Podcasts about Status quo bias

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.  

Tune in to hear:What is the status quo bias and why might it have been relevant to the Challenger space shuttle explosion?Why did Richard Feynman, Nobel Prize winning physicist, state that “the first principle is that you must not fool yourself and you are the easiest person to fool?” How is running from freedom, via conscientiousness, an embodiment of Feynman's sentiment?What did Alfred Adler, Austrian Psychotherapist, say about our safeguarding tendencies and the harm they can do?How can safeguarding tendencies morph into inferiority complexes?How do we sometimes posit cowardice as moral uprightness in our lives?LinksThe Soul of WealthConnect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion's PodcastsPower Your Growth with OrionCompliance Code: 0992-U-25094

Most change initiatives fail due to employee resistance—but what if we could use psychology to overcome this challenge? In this episode, we explore how status quo bias can be leveraged to increase employee buy-in and reduce resistance to change. Learn how to reframe transformation messaging, highlight continuity, and align with human behaviour for successful change adoption. Tune in for research-backed insights and practical strategies to drive effective business transformation. Subscribe for more leadership and change management strategies. 

In this episode of The Brainy Business podcast, Melina Palmer welcomes Dr. Robert Kurzban, author of Why Everyone Else Is a Hypocrite, for an enlightening discussion on the modular nature of our brains and the evolutionary psychology behind our behaviors. Robert shares his extensive background in psychology and evolutionary biology, offering insights into how our brains are compartmentalized with different modules responsible for various functions and beliefs. Throughout the conversation, Melina and Robert explore fascinating concepts such as strategic ignorance, the power of nonverbal communication in social interactions, and the complex interplay of competing motives within our minds. They also explore real-world applications of these ideas, including how subtle changes in context can significantly influence behavior. In this episode: Understand the concept of modularity in the brain and its implications for human behavior. Explore the idea of strategic ignorance and how it plays out in everyday life. Learn about the impact of nonverbal communication on social interactions and cooperation. Discover the role of context in shaping behavior and the importance of considering it in behavioral economics. Gain insights into Robert's entrepreneurial venture, Bondzy, which uses behavioral economics principles to encourage reliability and commitment. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Dr. Robert Kurzban and the focus of today's episode on the modular brain and evolutionary psychology. 00:04:30 - Robert's Background Robert shares his journey in psychology and evolutionary biology, highlighting his work on modularity in the brain. 00:15:45 - Strategic Ignorance Discussion on the concept of strategic ignorance and how it manifests in real-world scenarios. 00:25:00 - Nonverbal Communication and Cooperation Exploration of how nonverbal cues can enhance cooperation and social bonds. 00:35:50 - The Role of Context Understanding the importance of context in influencing behavior and decision-making. 00:45:00 - Bondzy and Behavioral Economics Introduction to Bondzy, Robert's app that uses behavioral economics to promote reliability and commitment. 00:50:30 - 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 Robert: LinkedIn Substack 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: Why Everyone (Else) Is a Hypocrite, by Robert Kurzban Indistractable, by Nir Eyal How to Change, by Katy Milkman Happier Hour, by Cassie Holmes Thinking Fast and Slow, by Daniel Kahneman Top Recommended Next Episode: Sludge (ep 384) Already Heard That One? Try These:  Habits (ep 256) Status Quo Bias (ep 376) Katy Milkman Interview (ep 151) Tapping into the Power of Habit (ep 368) Wendy Wood Interview (ep 428) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Bondzy

In this episode of The Brainy Business podcast, Melina Palmer is joined by Dr. Kari Leibowitz, a health psychologist, speaker, and writer. Kari, who holds a PhD in social psychology from Stanford University, shares her insights on the power of mindsets and how they influence our health and well-being. She discusses her research on how people in the Arctic embrace winter, as well as her new book, How to Winter, which explores the opportunities that winter presents both literally and metaphorically. As the episode is released on Thanksgiving, it serves as a timely reminder to shift our mindsets from viewing winter as a bleak season to one full of potential and joy. Kari shares practical strategies for embracing winter, such as focusing on the positive aspects of the season and adapting our routines to align with the natural rhythms of winter. She also delves into the broader application of these mindset shifts, offering insights on how to navigate personal "winters" in our lives, such as career setbacks or health challenges. In this episode: Discover how mindsets influence our perception of winter and how to shift from a "winter is dreadful" to a "winter is wonderful" mindset. Learn practical strategies for embracing winter, including adapting to the season and finding joy in winter activities. Explore the metaphorical application of winter mindsets to personal challenges and how to find opportunities in adversity. Understand the power of rituals and how they can transform mundane tasks into meaningful experiences. Gain insights into the role of light and creativity, and how dim lighting can enhance creativity and intimacy. Show Notes: 00:00:00 - Introduction Melina Palmer introduces Dr. Kari Leibowitz and the topic of embracing winter mindsets. 00:02:00 - Kari's Background Kari shares her journey in health psychology and her research on winter mindsets in the Arctic. 00:10:00 - Winter Mindset Research Discussion on how people's mindsets about winter can influence their experience and well-being. 00:25:00 - Practical Strategies for Embracing Winter Kari shares tips for adapting to winter and finding joy in the season's unique opportunities. 00:35:00 - Metaphorical Winters Exploration of how winter mindsets can be applied to personal challenges and career setbacks. 00:45:00 - The Role of Rituals Discussion on how rituals can transform mundane tasks into meaningful experiences. 00:50:00 - Light, Creativity, and Intimacy Insights into how dim lