumers. They discuss how exclusivity and limited supply can create a sense of belonging and excitement among consumers. 00:25:57 - Applying Scarcity to Services Mindy explains how scarcity can also apply to service-based businesses, such as consultancy and software. She discusses the importance of quantifying scarcity, using exclusivity, and creating special opportunities to drive engagement and interest in services. 00:26:59 - Leveraging Scarcity for Client Management Mindy discusses how scarcity can be leveraged for client management, emphasizing the value of showing scarcity to potential customers to demonstrate value and urgency. 00:30:01 - Leveraging Scarcity within an Organization Mindy explains how scarcity can be utilized within an organization, particularly in market research teams, to quantify available time and resources, leading to reprioritization and potentially hiring more staff. 00:31:38 - Overcoming Decision Paralysis with Scarcity Melina and Mindy delve into the impact of scarcity on decision-making, highlighting how scarcity can help overcome decision paralysis and drive faster decision-making, ultimately saving time and budget. 00:33:58 - Tying Scarcity with Return Policies The conversation shifts to the importance of tying scarcity with return policies and satisfaction guarantees, using Costco as an example of how scarcity can drive consumer behavior and satisfaction. 00:38:39 - Proactive Customer Service and Community Building Mindy shares a case study of how proactive customer service and community building helped a company maintain customer satisfaction and positive sentiment, showcasing the impact of scarcity in building anticipation and excitement. 00:39:28 - Understanding Scarcity and Its Types Mindy explains the four main types of scarcity: limited supply, demand related, time related, and limited edition. She recommends starting with supply related scarcity, emphasizing its versatility for all businesses. 00:40:30 - Last Tip: Try It Mindy's final tip is to try implementing scarcity. She emphasizes the psychological depth of scarcity and encourages businesses to experiment with it to see results. 00:41:21 - Next Steps and Resources Mindy directs listeners to powerofscarcity.com to order her book and download a free cheat sheet about scarcity. She also suggests connecting on LinkedIn for more information. 00:42:25 - 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 Mindy: Mindy's Website Mindy on LinkedIn Mindy on 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: The Power of Scarcity, by Mindy Weinstein The Truth About Pricing, by Melina Palmer Influence, by Robert Cialdini Blindsight, by Matt Johnson and Prince Ghuman Outthink. Outperform., by Roger Hurni Top Recommended Next Episode: Mindy Weinstein Interview (ep 271) Already Heard That One? Try These:  Social Proof (ep 87) Scarcity (ep 270) Loss Aversion (ep 316) Quality Vs Value (ep 357) The Science of Time Pressure (ep 366) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter

The MultifamilyCollective is supported by Multifamily Media Network (MMN) Ever wonder why the fear of loss often outweighs the potential for gain? Today, Mike Brewer dives into the psychology behind this phenomenon and its implications for multifamily marketers and business negotiators. Learn how leveraging loss aversion and pleasure principles can transform your approach to sales and marketing. Key Takeaways: 1. Understanding Loss Aversion: Discover how fear-based messaging can resonate deeply with potential clients. Mike explains how highlighting potential losses, like missing out on a dream apartment, can be a powerful motivator. 2. Crafting Compelling Ad Copy: Get practical tips on phrasing ad copy to tap into these deep-seated fears. Questions like "How would you feel if you lost this apartment?" can prompt immediate action. 3. Emphasizing Pleasure: Learn how to balance fear with pleasure-based appeals. Mike shares techniques for making clients envision the joy and satisfaction of securing their desired living space. Don't miss out on these insights that can elevate your marketing strategy and boost your sales conversions. If you found this video helpful, please like, comment, and subscribe for expert advice on multifamily and PropTech innovations! Multifamily, PropTech, Marketing, Sales, Loss Aversion, Pleasure Principle, Real Estate, Negotiation, Ad Copy, Sales Conversion, Business Strategy, Apartment Leasing, Customer Psychology, Marketing Strategy, Leadership #Multifamily #PropTech #MarketingTips #SalesStrategies #Leadership #LossAversion #PleasurePrinciple #RealEstateMarketing #mikebrewer #multifamilycollective #multifamilymentoring #multifamilycoaching #multifamilypodcast #leadership #OpenAi #multifamilymedianetwork --- Send in a voice message: https://podcasters.spotify.com/pod/show/mike-brewer/message Support this podcast: https://podcasters.spotify.com/pod/show/mike-brewer/support

6/24 Investment Psychology - Fear Greed and Loss Aversion (Among others)

Regarding Customer Experiences and the behavioral sciences, there is seldom only one thing happening at a time. There are usually a lot of things happening at once. This masterclass episode, the fifth in a series of eight, explores economic biases and how they create flaws in our decision-making logic.    For example, one key bias discussed is the Sunken Cost Fallacy, where people need help to walk away from investments, leading to subsequent mistakes. Loss Aversion is another bias explored, highlighting how we feel losses more acutely than gains. This bias influences behaviors like resisting salary reductions and preferring to face a potential layoff (where one would lose all their salary) because we can't imagine losing any part of our present income.   The Endowment Effect, stemming from Loss Aversion, emphasizes how we overvalue items we perceive as our own, leading to decisions like overpricing sentimental possessions. It's why grad students can't bear to part with their gift in exchange for a gift of equal value. It's also why economist Richard Thaler, University of Chicago, can now add “Nobel-prize-winning economist” in his bio. Ultimately, these economic biases reveal that people aren't always logical, and irrational factors often influence our decision-making processes. In this episode, we discuss why and what you can do about it in your experience design.    In this episode, you will also learn the following:   Strategies for recognizing and navigating economic biases in customer experience management. Examples of how these biases manifest in everyday situations, such as purchasing decisions and salary negotiations. The importance of understanding irrational decision-making in designing effective customer experiences. Practical steps for leveraging insights from economic biases to enhance customer interactions and outcomes.  

This week I discuss why we should avoid loss aversion, the first 100 days of a new Government and can you really get 20% ROI?!

In episode 402 of The Brainy Business podcast, Annie Duke, a former professional poker player and author of the book Quit, joins host Melina Palmer to discuss the psychology of quitting and decision-making under uncertainty. Annie's transition from an academic to a professional poker player and her subsequent work in decision science provide a unique and valuable perspective on the topic. Throughout the conversation, Annie challenges traditional perceptions of quitting and emphasizes its crucial role in winning and strategic decision-making.  She introduces concepts such as pre-mortems and the mental model of monkeys and pedestals, offering practical tools and frameworks for making better decisions. The episode provides valuable insights into reframing the mindset around quitting, the importance of understanding when to quit, and the potential impact of decision education in various domains. Annie Duke's diverse background and expertise in decision science make this episode a must-listen for entrepreneurs and business owners seeking to enhance their strategic decision-making skills and achieve increased business success. In this episode: Discover the strategic benefits of quitting in business to unlock new opportunities and growth potential. Implement behavioral economics in your business to enhance decision-making and drive better outcomes. Learn how to strategically identify when to quit for long-term business success and resilience. Explore the Monkeys and Pedestals decision-making model for insightful strategies to improve decision-making processes. Overcome analysis paralysis and make decisive, effective decisions to propel your business forward. Show Notes: 00:00:00 - Introduction The episode introduces Annie Duke and her book Quit about the psychology of quitting and decision-making. 00:01:15 - The Importance of Quitting Annie explains how winners often say no and quit things to succeed, emphasizing the need to know what to stick with, what to quit, and when. 00:04:47 - Annie's Background and Transition Annie shares her journey from academia to professional poker and behavioral psychology, highlighting how her poker career led her back to her cognitive science roots. 00:08:40 - The Power of Diverse Perspectives Annie discusses the value of diverse experiences in decision-making and problem-solving, emphasizing the importance of different frames of thinking to bring unique insights to the table. 00:12:05 - The Pre Mortem Skepticism Annie shares her research on pre-mortems, expressing skepticism about their effectiveness as standalone decision tools and the need to combine them with other strategies for improving decision quality. 00:14:18 - Normalize Dissent and Prospective Hindsight Daniel Kahneman's advice on normalizing dissent allows for consideration of both good and bad outcomes. Prospective hindsight can generate 30% more reasons for failure or success. 00:15:19 - Pre Parade and Pre Mortem Tools Pre-mortem exercises influence confidence and introduce self-serving bias. The pre parade increases overconfidence, while the pre-mortem leads to attributing bad outcomes to external factors. 00:18:43 - Challenges in Behavior Change Difficulty in getting people to change plans despite pre-mortem insights. Anecdotal observations and studies show resistance to plan modifications across various domains, raising questions about the effectiveness of the exercise. 00:19:55 - Group Dynamics and Real-world Impact Need for group testing of pre-mortems to understand the impact of group dynamics. Potential for behavior change in high-stakes environments like work projects. Studies underway to explore these aspects in real-world scenarios. 00:22:23 - Thinking in Bets and How to Decide Annie's books Thinking in Bets and How to Decide explore decision-making under uncertainty. They provide practical tools and insights, such as pre-mortems, to improve decision accuracy and overcome cognitive biases. 00:27:11 - The Impact of Hindsight Bias Annie discusses how most of the time, we learn new things after the fact and act like we should have known them beforehand. She highlights the importance of tracking knowledge and listening to independent opinions to avoid biases. 00:27:52 - Overcoming Analysis Paralysis Annie explains the process of decision-making and the importance of making implicit factors explicit. She emphasizes the need to consider the consequences of decisions and the ability to change your mind later. 00:32:38 - The Value of Quitting Annie challenges the negative perception of quitting and emphasizes its value in decision-making. She shares insights from experts and individuals, highlighting the benefits of exercising the option to quit. 00:35:32 - Conversations with Experts Annie shares her conversations with influential figures like Michael Mobison, Daniel Kahneman, Richard Thaler, and others. These discussions inspired her to explore the topic of quitting further, leading to the creation of her book. 00:40:52 - The California Bullet Train Annie uses the example of the California bullet train project to illustrate the challenges of large-scale decision-making and the importance of considering all factors before committing to a course of action. 00:41:35 - The California Bullet Train Project Annie discusses the challenges faced by the California bullet train project due to the Diablo and Tehachapi mountain ranges. The budget explosion and the decision to continue building without addressing the engineering challenges are highlighted. 00:43:02 - Re-evaluation of the Project Gavin Newsom's decision to reevaluate the California bullet train project in 2018 is discussed. The project's failure to address the engineering problems of the mountain ranges and the budget increase to $110 billion are emphasized. 00:44:44 - Monkeys and Pedestals Framework Annie introduces the "Monkeys and Pedestals" framework, which emphasizes tackling the hard problems first before building pedestals. The concept of pre-mortems and setting kill criteria to identify and address project challenges is explained. 00:50:55 - Behavior Change and Future Planning The importance of behavior change in addressing project challenges and the application of pre-mortems and setting kill criteria to identify crucial information are discussed. The significance of identifying the "monkeys" before building "pedestals" is emphasized. 00:54:06 - Tackling Low Hanging Fruit The reverse approach to tackling projects, focusing on solving hard problems before addressing easy tasks, is highlighted. The importance of prioritizing crucial information and being smarter about project approach is emphasized. 00:54:54 - The Importance of Solving Hard Problems First Annie emphasizes the need to focus on solving the hard problem first before building pedestals. She highlights the concept of working on the greatest bike shed instead of the nuclear plant, as well as the law of triviality. 00:55:37 - The Pitfalls of Wasteful Thinking Annie discusses how people often fail to think ahead and waste time and resources on backward thinking. She emphasizes the importance of evaluating the worth of the next minute and dollar, shifting mindset from past to future. 00:56:24 - The Key to Success and Grit Annie explains that winners quit a lot, but they do it to focus on the right things. Grit is important, but only when applied to the right endeavors. She also touches on forced quitting and exploring new opportunities. 00:57:25 - The Importance of Flexibility and Agility Annie highlights the significance of being flexible and open to switching course if the current endeavor is not worthwhile. Winners sample a lot of things and settle on the right course of action, even if they don't know what they are switching to. 01:00:28 _  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 Annie: ANNIE'S WEBSITE ANNIE ON TWITTER ANNIE ON LINKEDIN 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: Quit, by Annie Duke Subtract, by Leidy Klotz How to Decide, by Annie Duke Thinking in Bets, by Annie Duke Playing with Reality, by Kelly Clancy Top Recommended Next Episode: Game Theory (ep 228) Already Heard That One? Try These:  Matthew Confer Interview (ep 158) Counterfactual Thinking (ep 286) Framing (ep 296) Loss Aversion (ep 316) Status Quo Bias (ep 376) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter A Slight Change of Plans Podcast with Maya Shankar Annie's Newsletter

When you're facing loss—say, in a board game or during a sporting event or with a declining stock—it can be difficult to remember your true tolerance for risk. You're likely to seek risk more than you normally would.In this episode of Choiceology with Katy Milkman, we look at a tendency to seek risk in the face of losses when those losses aren't yet finalized, but how chalking up those losses and moving on can actually help you recalibrate your appetite for risk.During the American Revolutionary War, George Washington and his generals often adopted a strategy of retreating, or accepting losses on the battlefield, in order to regroup and live to fight another day. Their strategy was often successful against the British, who burned through men and equipment as they doubled down in their desire to win individual battles at the expense of their goal of regaining control of the American colonies.Mary Stockwell is a historian, writer, and former history professor at Lourdes University in Ohio. Her work is focused on the American Revolution. Her recent book is titled Unlikely General: "Mad" Anthony Wayne and the Battle for America.Next, Katy speaks with Alex Imas about his research on risk-taking over time and how mental choice bracketing impacts our decisions in the face of loss. You can learn more in Alex's paper titled "The Realization Effect: Risk-Taking after Realized Versus Paper Losses." Alex Imas is a professor of behavioral science and economics at the University of Chicago Booth School of Business.Choiceology is an original podcast from Charles Schwab.If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThe comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal.The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.(0624-4MRP)

Jason Feifer is the editor in chief of Entrepreneur Magazine, a nonstop optimism machine, and a widely recognized authority on business and how people navigate change. He is the author of the best-selling book Build For Tomorrow, a startup advisor, and host of the podcast Help Wanted and Problem Solvers. LinkedIn name him a “Top Voice in Entrepreneurship”.  Jason has also had decades-long career in national media, which included working as an editor at Men's Health, Fast Company, Maxim, and Boston magazine, and writing about business and technology for the Washington Post, Slate, New York Magazine, and others.    Questions We always like to give our guests an opportunity to just share in their own words, a little bit about their journey, and how they got from wherever they were to where they are today. So, could you share that with us? So, Build For Tomorrow, a book that focuses on startup advisory, and I just kind of want you to take a little time to share with our listeners, what the book is about? Who is the book targeted towards? And how do you believe the book has been helping others in their different careers and businesses? Now the book focuses on four phases of this change. The first is the panic, then you have the adaptation and the new normal and then that phase where we're never going back. So, could you just elaborate just a little bit, maybe give an example of each just to kind of cement that information across to our listeners. What are three-character traits that you found has to really be intrinsic to organizations or persons who lead organizations to help them really be customer centric? Now, could you share with our listeners, what's the one online resource, tool, website or app that you absolutely can't live without in your business? Can you also share with us what's the one thing that's going on in your life right now that you're really excited about? Either something you're working on to develop yourself or your people. Where can listeners find you online? Now, before we wrap our episodes up, we always like to ask our guests, do you have a quote or a saying that during times of adversity or challenge, you will tend to revert to this quote if for any reason you get derailed or you get off track, the quote kind of helps to get you back on track. Do you have one of those? Highlights  Jason's Journey Me: We always like to give our guests an opportunity to just share in their own words, a little bit about their journey, and how they got from where they were to where they are today. So, could you share that with us?   Jason shared that in brief, he started in media, he was a community newspaper reporter fresh out of college. Eventually, he got into magazines, he moved to New York City to work for Men's Health magazine, pretty different from Entrepreneur, and bounced around to a lot of different national magazines until he got to Entrepreneur.  And at first, he really treated Entrepreneur like a media project. His job was to do what he had done everywhere else, which was to be an editor and to tell great stories and to think about the media brand.  But over time, two things happen. Number one is that people because of the title, Editor in Chief of Entrepreneur Magazine, they started to treat him as an authority in entrepreneurship, which frankly, he was uncomfortable with for a while because his background was in media, until he came to realize that so much of business is not about the fundamentals of business, but it's really about the fundamentals of human thinking, and logic and reinvention, and the kinds of things that he had put himself through in his own career.  He thinks that we all have to recognize what our incredible skill is, and it's going to be different for everybody. His belief is that every human being has the same fundamental skill, and that is pattern recognition.  The difference among us is that some of us are better at recognizing different kinds of patterns, right. And so, his pattern is how people think and how people tell stories and how people understand the world. And he came to realize that by spending an immense amount of time with entrepreneurs, he was starting to absorb their way of thinking, starting to act like that, he's starting to launch his own businesses, starting to advise startups, and that he could lean into telling their stories, processing their insights in a way that would be incredibly useful for other entrepreneurs. And that has led him to the career that he has now.   About Jason's Book – Build For Tomorrow Me: So, I was lucky enough to actually read your article in Entrepreneur Magazine. I think it was the February issue that I purchased when I was travelling, how failure can feel good, and it really intrigued me. So, I reached out to you on LinkedIn, and graciously, you accepted my request and here we are today having you on our podcast. So, amazing. So, in your bio, it was also mentioned that you recently published a book that would have been September of 2022. So, Build For Tomorrow, a book that focuses on startup advisory, and I just kind of want you to take a little time to share with our listeners, what the book is about? Who is the book targeted towards? And how do you believe the book has been helping others in their different careers and businesses?   Jason shared that Build For Tomorrow is a book for anybody who's going through change, particularly going through any kind of career change though.  He's heard from a lot of readers that it applied well to personal changes as well. And the book is rooted in this philosophy that he's developed, which is that when he meets the most successful leaders and entrepreneurs, he finds that they have all developed a unique personal relationship with change, they understand who they are in times of change, they understand how change can impact them in a positive way. And that unique relationship with change enables them to grow and build in ways that others can't.  And he wanted to write a book that distilled the experiences and the wisdom of people who have successfully navigated change and help others with a roadmap for how to do it too. That is just simply the most important thing that any entrepreneur can do is to be adaptable, to recognize that the things that are changing around them are great opportunities, and then to understand how to systematically approach that and that's the book that he wrote. And he's had a really tremendous feedback from it, it's really gratifying.   Navigating Change – Understanding the Four Phases Me: Awesome! Now the book focuses on four phases of this change. The first is the panic, then you have the adaptation and the new normal and then that phase where we're never going back. So, could you just elaborate just a little bit, maybe give an example of each just to kind of cement that information across to our listeners.    Jason shared that he found that everybody goes through change in the same four phases listed them out panic, adaptation, new normal, wouldn't go back. Let's focus on panic and wouldn't go back. Panic, you know when you're panicked, you know when you're feeling that, you maybe are feeling that right now as he's talking because something massive has changed in your work, because you feel like your industry is shifting underneath you. Who knows. And the reason why we panic is because decades of psychological research have confirmed what's called loss aversion theory. Loss Aversion theory is the recognition that our human brains are programmed to protect against loss more than to seek gain.  So, when something changes in our lives and or in our work, the first thing that we do is we identify the things that we're comfortable and familiar with and then we start to think about how we're going to lose them, we're acquainting change with loss. And then we start to extrapolate it, well, because I've lost this thing, I'm going to lose that thing because I lost that thing, then I'm going to lose that other thing. Now, everything starts to feel like it's disappearing, now, we are panicking. But you can't do that forever, you can't panic forever, it's too exhausting.  Eventually, you start to look around and say, well, what do I have to work with. We get to adaptation. We start to build a new normal, a new foundation, something comfortable and familiar, again, a new normal. And then we get to wouldn't go back, that moment where we say I have something so new and valuable that I wouldn't want to go back to a time before I had it.  And he can give examples of that. But the pattern that he's seeing is that people are often forced into or sometimes are proactively making changes that force them to reconsider the fundamentals of the work that they do. And what they discover is that the way in which they were working before or the thing that they were doing, or the way that they were delivering value to their clients or their customers, that that wasn't the only way to do it. They thought that it was…..but it wasn't.  And in fact, it was a lesser version of a better way to do it that had never been explored because oftentimes people don't feel incentivized to scrap something that's working, or that sort of working, and take the risk of figuring out how to build something better. But when change comes along, when you are disrupted, when you're forced to react to the things that are shifting around you, you start to ask yourself some really fundamental questions about whether or not the things that you thought wouldn't work maybe are worth trying. And some of those are going to become the best opportunities for you going forward.   Me: All right, so change. I remember over the years, even going to university and starting my working life and starting a business, I've always heard the phrase that change is constant. And I haven't engaged in the book, I did download it on Audible, and I've started listening to it but I haven't completed it as yet. But what your four phases reminded me of was that change is constant. So, regardless of a pandemic emerging across the world, or kids coming into the play or getting new employees, like change is constant, we're constantly going through change in different aspects of our lives, so your phases definitely reminded me of that.   Jason stated that that's something that you can operationalize.  So, the idea that change is constant is a familiar one for many people. But he thinks often you hear that and you don't know what to do with it. Okay, change is constant, so what?  Here's the starting point. What would happen if you made decisions today based on the knowledge that the thing that you're working on now will have to change tomorrow?  What decisions would you make when you know that?  It starts to shift the way in which you work, you start to for example, do a thing that he calls change before you must where you start to make decisions that are hard today because they will benefit you when things change tomorrow.  A story that he'd love to tell, he won't tell it in full here, because it takes a while but divided in the book is of a brewer, a guy who started a Beer Brewery in Delaware named Sam, his company's called Dogfish. And he had a runaway hit product in a beer called 60-minute IPA, people love this beer, it was on track to become 75% to 80% of all sales of his company, and he artificially limited supply.  So, this thing was on track to become 75% to 80% of all sales at Dogfish, he capped that at 50% and that meant that people were furious at him, restaurants couldn't get his beer stocked, bars couldn't get his beer stock. And he says, “Sam, why would you do that? Why would you limit sales of your best-selling product?” And the answer that he gave me was because tastes change. And he knew that if he allowed this one beer to be a runaway hit so that everybody who ever went into a bar or a restaurant encountered just this beer of his, just this one 60-minute IPA. Well, then at some point IPAs, India Pale Ale, popular bitter style appeals is going to become less popular than it was at that one moment.  And if people's impressions of his company were shaped by one beer by an IPA, then he was going to be known as a hot IPA brand. And that's fine until tastes change, they will change at which point he won't be a hot IPA brand, he will be an old brand, he'll be a dead brand. And so, he wanted to do something that was painful today for the benefit of tomorrow, anticipating that change will come.  And the payoff for the story is amazing, which is that Sam limited sales of his best-selling beer when people would order it, he would try to get them to buy or stock or serve other styles of beer that he made. And as a result, he shaped perception of his company Dogfish not as a hot IPA brand, but as an innovative brand. And you know what you can do with an innovative brand is you can sell it for $300 Million Dollars, which is exactly what he did.  That's not something you could have done if he had just thought about how to profit today, how to only succeed based on what was working today. That's what it means to build the reality of constant change into the decisions that you make today, know that they will require change tomorrow. So, how can you anticipate that and be proactive about it.    Me: Brilliant. I love that story, Jason Awesome! Thank you so much for sharing.    Essential Character Traits for a Leader Me: Now, Jason, as Editor of Entrepreneur Magazine, I'm sure that you interface with a lot of CEOs and a lot of business leaders across different industries across the world. And so, I wanted based on your expert opinion and your exposure to persons of this nature, what do you believe are maybe three, it's a kind of a generic question. But I like to hear from the subject matter experts, three let's say character traits that you found has to really be intrinsic to organizations or persons who lead organizations to help them really be customer centric, because we're all about navigating the customer experience. And the reality is, if you don't have the right people doing the things that your customers want and creating value, you're not going to have a successful business. And if your customers don't feel like they're getting value, and they choose to do business with your competition or not do business with you at all, over time you will not have a successful business. So, it's twofold and you want that person who can navigate the personalities and navigate as you said, the change and the many different things that will come forth, what would you say are three-character traits that you think someone like that would need?   Jason shared that the first thing that comes to mind was a conversation that he had with this guy Matt, who at the time was the president of Reebok, Reebok the athletic wear company. And he told him (Jason) and this was the first time he'd heard this phrase then he started hearing it everywhere, which was customer obsession.  He said, “We're really obsessed, we're completely customer obsessed at Reebok and we want to understand them, and we don't want to understand their needs.” And he's heard that from a lot of people, but he had never heard the next thing that he told me, which was this metaphor that he uses, he says, “Look, we are in a moment in business where quality is assumed.”  Where if you let's say, wanted to start a scissor company making scissors, you could not advertise yourself as the sharpest scissors. Because every scissors is the sharpest scissors right? It's easy enough now to manufacture scissors that every scissors is the sharpest scissors.  So, if you want to be successful selling scissors, you can't lean on quality alone. Quality has to be table stakes, quality is what people take for granted, it's what they expect. The next place that you need to go is who exactly are you serving?  And how do you relate to them?  How do you tell a story that makes them proud to use your scissors, that makes them feel like when they use their scissors, they're exploring a version of themselves.  That's what it means to be customer obsessed is to understand the way in which your customers thinks to the degree to which you can tell your story in a way that relates directly to them.  Now, he's not telling you something that you don't know based on serving customers, but that scissors metaphor really stuck with him because he thinks a lot of people, their starting point is, well, because I make the best….. But if you take that away from yourself, and you say, “Being the best at whatever is not enough, because quality by itself doesn't sell, then what else am I doing here?”  He has a friend and he'll make this kind of point number two. Her name is Rochelle DeVos. And she is a Consumer Insights Research Specialist and is brilliant and understanding consumer psychology and has taught him a lot but the framework that she shared with him and again has really stuck with him the most is so much so that he actually has it on his desktop and he's looking at it right now to read from Rochelle's thing.  So, she says, “Look, if you want to understand how to relate to customers, then you need to fill out the following sentence. “When (context) I want solution so that (benefit) from the perspective of the consumer.” So, give you an example that she uses from a compression sock company, a company that makes kind of tight socks for people who have foot pain.  So, she says alright, when context I want solutions so that benefit. When context, when my feet hurt from standing all day, it's the context in which there's a need for a solution. I want a solution. I want to feel comfortable while still looking cute.  Her example is a company that makes compression socks for women. So, that's something that they are concerned about.  So, that benefit, so that I can do my job, be present for my family, enjoy my life while not standing out because of my foot pain.  What's so important about understanding this when context I want solutions so that benefit is that most entrepreneurs get stuck at solution.  They talk about the solution that they have, I've made compression socks, I've made compression socks for when your feet hurt.  But the real conversion, the real connection to the audience comes at the benefit. It comes at being able to articulate the value that your customer is going to get from using your solution.  Customers don't care about solutions, nobody wakes up in the morning and they're like, I want compression socks. What they think is I want to do my job and be present for my family and enjoy my life. That's what they want. So, how do you understand the benefits that they want enough that you can have a conversation with them that is benefit oriented, because that is where you win.  And Rochelle suggests the way to do this is, is to be constantly in touch with and survey your consumer so that you understand how they think and how they talk and the language that they use. And he finds that perspective to be incredibly powerful.  So, if we're making a list here so that you know number one he thinks is to be customer obsessed to the point where you recognize the quality itself is not going to connect to your customer.  Point number two is to be benefit oriented, to understand your consumer at a level that is deep enough that they will, that they can articulate the benefit of that consumer is seeking.  And if he had to come up with a third one, qualities of leaders who are customer centric. He'd say that there is a level of inefficiency that leaders are willing to tolerate, to learn from their customers.  A conversation that always stuck with me is a woman who had started, he can't remember the name of the company, but it was a paint company, she makes like, really cool paint colors, and it had been quite successful. And the company has grown, it's actually been acquired, she's still running it.  She has a large team, she still is in her brand's Instagram DM'S every day, corresponding with customers, if somebody DM'S that brand on Instagram, the CEO responds, and that is deeply inefficient.  But it has helped her stay in touch with her consumer in a way that she feels she would lose if she retracted from that and she just focused on all the operations of the business.  She wants to be in touch in a way that is inefficient. She has a tolerance for inefficiency, because that is the thing that is ultimately enabling her to understand her customers' needs today and where those shifts are tomorrow.   Me: Wow, that's amazing, a CEO that's in the DM'S. That's brilliant.   App, Website or Tool that Jason Absolutely Can't Live Without in His Business When asked about online resource that can't live without in his business, Jason shared that these days, he has been absolutely loving Fathom. So, you can get at www.fathom.video and Fathom is a AI note taking tool.  He has it in all of his calls and meetings now. And it just does a great job of contextually summarizing what was said, provides a transcript, it's not a perfect transcript, but it's close enough so that you can go back and find what somebody said, and then it's very searchable.  So, he found that to be an excellent way of passively collecting all the information that is being shared and discussed so that he has now a kind of catalogue of it and an easy way to go back and find it. He strongly suggests just having something like this running in the background of all your meetings now. So, again, it's just www.fathom.video is the company's website.   What Jason is Really Excited About Now! When asked about something he's excited about, Jason shared that he's been working on a newsletter for the last year, it's called One Thing Better. And the tagline that he has for it is, “One way each week. One way to be more successful and satisfied at work and build a career or company that you love.”  And each week is him sharing a strategy. Usually it's a story that articulates it, and then an exercise that people can use to think more adaptively, to be more open minded, to find opportunities in places you're not looking, to just feel better about work.  His wife refers to this newsletter as work therapy. And he's been just incredibly gratified by the response that he's getting to this newsletter, it pretty quickly grew to 50,000 subscribers.  And he just gets these emails from people telling him that they print out his emails, and they keep them on their desk to read regularly, or they forward it to their friends who are struggling with something.  And he's so excited to have created something that can have that kind of personal connection. If you want to check it out, it's www.onethingbetter.email, that's the web address. And he just thinks there's a lot of potential in exploring the newsletter space and in creating things that are both connecting with people on a business but personal level as well. That's a space he really like to live in. So, he's been excited to be building that and to see where it goes.    Me: So, we'll definitely have the link to the newsletter in the show notes of this episode. And I imagine once they subscribe, they can have access to previous newsletters that were published, correct? Yes, as soon as you visit the website, you will see the back catalogue.   Where Can We Find Jason Online Newsletter – www.onethingbetter.email  LinkedIn – Jason Feifer   Quote or Saying that During Times of Adversity Jason Uses When asked about a quote or saying that he tends to revert to, Jason shared that he's not big on motivational quotes, he doesn't get driven that way. But he's had a lot of people say really impressive things to him that stick with him.  One of them came from Malcolm Gladwell, who is a best-selling author and podcaster, and so on. And they were talking about work and so on and he had said this line to him which he loved, which was, “Self-conceptions are powerfully limiting.”  The idea being that if you have too narrow vision of yourself, then you will limit all the opportunities that could come your way, that don't fit that narrow definition of self. So, self-conceptions are powerfully limiting and that is something he thinks about a lot as he pursues things that takes him out of his earlier conceptions of himself.   Me: Thank you so much for sharing. All right, Jason, we will just want to extend our deepest gratitude to you for taking time out of your very busy schedule and hopping on this podcast with us today, talking about your best-selling book Build For Tomorrow, and the four phases that are connected to that book, also giving us three of the strong character traits that you believe will help leaders to really build an organization that will not just provide value for their customers, but also for their employees so it can be a win-win on both ends. And the insights, the knowledge, the experiences that you've shared with us today, the stories, they were just extremely insightful. And I just want to say thank you so much.   Please connect with us on Twitter @navigatingcx and also join our Private Facebook Community – Navigating the Customer Experience and listen to our FB Lives weekly with a new guest Links Build For Tomorrow by Jason Feifer   The ABC's of a Fantastic Customer Experience Grab the Freebie on Our Website – TOP 10 Online Business Resources for Small Business Owners  Do you want to pivot your online customer experience and build loyalty - get a copy of “The ABC's of a Fantastic Customer Experience.” The ABC's of a Fantastic Customer Experience provides 26 easy to follow steps and techniques that helps your business to achieve success and build brand loyalty. This Guide to Limitless, Happy and Loyal Customers will help you to strengthen your service delivery, enhance your knowledge and appreciation of the customer experience and provide tips and practical strategies that you can start implementing immediately! This book will develop your customer service skills and sharpen your attention to detail when serving others. Master your customer experience and develop those knock your socks off techniques that will lead to lifetime customers. Your customers will only want to work with your business and it will be your brand differentiator. It will lead to recruiters to seek you out by providing practical examples on how to deliver a winning customer service experience!

Learn how to control your behavioral economics biases and whether it's ever worth it to use a credit repair service. 00:58 Behavioral Economics Biases: How can you master the psychology behind your financial decisions? Are credit repair services really worth the investment? Hosts Sean Pyles and Sara Rathner discuss behavioral finance biases to help you understand the psychological factors that influence your financial choices, including loss aversion, framing, and the gambler's fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances. They share tips and tricks on matching investments with your time frame and risk tolerance, resisting the influence of framing on your choices, and avoiding frequent checks on market fluctuations.  10:14 Today's Money Question: NerdWallet credit writer Amanda Barroso joins Sean and Sara to answer a listener's question about credit repair services. They explain the purpose and costs of credit repair services, the red flags that indicate a scam, and how you can manage your credit yourself effectively for free. They also tackle the pressing question of whether credit repair services can actually improve your credit score. Their conversation explains strategies for DIY credit repair, the importance of identifying and disputing inaccuracies on credit reports, and the role of credit counseling agencies for personalized financial planning. In their conversation, the Nerds discuss: financial psychology, credit repair services, behavioral finance, credit score, credit health, financial decisions, investment strategies, credit bureaus, credit report, risk tolerance, financial goals, money management, credit repair companies, credit repair scams, Daniel Kahneman, loss aversion, credit improvement, credit counseling, credit repair costs, DIY credit repair, financial biases, credit repair tips, financial success, wealth management, behavioral biases, credit report disputes, credit repair agencies, framing effect, credit utilization, portfolio performance, negative information credit, financial planning, and managing credit. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend.

In this episode of Choiceology with Katy Milkman, we look at how framing a decision based on what you stand to lose versus what you stand to gain affects your tolerance of risk.Luis Green was a contestant on the popular TV game show Deal or No Deal. The game is largely one of chance, but there are moments during play where the contestant has an option to accept a cash offer to quit. At one point in the game, Luis was offered $333,000 to simply walk away. A guaranteed win! It seems like an obvious choice. But as you'll hear from the story, there are other factors that influenced his decision.Katy illustrates these factors with a version of a famous experiment. Volunteers are presented with two differently worded but mathematically identical scenarios. A simple shift from framing the scenario as a potential gain to one of potential loss results in starkly different choices from the volunteers.Next, Katy speaks with special guest Daniel Kahneman about the underlying theory that explains human behavior in these types of situations. Daniel Kahneman served as professor of psychology and public affairs emeritus at the Woodrow Wilson School and the Eugene Higgins Professor of Psychology Emeritus at Princeton University. He was awarded the 2002 Nobel Prize in Economics for his pioneering research with Amos Tversky. Their work helped establish the field of behavioral economics. Kahneman also wrote the bestselling book Thinking, Fast and Slow.Finally, Katy speaks with Colin Camerer about some of his favorite studies on risk seeking in the domain of losses, as well as practical approaches for avoiding this less-than-ideal behavior. Colin Camerer is the Robert Kirby Professor of Behavioral Finance and Economics at the California Institute of Technology, where he teaches cognitive psychology and economics. You can read his paper “Prospect Theory in the Wild: Evidence from the Field” here.Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThe comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.(0424-VAX6)

In this episode of The Brainy Business podcast, host Melina Palmer delves into the concept of the IKEA effect, highlighting its influence on consumer behavior and business strategies. Drawing from real-life examples, Palmer emphasizes the significance of recognizing and celebrating employees' contributions in fostering a culture of innovation and engagement. By involving employees in development and change initiatives, businesses can tap into the innate need for ownership and connection.  The episode also underscores the importance of understanding human psychology and behavior as crucial elements in driving successful business outcomes. With valuable insights into leveraging the IKEA effect to optimize business strategies and enhance customer connections, the episode is a must-listen for business leaders and managers seeking to increase employee engagement and innovation. In this episode: Understand the psychological impact of the IKEA effect on consumer behavior and decision-making processes. Leverage consumer effort and engagement to drive business success. Explore the impact of perceived value on pricing strategies and consumer perception. Increase employee engagement and intrinsic motivation for enhanced productivity and innovation. Harness human psychology to drive business growth and success. Show Notes: 00:00:00 - Introduction Melina introduces the concept of the Ikea effect and its relevance in understanding consumer behavior. She explains how people value items they have built themselves more than those built by others. 00:03:43 - Understanding the Ikea Effect Melina delves into the difference between the Ikea effect and the endowment effect. She discusses studies on origami building and how individuals place higher value on their own creations, regardless of expertise. 00:09:15 - The Effort Heuristic The episode explores the concept of the effort heuristic, where people associate effort with quality, even when they are not the ones putting in the effort. Examples from research studies on art and poetry illustrate this phenomenon. 00:13:26 - Ambiguity and Effort Perception Melina discusses how perceived effort influences the valuation of ambiguous quality. Studies on medieval suits of armor reveal how the perception of effort impacts the perceived quality and value of an item, even when its quality is not easily determined. 00:16:35 - The Effort Heuristic and the IKEA Effect The discussion explores the relationship between the effort heuristic and the IKEA effect, highlighting how people value things higher when they put effort into them. 00:18:04 - Billing by the Hour The conversation delves into the challenges of billing by the hour and how it may reduce the perceived effort and value of a project, leading to misconceptions about the time and expertise required. 00:19:52 - Valuing Time and Talent The story of the engineer's minimal intervention with the cruise ship's engine illustrates the hidden time and talent that goes into certain tasks, emphasizing the need to recognize and justify the value of expertise and effort. 00:22:26 - Effort and Value Perception The discussion explores the concept of effort and value perception, citing examples of how human behavior and preferences are influenced by the perceived level of effort required for a task or product, such as with instant cake mix and build-a-bear workshops. 00:26:39 - Leveraging the IKEA Effect The conversation emphasizes the potential uses of the IKEA effect in product businesses, change management, and team dynamics, highlighting the importance of providing guidance and opportunities for creative input to enhance customer satisfaction and value perception. 00:31:45 - The Importance of Employee Feedback and Recognition Employee feedback and recognition play a crucial role in motivating employees. Celebrating employees' ideas, aligning incentives, and acknowledging their contributions can foster a culture of change and increase employee buy-in. 00:32:20 - The Power of Incentives and Social Proof Aligning incentives with the Ikea effect and using social proof can encourage employees to actively participate in change initiatives. Monetary incentives are not as effective as public recognition and acknowledgment. 00:33:19 - The Psychological Impact of the Ikea Effect The Ikea effect goes beyond marketing and change initiatives. It reflects human nature and the desire to feel connected and invested. Involving customers and employees in the creation and development process can lead to a strong sense of ownership. 00:34:09 - Human Behavior in the Age of AI Despite the increasing integration of AI and machine learning, human behavior remains essential. Businesses need to tap into the Ikea effect and other psychological concepts to enhance effectiveness and foster a sense of connection and investment. 00:35:25 -  Conclusion Melina's top insights from the conversation. 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 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:  Let's Talk, by Therese Huston The Ritual Effect, by Michael Norton What Your Employees Need and Can't Tell You, by Melina Palmer What Your Customer Wants and Can't Tell You, by Melina Palmer Happy Money, by Michael Norton   Top Recommended Next Episode: Endowment Effect (ep 139) Already Heard That One? Try These:  Inequity Aversion (ep 224) Confirmation Bias (ep 260) Focusing Illusion (ep 330) Change Management (ep 226) Loss Aversion (ep 316) Nick Hobson Interview (ep 161) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter The Effort Heuristic When and How Does Labor Lead to Love? The Ontogeny and Mechanisms of the IKEA Effect The IKEA Effect: When Labor Leads to Love The IKEA Effect. A Conceptual Replication Anomalies The Endowment  Effect, Loss Aversion, and Status Quo Bias Little Red Wrench story from Nikki Rausch

Loss aversion is in the news. Ben riffs. Former Governor Pat Quinn talks about his proposal to ask Chicago voters if they want to fork over billions in tax dollars to the Sox and Bears. Speaking of losses you'll want to avert. Pat also answers the “Frank question” and admits that Ben was right and he was wrong about Mayor Daley's Olympics. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode of The Brainy Business podcast, Melina Palmer dives into the fascinating world of status quo bias. She delves into how our brains are wired to stick to what's familiar and how that impacts our decision-making. Melina talks about how our subconscious, or system one, is responsible for processing a whopping 99% of our decisions, and how it relies on biases and heuristics to navigate through the daily information overload.  From choosing familiar routes to work to hesitating to leave a job for something new, she walks through how status quo bias shows up in various aspects of our lives. Melina even shares a thought-provoking scenario about an experience machine that offers endless pleasure but detaches you from reality, and how our tendency to favor the familiar can be surprising. If you're into change management and want to enhance your decision-making strategies, this episode is a goldmine. Melina's insights are not just thought-provoking, but also offer practical ways to challenge the status quo and embrace change in both personal and professional spheres. In this episode: Uncover the impact of status quo bias on decision-making and how to mitigate its effects. Explore the psychology behind reluctance towards change and how to foster a culture of adaptability within organizations. Examine the influence of familiarity over authenticity and its significance in decision-making processes. Implement proven strategies for effective change management to drive organizational success. Harness the power of bias to enhance customer retention and loyalty through strategic decision-making. Show Notes: 00:00:00 - Introduction Melina introduces the concept of status quo bias and its impact on decision-making, highlighting its significance in understanding consumer behavior and business strategy. 00:05:40 - The Influence of Change The discussion delves into the subconscious's strong preference for predictability and the fear of the unknown, leading to resistance towards change, even in the face of potential benefits. 00:09:19 - The Experience Machine Thought Experiment The thought experiment by Robert Nozick and its variant, presented by Felipe de Brigard, illustrate the powerful influence of status quo bias on decision-making, as demonstrated by participants' preferences for familiarity over reality. 00:12:58 - Embracing Change Embracing the feeling of fear and uncertainty when embarking on something new is highlighted as a positive sign, indicating growth and the potential for a new, beneficial status quo. 00:14:30 - Lessons from the Pandemic The pandemic-induced shift in status quo bias is discussed, emphasizing the need for businesses to adapt and communicate effectively to facilitate organizational change and embrace new norms. 00:16:33 - Change Management and Internal Communication Melina teaches a class on change management and internal communication at Texas A&M, offering insights on applying behavioral economics concepts to big changes. She emphasizes working with biases to minimize their impact when presenting change. 00:17:02 - Importance of Timing in Change Presentation Melina discusses the impact of stress and overwhelm on people's resistance to change. It's crucial to be thoughtful and considerate of the circumstances before presenting a significant change, waiting for a better time or reducing stress can make a big difference. 00:18:46 - Influence of Status Quo Bias on Customers Status quo bias affects existing customers' inclination to stick with a brand. Melina highlights the need to consider the context of the customer relationship when presenting information and communicating changes. 00:19:27 - Framing Messages for Existing Customers Melina emphasizes the importance of framing messages to reinforce the customer's natural propensity for status quo bias. The way a message is framed can significantly impact retention rates and influence a customer's decision to renew or switch. 00:20:28 -  Conclusion Melina's top insights from the conversation. 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 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 What Your Employees Need and Can't Tell You, by Melina Palmer What Your Customer Wants and Can't Tell You, by Melina Palmer The Truth About Pricing, by Melina Palmer Atomic Habits, by James Clear   Top Recommended Next Episode: Bikeshedding (ep 99) Already Heard That One? Try These:  Endowment Effect (ep 139) Loss Aversion (ep 316) Framing (ep 296) Change Management (ep 226) Habits (ep 256) The Power of Habit (ep 368) Wendy Wood Interview (ep 127) Optimism Bias (ep 34) Time Discounting (ep 328) Planning Fallacy (ep 346) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias Status Quo Bias in Decision Making What is Status Quo Bias in Sales and Marketing? How Powerful Is Status Quo Bias?

Have you ever wondered why customers or prospects won't change? You might have a better solution, but the decision maker is still reluctant. In this episode, Paul discusses some of the psychological forces that impact your customer's or prospect's decision making process. Show Notes Paul answers an interesting question: Why won't customers change? “Well, we're going to answer that question today and take a look at some of the deeper psychology behind this question and there's three things we're going to focus on: The Status Quo Bias, Loss Aversion, and the Endowment Effect, alright?” Paul uncovers how these biases impact customer decision making, and most importantly, he provides some tips and ideas to overcome these biases. “So, first things first; let's talk about loss aversion and how it relates to change. Loss aversion basically means that losses loom larger than gains.” Customers will focus more on what they have to give up versus what they gain anytime a change takes place. People like to stick with what they know. Customers like familiarity. They like to stick with what they know and what they trust.  “So, if you're talking to a prospect or a customer and trying to displace a competitor, define the concept or idea you're selling and then draw a parallel to how they're already buying into this concept or idea.” The Endowment Effect is the tendency for people to place higher value on the things that they own versus the things they don't own.  “If anyone's ever tried to sell their home, for example, you meet with the realtor and then you tell the realtor, ‘Here is what I think my house is worth.' But the realtor tells you what it's actually worth. We place a higher value on it because we own it.  “So, again, yes, it is a challenge when customers don't want to change. This podcast, hopefully, gave you a couple of ideas on how you can help inspire change, alright? Just to recap, remember, with Loss Aversion, whatever they give up is going to loom larger than what they gain, so, you've got to show 1.5 to 2.5 times of gain compared to what they have to give up to attain it. When we talk about the Status Quo Bias, be able to explain how your ideas and concepts are familiar to them already. Draw a parallel to another area of their business. And then, the final thing we talked about is the Endowment Effect. People place a higher value on the ideas that are their own, versus your ideas. So, somehow, try to convince and plant your idea in that customer's mind.” Did you enjoy the podcast? Go to Apple Podcasts to rate/review the podcast: https://podcasts.apple.com/us/podcast/the-q-and-a-sales-podcast/id1485103513. Click “Listen” then the “ratings and reviews” button. Visit www.ToughTimer.com to get started on the 30-Day Tough-Timer Challenge! Order your copy of Selling Through Tough Times from Amazon or Barnes & Noble! Click here to purchase the latest edition of Value-Added Selling! Interested in our public seminar offerings? Click here to learn more. *** Thank you for tuning in. Our show is updated weekly with the questions you ask. So, please go to the home page to ask the question that you want answered. Thank you to our production team at The Creative Impostor Studios. Be sure to follow our show in your favorite podcast app and share this episode with a colleague or friend. And most importantly...make it a big day.  

In this episode of The Brainy Business podcast, Sam Tatum, the leader of Ogilvy's behavioral science team, shares insights from his book, Evolutionary Ideas, and its application in problem-solving. Sam's background as an organizational psychologist and his transition into advertising strategy equips him with a unique perspective on the intersection of behavioral science and business.  His book emphasizes gaining insights from nature to drive innovative solutions in business, drawing parallels between the natural world and applied behavioral science. He highlights the significance of long-term thinking, alternative options, and the potential impact of small ideas in problem-solving. By exploring shared solutions and learning from diverse fields, such as biology and engineering, Sam advocates for a practical and creative application of behavioral science. This episode offers valuable insights for business professionals and entrepreneurs seeking innovative problem-solving approaches based on behavioral science principles. In this episode, you will: Apply behavioral science to enhance problem-solving and innovation in business. Understand the power of reciprocity in shaping human behavior. Explore the pivotal role of language in influencing perception and decision-making. Embrace shared solutions as a strategic approach to effective problem-solving. Implement practical problem-solving approaches rooted in behavioral science. Show Notes: 00:00:00 - Introduction, Melina introduces the podcast episode and guest, Sam Tatum, and discusses the focus on evolutionary ideas and how nature can provide insights for solving business problems. 00:07:29 - Nudgestock Pivot Sam discusses the decision to pivot Nudgestock to a virtual event in 2020 due to the pandemic and the success of the event, as well as the long-term impact and growth of the event. 00:11:32 - Evolutionary Ideas Book Inspiration Sam shares the inspiration behind his book, Evolutionary Ideas, including his keynote talk and the concept of borrowing from the natural world to solve human challenges, as seen in biomimicry. 00:14:30 - Biomimicry and Applied Behavioral Science Sam explains the concept of biomimicry and how it can be used to explore the realm of possibility in applied behavioral science, drawing parallels between adapted solutions in nature and adapted psychological solutions for human challenges. 00:16:06 - Reciprocity and Adaptation Sam discusses the concept of reciprocity and adaptation by using the example of vampire bats. He emphasizes the importance of understanding and appreciating these behaviors on a continuum, highlighting their positive role in survival. 00:17:18 - Trust and Solutions Sam delves into the role of trust in social well-being and its connection to reciprocity. He explores the idea that understanding concrete concepts, such as the behavior of vampire bats, can pave the way for identifying psychological solutions. 00:19:25 - Language and Perception The conversation shifts to the power of language in shaping perception and categorization of concepts. Sam highlights the significance of having a rich vernacular to diagnose and apply solutions systematically, drawing parallels with the concept of asymmetric decoy. 00:21:44 - Shared Solutions and Innovation Sam discusses the shared nature of problems and solutions, emphasizing the evolutionary and adaptive processes that have led to the emergence of common patterns of solutions. 00:30:43 - Applying Behavioral Science in Business Melina prompts Sam to provide practical advice for applying behavioral science in business. Sam emphasizes the opportunities for employing behavioral science in various business contexts, encouraging listeners to leverage shared psychological principles to drive innovation and problem-solving. 00:32:41 - Learning and applying the notes and chords of psychology Sam emphasizes the importance of learning the basics of psychology and behavioral science, comparing it to learning notes and chords in music, and how once mastered, they can be creatively applied. 00:34:39 - Reframing problems through a human lens Sam discusses the importance of reframing problems through a human lens, rather than categorizing them based on industry-specific challenges, and how solutions can be found by recategorizing the nature of the problem. 00:39:26 -  Conclusion, Melina's top insights from the conversation. 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 Sam:  Twitter  LinkedIn  Ogilvy 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: Evolutionary Ideas, by Sam Tatam Alchemy, by Rory Sutherland Solving Modern Problems with a Stone Age Brain, by Douglas Kenrick and David Lundberg-Kenrick A More Beautiful Question, by Warren Berger Look, by Christian Madsbjerg Top Recommended Next Episode: Look, with Christian Madsbjerg (ep 325) Already Heard That One? Try These:  Framing (ep 296) Anchoring (ep 11) Priming (ep 252) Bikeshedding (ep 99) Behavioural Science Club, with Co-Founder Louise Ward (ep 118) Herding (ep 264) Reciprocity (ep 238) Change Management (ep 226) Loss Aversion (ep 316) Scarcity (ep 270) Relativity (ep 12) Time Discounting – I'll Start Monday Effect (ep 328) Solving Modern Problems with a Stone Age Brain (ep 237) A More Beautiful Question with Warren Berger (ep 340) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Nudgestock

In this episode of The Brainy Business podcast, Melina Palmer explores the concept of normalcy bias and its implications for decision-making. She provides compelling examples of how normalcy bias impacts individuals and industries, emphasizing the necessity of overcoming this mindset to foster adaptability and innovation. Melina underscores the significance of seizing virtual opportunities and leveraging behavioral economics for business success, urging her audience to consider the enduring value of maintaining virtual offerings.  Additionally, she addresses the perils of normalcy bias, emphasizing the need to acknowledge and confront the tendency to underestimate potential future challenges or changes. Melina teases an upcoming episode with Cass Sunstein, where the concept of normalcy bias will be thoroughly examined, offering listeners an exciting chance to gain further insights. This segment offers valuable insights on embracing change, capitalizing on virtual prospects, and challenging conventional norms, making it essential listening for business professionals seeking to enhance their decision-making acumen. In this episode: Recognize the impact of normalcy bias on decision-making processes. Utilize virtual opportunities to leverage behavioral economics for business growth. Enhance business success by maintaining virtual offerings in the current market landscape. Implement diversification strategies to mitigate risks and optimize business resilience. Address normalcy bias to improve decision-making and strategic planning. Show Notes: 00:00:00 - Introduction Melina introduces the concept of normalcy bias and its impact on decision-making during times of crisis or change. 00:03:02 - Impact of Normalcy Bias on Decision Making Melina discusses how normalcy bias affects decision-making, leading to complacency and resistance to change, using examples from different industries. 00:09:20 - Clinging to Normalcy in Times of Change Melina explores the tendency to cling to normalcy even when change is inevitable, and how this can hinder adaptability and innovation in businesses. 00:12:48 - Impact of Normalcy Bias on Financial Industry Melina provides an example of how normalcy bias affected decision-making in the financial industry, leading to missed opportunities and potential risks for businesses. 00:15:08 - Adapting to Change and Overcoming Normalcy Bias Melina shares insights on the need to adapt to change, prepare for unforeseen circumstances, and overcome normalcy bias for long-term business sustainability. 00:16:05 - Exploring New Opportunities Melina discusses the need to look for virtual opportunities, the importance of behavioral economics for business success, and the potential for adding new product lines accessible from home. 00:16:34 - Market Fit and Future Planning Melina emphasizes the importance of aligning with market needs, maintaining future sustainability, and considering brand continuity in business decisions. 00:17:25 - Diversification and Normalcy Bias Melina highlights the significance of diversification in business and the impact of normalcy bias on decision-making and problem-solving in the face of change. 00:18:09 - Underestimating Change Melina discusses how normalcy bias leads to underestimating the impact and duration of problems, and the need to regain sensitivity to notice both positive and negative aspects of life. 00:19:25 -  Conclusion Melina's top insights from the conversation. 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 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: Look Again, Cass Sunstein and Tali Sharot Sludge, Cass Sunstein Nudge, Richard Thaler and Cass Sunstein Simpler, Cass Sunstein What Your Employees Need and Can't Tell You, Melina Palmer  Top Recommended Next Episode: Sludge (ep 179) Already Heard That One? Try These:  Nudge (ep 35) Optimism Bias (ep 34) Loss Aversion (ep 9) Availability Bias (ep 15) Time Discounting (ep 51) Herding (ep 19) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Tali Sharot Ted Talk

In this episode of The Brainy Business podcast, Melina Palmer interviews Amy Porterfield, an esteemed author and host of the Online Marketing Made Easy podcast, who shares her journey from working with Tony Robbins to becoming a successful entrepreneur. Amy's insights on leaving a 9-to-5 job and starting a business emphasize the importance of embracing entrepreneurship for personal freedom and the ability to design a fulfilling professional life.  She advises aspiring entrepreneurs to have the courage to pursue their dreams, highlighting the initial challenges and the significance of experimentation and niche focus in the early stages of entrepreneurship. Amy's expertise in creating profitable digital courses and her emphasis on the value of an email list and scarcity marketing make this episode a must-listen for aspiring entrepreneurs seeking increased confidence and clarity in their pursuit of entrepreneurship. Her relatable experiences and actionable insights offer valuable guidance for those considering a career change and venturing into entrepreneurship. In this episode, hear discussions about: Mastering the transition from a 9-to-5 job to entrepreneurship empowers you to pursue your passion and take control of your career. Strategically building an email list facilitates direct communication with your audience, fostering stronger connections and increasing business opportunities. Embracing the importance of scarcity marketing cultivates a sense of exclusivity, driving demand and urgency for your products or services. Focusing on a specific niche allows you to become an authority in your field, attracting a loyal customer base and standing out in a competitive market. Leveraging limited availability creates a sense of urgency, compelling customers to act swiftly and seize the opportunity, leading to increased sales and engagement. Show Notes: 00:00:00 - Introduction Melina introduces Amy Porterfield, author of Two Weeks Notice and host of the Online Marketing Made Easy podcast, and shares her excitement about having Amy as a guest on the show. 00:04:05 - Amy's Background and Transition to Entrepreneurship Amy shares her transition from working for Tony Robbins to becoming an entrepreneur. She highlights the challenges she faced in her first two years of business and emphasizes the importance of finding the courage to quit a 9-5 job. 00:07:02 - Upsides of Entrepreneurship Amy discusses the freedom and opportunities that come with entrepreneurship. She encourages individuals to pursue entrepreneurship if they feel unhappy in their current job, emphasizing the freedom and control that it offers. 00:10:11 - Evolution of Business Model Amy talks about the evolution of her business model, highlighting the importance of experimentation and finding what works. She emphasizes the need to pivot and make changes based on what feels right and resonates with the entrepreneur. 00:13:24 - Overcoming Trivial Obstacles Melina and Amy discuss the concept of Bike Shedding and Parkinson's Law of Triviality, emphasizing the tendency to procrastinate on trivial tasks. They encourage entrepreneurs to focus on the most important aspects of their business and avoid getting stuck on minor details. 00:14:19 - Avoiding Common Business Mistakes Amy advises against spending too much time on non-essential tasks such as perfecting a website or business card. She emphasizes the importance of making decisions and taking action to move forward in business. 00:15:23 - Overcoming Analysis Paralysis Amy highlights how spending excessive time on decisions like website templates is a way to stay safe, but it ultimately keeps individuals stuck. Taking action and making decisions is crucial for progress. 00:16:40 - Importance of Website Content Amy stresses the significance of key website pages, such as the about page and creating weekly original content. She advises against comparing one's early business stages to established businesses and emphasizes the need for consistency in content creation. 00:18:28 - Building an Email List Amy discusses the value of an email list, emphasizing its control and reliability compared to social media. She underscores the importance of promoting freebies and nurturing the email list as a priority in business growth. 00:26:29 - Consistency in Business Strategy Amy shares her successful strategy of launching the same product repeatedly until it performs exceptionally well. She highlights the importance of familiarity and repetition in marketing for success. 00:27:36 - The Evolution of Digital Course Academy Amy discusses the evolution of her product, Digital Course Academy, and how she has been launching it since 2019, with each launch getting better and bigger. She emphasizes the importance of improving marketing and program quality over time. 00:28:31 - Building Brand and Growing Email List Amy explains how launching the same product annually has helped her improve marketing, program quality, and grow her email list. She emphasizes the value of continuously building and strengthening the brand through consistent launches. 00:30:27 - Overcoming Nervousness about Scarcity and Urgency Melina and Amy discuss the challenges entrepreneurs face when implementing scarcity and urgency in their offers. Amy offers advice on addressing the fear of being pushy and the importance of believing in the value of urgency in helping customers make decisions. 00:34:48 - The Psychology of Scarcity and Urgency Melina delves into the psychological aspects of scarcity and urgency, highlighting how time pressure can shift individuals from being risk-averse to loss-averse. Amy emphasizes the effectiveness of scarcity in capturing attention and spurring action. 00:40:21 - The Power of Nudging and Feedback Melina and Amy discuss the concept of nudging and the importance of providing feedback to guide customers in their decision-making. Amy emphasizes the value of sending reminder emails to nudge potential customers, recognizing that people may forget due to their busy schedules. 00:40:55 - Overcoming Hurdles and Helping Others Amy gives advice on how to approach helping others without making them feel bad and encourages stepping out of comfort zones to send more emails. 00:41:36 - Self-Selection and Audience Clarity Amy shares her experience with receiving negative emails and emphasizes the importance of self-selecting audiences and being clear about who your audience is. 00:42:25 - Focused Business Approach Melina and Amy discuss the benefits of focusing on specific areas of expertise and being known for something specific, such as online courses and email list growth. 00:43:29 - Leveraging Social Media Amy talks about using social media to her advantage, even if she doesn't love it, and how it has helped her business. 00:44:43 - Leveraging Scarcity and Generosity Melina and Amy discuss the power of scarcity, familiarity bias, and reciprocity in growing a business, and encourage listeners to simplify and leverage these principles. 00:45:47 -  Conclusion, Melina's top insights from the conversation. 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 Amy: Amy's website Amy's Instagram Amy's LinkedIn  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: Two Week's Notice, by Amy Porterfield What Your Customer Wants And Can't Tell You, by Melina Palmer The Truth About Pricing, by Melina Palmer Purpose, by Gina Bianchini The Power of Scarcity, by Mindy Weinstein Top Recommended Next Episode: Subscriptions and Memberships (ep 105) Already Heard That One? Try These: Framing (ep 296) Focusing Illusion (ep 330) Confirmation Bias (ep 260) Gina Bianchini Interview (ep 263) Bikeshedding (ep 99) Time Pressure (ep 366) Loss Aversion (ep 316) Scarcity (ep 270) How to Stack and Bundle Offers (ep 84) How to Raise Prices (ep 354) Mindy Weinstein Interview (ep 271) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter

The Kansas City Chiefs won last year's Super Bowl (LVII) and another just a few years before in 2020. The San Francisco 49ers last won a championship in 1995. In this short bonus episode, Mark Riepe shares his insights on how a concept from 18th-century mathematician Daniel Bernoulli might speak to our perceptions of utility, or emotional benefit, even regarding a team's preparation for a championship game.Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder.If you enjoy the show, please leave us a rating or review on Apple Podcasts.Important DisclosuresThe information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.  All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.  Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.Past performance is no guarantee of future results.All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.Please note that this content was created as of the specific date indicated and reflects the author's views as of that date. It will be kept solely for historical purposes, and the author's opinions may change, without notice, in reaction to shifting economic, business, and other conditions.The Schwab Center for Financial Research is a division of Charles Schwab & Co.(0224-JN9Y)

In this episode of The Brainy Business podcast, host Melina Palmer explores the intriguing concept of the Hawthorne Effect and its implications for employee behavior and productivity. Drawing from her wealth of experience in behavioral science, Melina adeptly navigates the significance of monitoring in the workplace, emphasizing the need for transparency and employee involvement. She expertly highlights the benefits and potential drawbacks of monitoring, offering valuable insights into the complexities of human behavior and their implications for businesses.  The episode captures Melina's passion for behavioral design and her dedication to unraveling the multifaceted factors that influence employee performance. Through real-world examples and thought-provoking discussions, Melina compellingly presents the case for why business managers should tune in to gain a deeper understanding of the Hawthorne Effect and its relevance in driving organizational success. With a conversational and engaging tone, Melina invites listeners to join her in exploring the intricacies of employee behavior and its practical implications for business management. In this episode: Improve productivity and behavior with effective monitoring strategies. Uncover the powerful impact of the Hawthorne effect on employee performance. Embrace transparency in monitoring to foster a culture of trust and accountability. Explore the benefits and drawbacks of employee monitoring for informed decision-making. Navigate the complexities of interpreting results to avoid confirmation bias. Show Notes: 00:00:00 - Introduction Melina Palmer introduces the episode and discusses the focus on the Hawthorne Effect, which explores how behavior changes when people know they are being watched or observed. 00:02:07 - The Hawthorne Studies Melina discusses the Hawthorne Studies conducted at Western Electric's Hawthorne location in the 1920s. These studies aimed to understand how changes in worker conditions would impact productivity and were among the first to incorporate worker opinions and mindset into planning processes. 00:04:43 - Factors Influencing Results The experiments at the Hawthorne location showed that providing input and treating workers as human beings with opinions and worth resulted in increased productivity. However, modern researchers have identified that too many factors were being changed simultaneously, and the special treatment given to the group of women also influenced the results. 00:06:53 - Understanding the Hawthorne Effect The Hawthorne Effect states that when people know they are being observed or that an experiment is taking place, it changes their behavior. This can impact the results of experiments and studies. Researchers often hide the true intent of the study to avoid bias caused by participant awareness. 00:10:19 - Avoiding Observer Bias In certain cases, it is important to avoid observer bias by ensuring that people are not aware they are being watched or observed. This is done to obtain a natural view of behavior and prevent participants from altering their actions. Secret shoppers and incognito observation methods are commonly used in these situations. 00:15:47 - The Impact of Monitoring on Workers Monitoring can be helpful in boosting productivity, but it can also make workers feel rushed and stressed. It's important to involve workers in the monitoring process and address their concerns to avoid negative impacts on performance. 00:17:19 - Importance of Involving Workers in Monitoring When monitoring more complex tasks, it's crucial to ask for workers' input and involve them in the process. This helps them understand the reasons behind monitoring and ensures they feel valued and supported. 00:18:14 - Benefits of Monitoring for Security and Behavior Monitoring can deter theft and encourage good behavior. Security cameras can make people act differently when they know they're being watched. However, over-monitoring or constant visits can lead to immunity and reduced impact. 00:19:41 - Avoiding Confirmation Bias and the Hawthorne Effect Researchers should be cautious of confirmation bias and the Hawthorne effect, which can bias results and hinder finding the real problem or solution. Digging deeper and considering motivations and incentives is crucial. 00:21:32 -  Conclusion Melina's top insights from the conversation. 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 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: Behavioral Science in the Wild, by Dilip Soman and Nina Mazar What Your Customer Wants and Can't Tell You, by Melina Palmer A More Beautiful Question, by Warren Berger Both/And Thinking, by Wendy Smith and Marianne Lewis Designing for Behavior Change, by Stephen Wendel Top Recommended Next Episode: Using Ethnography to Understand Your Customers (ep 324) Already Heard That One? Try These:  Dilip Soman Interview (ep 241) Understanding the Problem  (ep 126) How Simple Nudges Can Save Hundreds of Millions (ep 140) Designing for Behavior Change (ep 116) Incentives (ep 36) Confirmation Bias (ep 260) How to Setup Your Own Experiments (ep 63) Time Pressure (ep 74) Priming (ep 252) Focusing Illusion (ep 330) Loss Aversion (ep 316) Ikea Effect (ep 112) Confirmation Bias (ep 260) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Systematic Review of the Hawthorne Effect: New Concepts Are Needed to Study Research Participation Effects The Hawthorne Effect and Behavioral Studies The “Hawthorne Effect” — What Did the Original Hawthorne Studies Actually Show? The Hawthorne Effect – Or Why Everything Works Hemming and Hawing over Hawthorne: Work Complexity and the Divergent Effects of Monitoring on Productivity Hawthorne Effect Hawthorne Studies Podcast Movement Virtual Could You Leverage Podcast Guesting to Grow Your Visibility? Louise Brogan: The Social Bee Ian Anderson Gray

Ever wonder why we fear loss more than we crave success? The answer is loss aversion. In this bonus episode of Habits & Hustle, I dive into the power of loss aversion and its grip on our daily decisions - from the subscriptions we can't let go of to our relentless gym commitments. I dive deep into the tactics businesses use to play on our fears and keep us hooked. Whether you're an entrepreneur looking to craft irresistible campaigns or a savvy consumer aiming to make smarter choices, this episode is a game-changer for you!  What we discuss:  (02:19 - 04:09) Psychological Marketing Technique (08:50 - 09:56) The Power of Fear in Sales  (13:22 - 13:38) Loss Aversion Technique for Marketers and Customers Thank you to our sponsors:  Go to www.hbr.org/subscriptions and enter PROMO CODE: HABITS to learn more about this great opportunity to help manage your career and business. Find more from Jen:  Website: https://www.jennifercohen.com/ Instagram: @therealjencohen  Books: https://www.jennifercohen.com/books Speaking: https://www.jennifercohen.com/speaking-engagement Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, we dive into a practical, resilient system to help you carve out and hold time for your startup amidst the craziness of your life. Most startups fail because the founders lose momentum when predictable life things pop up - you were supposed to work on your startup but your kid was sick or your job gets busy. You need to build a system that adjusts to this constant "failure state" - one that doesn't require Herculean willpower (wake up every day at 4am) and makes working on your startup easier than ignoring it. Today, we help you do that.  TackleboxLoomOneTabLight Phone II 00:26 A System to Make Time for your Startup This year02:55 Dad Fitness Club Idea04:59 Smooth Jazz05:41 Sell the Position09:13 Life Inventory10:11 Never Rely on Willpower10:57 Previously On12:42 The Five Minute List13:44 Do The Thing15:57 The End + The System

Discover how the perfectionist sunk cost fallacy could be holding you back and learn how to break free from its grip. From wearing clothes you hate, to staying in relationships or careers way past their expiration date, Sunk Cost fallacy is a lethal landmine for perfectionistic people. Find out if you're making decisions aligned with your values or loss aversion, sunk cost definition for perfectionists, tricks sunk cost effect plays on you, why its challenging to see your own sunk costs, IRL sunk cost fallacy examples and how perfectionists can stop falling prey to sunk cost suck-i-ness forever.Tired of waiting for “things to calm down” so you can FEEL better? Whether it's becoming much more DECISIVE in everything you do, the ability to fall asleep without obsessing over your to do list or PRESENCE with your family (no more catastrophizing) When you join Perfectionism Leveraged you get customized 1-1 coaching + the SKILLS you've never been taught that FREE you from sunk cost fallacy + lethal perfectionism landmines. Get your stress-free start today at https://courtneylovegavin.com/servicesPositive Perfectionist Practices for Removing Sunk Cost Fallacy:Identify Sunk Cost Fallacy: Recognize where you're holding onto investments, relationships, or decisions you would not re-choose for yourself today BC you've “already spent so much time, energy, money or effort”If You Want Your Future, Forget Your Past: Stop living in the prison of your past choices and exit to the playground of possibility. Dropping the black and white thinking that persevering = productiveMake intentional decisions that empower you for the rest of your life: Check your choices with your values and pivot away from unfulfilling situations or relationships.Practice Makes Permanent: To progress 100x faster, make the journey funner and strengthen your interoceptive awareness consider working with a perfectionism coachHighlights inside Episode 198 of Perfectionism Rewired:00:00-Perfectionists + Sunk Costs01:51-What is sunk cost fallacy03:26-Shedding the Weight of Sunk Costs04:56-Being Resourceful instead of limiting your resources05:36-Sunk Cost Effect in Unfulfilling Careers + Unhappy Relationships07:12-Why FEELS Smart To Continue Pouring Money, time, effort when you've already sunk09:18-Putting yourself in the victim drama triangle11:10-Sunk Cost With Example Baby Gucci Loafers12:03-Quick Correct Choices with Embodied Presence Interoceptive Connection13:32-when to persevere and when to pivot14:36-Prioritizing your values over sunk costs15:50-No longer a victim to chronic overachieving18:17-Proud of yourself regardless of how much you accomplishRich Resources Mentioned In This Sunk Cost Episode:How I Lost 50 pounds by Being The Worst (Leveraging Perfectionism video)Perfectionist's Guide to Uncovering Victim Mentality  (Part 1)Mamba Mentality vs Victim Mentality (Part 2)Are You Living In The Victim Triangle? (Perfectionism Rewired ep. 181)Starter Perfectionism Rewiring 1-1 Coaching  Pack (steal of a deal)HIGHLY CREDIBLE SOURCES ON SUNK COST REFERENCED IN THIS EPISODE:  Dijkstra, K. A., & Hong, Y. Y. (2019). The feeling of throwing good money after bad: The role of affective reaction in the sunk-cost fallacy. PloS one, 14(1), e0209900. https://doi.org/10.1371/journal.pone.0209900Jarmolowicz, D. P., Bickel, W. K., Sofis, M. J., Hatz, L. E., & Mueller, E. T. (2016). Sunk costs, psychological symptomology, and help seeking. SpringerPlus, 5(1), 1699. https://doi.org/10.1186/s40064-016-3402-zSchmitzer-Torbert N. (2020). Mindfulness and decision making: sunk costs or escalation of commitment?. Cognitive processing, 21(3), 391–402. https://doi.org/10.1007/s10339-020-00978-4Schulreich, S., Dandolo, L. C., & Schwabe, L. (2022). Sunk costs under stress: Acute stress reduces the impact of past expenses on risky decisions. Psychoneuroendocrinology, 137, 105632. https://doi.org/10.1016/j.psyneuen.2021.105632Tait, V., & Miller, H. L., Jr (2019). Loss Aversion as a Potential Factor in the Sunk-Cost Fallacy. International journal of psychological research, 12(2), 8–16. https://doi.org/10.21500/20112084.3951Zeng, J., Zhang, Q., Chen, C., Yu, R., & Gong, Q. (2013). An fMRI study on sunk cost effect. Brain research, 1519, 63–70. https://doi.org/10.1016/j.brainres.2013.05.001‌‌‌ Perfectionism Rewired Ethics + Transparency:Perfectionism Rewired podcast is brought to you by Perfectionist Solutions and is committed to neuroscience truth and accuracy through a perfectionism affirming lens.What does Perfectionist Affirming mean? Perfectionism affirming is an empowered view where perfectionistic tendencies are not seen as deficits to be “fixed” and nobody is a victim of perfectionism. Instead you are fully in charge of YOU, given tools for agency and perfectionism is leveraged to work for you. Part of neuorinclusivity movement that sees all humans as uniquely wired individuals who all experience the world differently.

Today, we'll teach you how to avoid sabotaging your startup. Most founders think the best way to build a startup is to mitigate risks - to optimize for worst case scenarios. But the actual way to build a successful startup is to optimize for tasks with the highest ceiling - to do the things that might give you asymmetric gains, if they work. This is unnatural and hard - the Problems and Opportunities Method, the second in our Method series, will help.  TackleboxIdea to Startup NewsletterDay One AppThe Hail Mary Pass that Saved HingeLoss Aversion is Paralyzing Your StartupFeast of the Seven Fishes00:22 Problems and Opportunities02:26 Find Your Lobster Story08:10 Asymmetric Progress10:00 Smooth Jazz10:45 The To Do List Monster14:20 The Obstacle is the Way15:12 Ambiguity Aversion, Loss Aversion, and Magicians15:55 Helping Parents Plan Dates18:22 Scheduling and the Actual Downside

In this episode of The Brainy Business podcast, you will hear an insightful conversation between host Melina Palmer and guest Jon Levy, author of You're Invited. Jon shares his expertise on using behavioral science in event design and sponsorships to create memorable experiences for attendees. Drawing from his own experiences, Jon emphasizes the power of human connection and relationships in event planning.  He discusses the importance of assembling or working together on projects to foster a sense of connection and engagement. Jon also highlights the peak-end rule, which states that people remember the peaks of experiences and how they end, and shares strategies for creating lasting impressions. He offers valuable insights on engaging high-profile individuals, building trust through vulnerability, and the significance of genuine interest in others. If you are a professional seeking to enhance your understanding of human behavior and apply behavioral science principles to create impactful and attention-grabbing events, this episode is a must-listen. In this episode, you will: Enhance customer engagement and satisfaction by leveraging the power of human connection and relationships. Apply research-backed strategies to create impactful and memorable event experiences that resonate with attendees. Foster meaningful connections among attendees through shared activities, strengthening their bond and creating lasting memories. Build trust and rapport with attendees by demonstrating vulnerability and support, creating an environment where they feel safe and valued. Discover the influential impact of showing genuine interest and curiosity in others, leading to more meaningful connections and enriching event experiences. Show Notes: 00:00:00 - Introduction, Melina introduces the episode and her guest, Jon Levy. She mentions his work as a behavioral scientist and his book, You're Invited, which focuses on human connection, trust, and belonging. 00:03:26 - Behavioral Science and Research Jon discusses his work as a behavioral scientist, including his research studies on dating and consumer behavior. He highlights the importance of applying research findings to real-life situations. 00:07:56 - The Influencers Dinner Jon shares how he started the Influencers Dinner, a secret dining experience where guests couldn't discuss their careers or give their last names. He explains how the dinners helped create connections and a sense of belonging among industry leaders. 00:09:34 - Building a Community Jon explains how the Influencers Dinner evolved into a larger community of industry leaders. He discusses the in-person and digital events they organize and emphasizes the ephemeral nature of their interactions. 00:10:57 - Impact on Society Jon discusses his objective of bringing people together to improve their lives and potentially have a larger impact on society. He talks about raising money for social issues and getting media attention to raise awareness. 00:14:43 - Building Bonds through Shared Experiences The guest discusses the importance of getting people to assemble or work together as a way to strengthen relationships and create a sense of camaraderie within a company. By engaging high-profile individuals in unique and generous activities, such as assembling flowers, it creates a memorable experience that fosters emotional connections and generates positive word-of-mouth publicity. 00:16:16 - The Value of Being an Active Partner Rather than simply being a sponsor, it is more effective to actively design or be involved in the thinking process. By ensuring that people understand the core value and proposition of a brand, partners can forge stronger connections and leave a lasting impression. Quality over quantity is emphasized, focusing on meaningful engagements rather than broad-scale reach. 00:18:55 - The Power of Invitation in Building Connections The guest shares his experience in inviting impressive individuals to his events, even without extensive connections or resources. By starting with people he knew and gradually expanding his network through recommendations and research, he was able to build relationships with Nobel laureates, Olympians, and other accomplished individuals. He emphasizes the importance of understanding the behaviors and interests of specific groups in order to make meaningful connections. 00:20:42 - The Pitfalls of Scale and Misaligned Reach The discussion highlights the importance of targeted reach rather than focusing solely on scale. Having a large number of followers or attendees does not guarantee the right audience or meaningful connections. It is crucial to consider the relevance and alignment of the target audience when seeking partnerships or sponsorships. 00:29:29 - The Power of Influence and Trust Jon discusses the influence he has as a martial arts master and reverend, emphasizing the importance of trust in building connections. He explains that trust is created through competence, honesty, and benevolence, and that vulnerability loops can accelerate the trust-building process. 00:32:08 - Building Trust through Conversations Jon shares how his dinners create an environment where guests can have more intimate and vulnerable conversations, leading to accelerated trust between individuals. He also highlights the value of connecting on a personal level beyond discussing work-related topics. 00:34:50 - The Misunderstanding of Trust Jon explains that trust is often misunderstood, with many individuals leading with competence rather than benevolence. He discusses the importance of leveraging vulnerability loops and the Ikea effect to accelerate trust-building, emphasizing the need to ask for favors and provide support to create profound trust. 00:36:39 - Overcoming Fear of Asking for Help Melina and Jon share their personal experiences of asking for help, particularly in relation to promoting their books. They discuss the discomfort and fear that comes with asking for favors but highlight the importance of understanding that rejection or non-response doesn't necessarily reflect a personal dislike. 00:39:46 - Networking vs. Making Friends Jon challenges the traditional idea of networking and suggests that making friends is a more natural and effective way to connect with others. He emphasizes that networking often feels forced and unnatural, whereas making friends allows for more genuine and meaningful connections. 00:44:03 - The Importance of Relationships Relationships define the quality of our lives, whether in business or personal settings. Being vulnerable and reaching out to others can lead to meaningful connections and impactful experiences. 00:45:27 - Be Willing to Step Out of Your Comfort Zone To expand your social circle and create an impact, it's important to be willing to step out of your comfort zone. Take action, reach out to others, and engage in activities that bring people together. 00:46:29 - The Power of Social Catalysts Engaging in activities as social catalysts can make connecting with others feel less awkward. Activities like walking, playing games, or pursuing shared interests provide a natural context for conversation and connection. 00:48:07 - Embrace Anonymity and Genuine Interest By focusing on genuine interest in others, regardless of titles or achievements, deeper connections can be formed. Embrace anonymity and approach interactions with curiosity and authenticity. 00:50:15 -  Conclusion, Melina's top insights from the conversation. 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 Jon: Jon's Website Jon on Instagram Jon on Twitter 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: You're Invited, by Jon Levy The 2AM Principle, by Jon Levy Collaboration is the New Competition, by Priscilla McKinney What Your Employees Need and Can't Tell You, by Melina Palmer The Speed of Trust, by Stephen M.R. Covey Top Recommended Next Episode: The Speed of Trust, with Stephen M.R. Covey (ep 320) Already Heard That One? Try These:  Reciprocity (ep 238) Biases Toward Novelty and Stories (ep 54) The Power of Story, with Michelle Auerbach (ep 288) The IKEA Effect (ep 112) Peak-End Rule (ep 97) Surprise and Delight (ep 276) What is Value? (ep 234) Disney: A Behavioral Economics Analysis (ep 292) Get Your DOSE of Brain Chemicals (ep 123) Loss Aversion (ep 316) Status Quo Bias (ep 142) Framing (ep 296) Using Behavioral Science in Healthcare, with Aline Holzwarth (ep 135) Decision Fatigue (ep 244) Temptation Bundling (ep 250) The Behaviour Business, with Richard Chataway (ep 134) How To Change, with Katy Milkman (ep 151) The Fun Habit with Mike Rucker (ep 251) Happier Hour, with Cassie Holmes (ep 249) The Human Experience, with John Sills (ep 277) Anthropology, Behavioral Economics, and Marketing, with Priscilla McKinney (ep 196) The Science of Connection, with Nick Epley (ep 265) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter

In this episode of The Brainy Business podcast, you'll hear Melina Palmer interview Nick Sonnenberg, CEO of Leverage and author of Come Up For Air. Nick's background as an algorithmic trader on Wall Street gave him a unique perspective on the value of time, efficiency, and automation. He developed the CPR business efficiency framework to address common challenges in communication, planning, and resource allocation.  Nick's expertise in optimizing operations led to the founding of Leverage, a consultancy that helps businesses increase productivity using modern technologies and tools. Throughout the episode, Nick emphasizes the importance of time optimization and information retrieval. He shares practical strategies, such as the Foundations program, which teaches teams how to use tools like email, Slack, and Asana effectively. By implementing Nick's insights, you can save time, reduce stress, and increase productivity in your business. Tune in to learn how to streamline your operations and make the most of your valuable resources. In this episode, you will: Increase operational efficiency and productivity to maximize your business's growth potential. Learn effective time management strategies to optimize your productivity and achieve your business goals. Streamline your operations and processes to eliminate bottlenecks and improve overall efficiency. Optimize information retrieval and storage to access critical data quickly and make informed business decisions. Find the balance between work and play to enhance your overall well-being and maintain sustainable productivity. Show Notes: 00:00:00 - Introduction, In this episode, Melina Palmer introduces Nick Sonnenberg, CEO of Leverage and author of Come Up For Air. Nick shares his background in finance and how his experience in high-frequency trading led him to develop a passion for automation and the value of time. 00:02:30 - The Journey of Leverage Nick discusses the growth and challenges faced by Leverage, his operational efficiency consultancy. He shares how he overcame operational debt and realized that the key to success lies in saving time and maximizing efficiency. 00:05:05 - The CPR Business Efficiency Framework Nick explains the CPR framework (Communicate, Plan, Resource) and how it can help organizations improve their efficiency. He highlights the importance of effective communication, planning, and standard operating procedures in saving time and increasing productivity. 00:07:28 - Getting Started with Efficiency Nick advises listeners on where to start when seeking to make efficiency improvements. He suggests focusing on areas that offer the highest return on time and recommends starting with the Foundations program, which helps align teams on information management and retrieval. 00:15:56 - The Power of Shifting Perspective Shifting your perspective and approach can lead to increased productivity and efficiency without the need for approval or new tools. By organizing your email and having a plan, you can set yourself up for success and inspire others to do the same. 00:16:55 - The Value of Time and Cutting Meetings The book emphasizes the importance of saving and optimizing time. Not all time slots are equal, and it's crucial to identify high-value time slots. By implementing strategies like pre-reading materials and using tools like Loom, meetings can be more efficient and productive. 00:21:18 - Leveraging Loom and Asynchronous Communication Loom, a screen recording tool, can help save time by allowing for asynchronous communication. Watching recordings at an accelerated speed and having the ability to rewatch can increase efficiency. Loom also facilitates discussions and comments, even outside of meetings. 00:23:44 - Understanding Your Bandwidth with Sprint Planning Sprint planning involves determining your capacity for work and considering pre-commitments like meetings and maintenance tasks. By recognizing how much time is actually available for new initiatives, you can set realistic goals and increase productivity. 00:24:11 - The Impact of Optimizing Time Optimizing time can lead to significant improvements in productivity. By reclaiming even just a few hours a week, you can effectively double the amount of time available for new initiatives. Recognizing the value of time can drive the implementation of time-saving strategies. 00:30:43 - Introduction to GetLeverage.com Nick Sonnenberg introduces his training and consulting company, GetLeverage.com, which helps businesses train and use various tools effectively. 00:31:19 - Benefits of GetLeverage.com Nick Sonnenberg highlights how GetLeverage.com can save businesses time and money by providing training and optimizing processes. 00:32:01 - Importance of Policies and Procedures Nick Sonnenberg emphasizes the significance of having optimized procedures and processes in place to facilitate business growth and efficiency. 00:33:30 - Focus on Quick Retrieval of Information Nick Sonnenberg suggests focusing on the quick retrieval of information rather than the quick transfer of information, as it saves time and improves productivity. 00:34:51 -  Conclusion, Melina's top insights from the conversation. 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 Nick: Follow Nick on Twitter Follow Nick on LinkedIn Leverage website 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: Come Up For Air, by Nick Sonnenberg Work Well. Play More! by Marcey Rader Indistractable, by Nir Eyal Subtract, by Leidy Klotz What Your Employees Need and Can't Tell You, by Melina Palmer Top Recommended Next Episode: Work Well. Play More! with Marcey Rader (ep 323) Already Heard That One? Try These:  Planning Fallacy (ep 346) Indistractable, with Nir Eyal (ep 290) Optimism Bias (ep 34) Time Discounting (ep 328) Loss Aversion (ep 316) Focusing Illusion (ep 330) Fundamental Attribution Error (ep 268) Bikeshedding (ep 99) Confirmation Bias (ep 260) How To Start and Grow a Successful Podcast (ep 108) How to Organize Your Brain with Behavioral Economics (ep 83) Expect Error, the “E” in NUDGES (ep 39) Anchoring & Adjustment (ep 11) Habits (ep 256) Good Habits, Bad Habits, with Wendy Wood (ep 127) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Come Up For Air website

In this episode of The Brainy Business podcast, you'll join host Melina Palmer as she dives into the fascinating topic of the planning fallacy. Melina shares her personal experiences with underestimating the time it takes to complete tasks and projects, revealing that even she, an expert in the field, is not immune to this cognitive bias. But fear not, because Melina also provides valuable strategies to combat the planning fallacy and improve your planning accuracy. From seeking external perspectives to breaking tasks into smaller steps, she offers practical advice that you can implement in your own life. Whether you struggle with accurately estimating time or simply want to enhance your productivity, this episode is a must-listen. So get ready to tackle the planning fallacy head-on and start maximizing your time and efficiency. In this episode: Maximize productivity by understanding the planning fallacy and its impact on time estimation. Learn effective strategies to combat the planning fallacy and accurately estimate project timelines. Improve planning accuracy and avoid delays caused by underestimating the time needed for tasks. Unpack complex projects into manageable tasks for more accurate time allocation. Overcome the challenges of planning fallacy when dealing with large-scale projects. Show Notes: 00:00:00 - Introduction, Melina introduces the concept of planning fallacy and explains how it affects our ability to estimate the time and effort required for tasks. She also mentions her upcoming conversation with Nick Sonnenberg and how his book, Come Up for Air, inspired her to refresh this episode. 00:02:16 - The Foundations of Planning Fallacy Melina discusses how planning fallacy was first introduced by Kahneman and Tversky in 1979. They found that errors in judgment were systematic and not random, indicating a bias in the brain. Planning fallacy affects all kinds of people, even experts, and it can be difficult to overcome. 00:05:05 - Why We Fall Victim to Planning Fallacy Melina explains that the brain is naturally inclined to focus on success and underestimate the possibility of failure. We tend to believe that things will go smoothly and that we can do it all, leading to unrealistic expectations and missed deadlines. Even having deadlines and incentives doesn't necessarily help. 00:08:54 - Biases Contributing to Planning Fallacy Melina discusses several biases and brain tricks that contribute to planning fallacy, including the focusing illusion and fundamental attribution error. The focusing illusion causes us to allocate different amounts of time based on what we're currently focused on, while fundamental attribution error leads us to attribute external or internal factors incorrectly. 00:15:57 - The Myth of 8 Hours of Writing Writing for 8 hours straight is not actually 8 hours of writing. Taking breaks and getting distracted reduces the actual writing time. A suggested technique is to write for 25 minutes and then take a 5-minute break, repeating this cycle. This helps to combat planning fallacy and increase productivity. 00:17:43 - The Impact of Distractions and Breaks Distractions and breaks, such as emails and unexpected projects, further decrease writing time. Considering these interruptions, a planned 8-hour writing day may result in only 4.5 hours of actual writing. This means that the anticipated 32 pages would be reduced to only 18. 00:19:47 - Planning for Worst Case Scenario To overcome planning fallacy, it is crucial to plan for the worst case scenario. By allocating a realistic amount of time for productive writing and acknowledging potential distractions, you can avoid beating yourself up over unmet expectations. Celebrate achieving your planned writing time. 00:21:51 - Urgent vs Important Tasks The urgent vs important grid helps prioritize tasks. Determine if a task is important, urgent, both, or neither. This framework helps in dismissing distractions by asking if they are truly important and urgent compared to the planned task. Planning for distractions helps stick to timelines and overcome planning fallacy. 00:31:48 - Understanding the Planning Fallacy Launching a podcast involves various tasks that may seem quick and easy on the surface. However, breaking them down into subtasks reveals the true complexity of the process. Properly allocating time and planning for each subtask can help reduce stress and ensure completion without overcommitting. 00:33:48 - The Power of Unpacking Unpacking tasks into their smallest subcomponents is essential for complex projects like launching a podcast. Simple tasks may not benefit as much from unpacking, but for larger projects, it helps in understanding the full scope and allocating sufficient time for each task. 00:34:27 - Overcoming Planning Fallacy Planning fallacy is a natural tendency that affects everyone. Being aware of this tendency and using the tips mentioned in the episode can help overcome it. Having a trusted friend or colleague to keep you in check is also crucial in avoiding overcommitment and excessive work. 00:35:11 - Personal Experience with Planning Fallacy Melina admits to constantly struggling with planning fallacy despite her knowledge of it. However, understanding its existence and finding ways to manage it can prevent continuous overcommitment and excessive work. 00:36:22 -  Conclusion, Melina's top insights from the conversation. 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 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: Come Up For Air, by Nick Sonnenberg Work Well. Play More! by Marcey Rader Indistractable, by Nir Eyal Subtract, by Leidy Klotz What Your Employees Need and Can't Tell You, by Melina Palmer Top Recommended Next Episode: Work Well. Play More! with Marcey Rader (ep 323) Already Heard That One? Try These:  Indistractable, with Nir Eyal (ep 290) Optimism Bias (ep 34) Time Discounting (ep 328) Loss Aversion (ep 316) Focusing Illusion (ep 330) Fundamental Attribution Error (ep 268) Bikeshedding (ep 99) Confirmation Bias (ep 260) How To Start and Grow a Successful Podcast (ep 108) How to Organize Your Brain with Behavioral Economics (ep 83) Expect Error, the “E” in NUDGES (ep 39) Anchoring & Adjustment (ep 11) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter The Planning Fallacy: Getting Things Done Can the outside‐view approach improve planning decisions in software development projects? The Planning Fallacy: When Plans Lead to Optimistic Forecasts Exploring the Planning Fallacy: Why People Underestimate Their Task Completion Times A Nobel Prize-Winning Psychologist Explains Why We're Always Wrong About How Long Tasks Take The Planning Fallacy: Why You Miss Your Deadlines, And What to do About it Allocating Time to Future Tasks:The Effect of Task Segmentation on Planning Fallacy Bias Intuitive Prediction: Biases and Corrective Procedures Seattle tunnel construction avoided costly mistakes of Boston's Big Dig Visualization-Mediated Alleviation of the Planning Fallacy If You Don't Want to Be Late, Enumerate: Unpacking Reduces the Planning Fallacy Planning Fallacy

In this episode of The Brainy Business podcast, host Melina Palmer interviews Tim Ash, author of Unleash Your Primal Brain. Tim brings his unique background in computer engineering and cognitive science to the discussion, shedding light on the evolution of the brain and its impact on human behavior. He explains how our brains developed as a response to fast changes in the environment caused by movement, highlighting the importance of social dynamics over logical reasoning.  Tim also delves into the concept of culture spread and how humans made an evolutionary bet on it, setting us apart from animals. This conversation is essential for business leaders and marketers who want to better understand human behavior and predict consumer choices. By recognizing the underlying evolutionary basis of our brains, they can design experiences that align with human nature, effectively connecting with their target audience. Tim's expertise in neural networks and neuromarketing provides a unique perspective on leveraging the primal brain for ethical reasons and leveling the playing field in marketing. Don't miss this opportunity to gain insights that will enhance your business strategies and drive success. In this episode: Discover the evolutionary basis of the brain, unveiling insights into the origin of human behavior. Unravel the secrets behind mirror neurons and understand their importance in human learning processes and empathy. Understand the ways in which cultural spread influences our adaptability and drives behavioral changes. Delve into how social media can be exploited to leverage our instinct for cultural spread. Gain insights into how to design business experiences that are harmonized with the innate nature of humans. Show Notes: 00:00:00 - Introduction, Melina Palmer introduces Tim Ash and discusses the importance of understanding the primal brain in behavioral economics and business. 00:01:44 - Evolution of the Brain, Tim explains how the brain evolved to respond to fast changes in the environment caused by movement. He highlights the energy-intensive nature of the brain and its focus on modeling complex social relationships. 00:07:11 - Heuristics and Biases, Tim explores how the brain uses heuristics and biases to navigate the world, balancing the need for energy consumption and survival. He emphasizes the brain's primary function of modeling social dynamics rather than logical reasoning. 00:09:50 - Culture Spread, Tim discusses how humans evolved to rely on culture spread as an evolutionary advantage. He explains the role of mirror neurons and the physical adaptations in humans to facilitate cultural learning. 00:13:36 - Unique Aspects of Human Brain Development, Tim highlights the unique aspects of human brain development, such as prolonged adolescence. He discusses how these adaptations contribute to the spread of culture and the importance of learning from others. 00:15:50 - Evolutionary Reasons for Modeling and Survival Goals, Tim explains that there are evolutionary reasons for modeling and mirror neurons. Modeling helps us imagine what someone is doing when they are out of sight, while survival goals like feeding and interpreting gestures are important for our physical skill rehearsal. Mirror neurons play a role in all of these processes and contribute to our survival. 00:17:14 - Learning from Successful Examples and Tribal Cohesion, Tim discusses the importance of learning from successful examples and the role of tribal cohesion in our learning process. We tend to learn from older people who have survived and people who are similar to us in terms of ethnicity, gender, and language. This preference for learning from similar individuals reinforces tribalism and group cohesion. 00:18:56 - Overcoming Biases and Expanding Circles of Empathy, Tim expresses a lack of hope in overcoming biases and expanding circles of empathy, especially in society and politics. He highlights our biological predisposition to form tribes and the difficulty of accepting other views once we are part of a tribe. However, he suggests that meeting and talking to people who are different from us can help in creating a larger circle of empathy. 00:21:32 - Conservative and Progressive Spheres of Concern, Tim shares an interesting finding from sociological research that conservative and progressive individuals tend to have different spheres of concern. He uses perceptions of immigration as an example of these differences. 00:30:24 - Girls' School Performance and Self Esteem Decline, Girls tend to outperform boys academically, especially in the early years. However, when they hit puberty, their self-esteem declines, and they start caring more about what their friends think of them. This often leads to a decline in academic performance. 00:31:27 - The Importance of the First Five Years, The first five years of a child's life are critical for their development. During this time, they need to feel loved, safe, and have proper nutrition and sleep. These experiences become hardwired into their biology and can influence their social attitudes and behaviors later in life. 00:33:22 - The Power of Empathy, Developing empathy is crucial for raising good humans. One way to cultivate empathy is through direct experiences with people from different backgrounds and cultures. By understanding and modeling the behaviors and experiences of others, we can foster empathy and understanding. 00:34:48 - The Role of Storytelling, Storytelling serves multiple evolutionary purposes. It allows us to simulate experiences we can't directly have, like living out a nightmare scenario without the real-life consequences. It also helps maintain cultural cohesion by spreading knowledge and values within a tribe. However, the cultural package we bring to a story can influence how we interpret and experience it. 00:36:56 -  Conclusion, Melina's top insights from the conversation. 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 Tim Ash: Follow Tim on LinkedIn Primal Brain Website Tim's Website  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: Unleash Your Primal Brain, by Tim Ash Evolutionary Ideas, by Sam Tatam Solving Modern Problems with a Stone-Age Brain, by Doug Kenrick and Dave Lundberg-Kenrick  Friction, by Roger Dooley Indistractable, by Nir Eyal Top Recommended Next Episode: Evolutionary Ideas, with Sam Tatam (ep 204) Already Heard That One? Try These:  Solving Modern Problems with a Stone-Age Brain (ep 237) Good Habits, Bad Habits, with Wendy Wood (ep 127) DOSE Brain Chemicals (ep 123) Herding (ep 264) Loss Aversion (ep 316) Biases Toward Novelty and Stories (ep 54) Indistractable, with Nir Eyal (ep 290) Mirror Neurons (ep 31) Avoiding Everyday Work Disasters with Dr. Gleb Tsipursky (ep 111) Marketing to Mindstates with Will Leach (ep 88) Friction, with Roger Dooley (ep 274) Costco: A Behavioral Economics Analysis (ep 47) Biases Toward Others (ep 314) IKEA Effect (ep 112) The Human Experience, with John Sills (ep 277) Using the Senses to Increase Sales with Michelle Niedziela (ep 168) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Dove Real Beauty Campaign Always Super Bowl Ad 2015 What eCommerce Can Learn From IKEA's Offline Success

If you're tired of feeling stuck, this one's for you. Dr. Rick and Forrest explore how we can overcome learned helplessness and change our lives by developing self-efficacy: the ability to influence our environments and control our motivation and behavior. Key topics include why we get stuck, the science of learned helplessness, focusing on effort over talent, creating a growth mindset, and balancing acceptance and agency. You'll learn how to improve self-efficacy, embrace who you are, and become truly confident in your ability to grow. Watch the Episode: Prefer watching video? You can watch this episode on YouTube.Key Topics:0:00: Introduction1:50: Why are we prone to feeling stuck?4:45: Fear of failure and negativity bias8:30: Learned helplessness and the dog study18:05: Difficulties identifying patterns we're close to20:00: The biological function of shame22:55 The connection between our emotions, our body, and our sense of self-efficacy24:10: Chronic illness and pain, and recognizing what is and is not in your control26:10: What is a growth mindset?28:40: Nature and nurture, talent and effort, and our metrics of self-worth35:00: Rick's practical tips for improving self-efficacy (complete with soundtrack)40:20: Creating a coherent self-narrative42:35: An example from Forrest of claiming agency46:20: Advice for someone in their late 20s when feeling stuck51:40: Building on and reinforcing our successes56:35: Determination59:35: Recap Support the Podcast: We're now on Patreon! If you'd like to support the podcast, follow this link.Sponsors:Get 15% off OneSkin with the code BEINGWELL at https://www.oneskin.co/  Go to BrioAirPurifier.com and use code BEINGWELL to save $100 on a Brio Air Purifier.Finally get that project off the ground with Squarespace! Head to squarespace.com/beingwell for a free trial, and when you're ready to launch use coupon code BEINGWELL to save 10% off your first purchase of a website or domain.Join over a million people using BetterHelp, the world's largest online counseling platform. Visit betterhelp.com/beingwell for 10% off your first month!Want to sleep better? Try the Calm app! Visit calm.com/beingwell for 40% off a premium subscription.Connect with the show:Subscribe on iTunesFollow Forrest on YouTubeFollow us on InstagramFollow Forrest on InstagramFollow Rick on FacebookFollow Forrest on FacebookVisit Forrest's website

Loss Aversion: You'd Rather Not Lose Than Actually Gain.Jocko's Training program / schedule.Active, but fat? A solution and tips.Dealing with people always trying to intimidate you.Good influence Uncle VS. Bad influence Father.More tips on injuries and lowering standards with physical activity.Support this podcast at — https://redcircle.com/jocko-podcast/exclusive-content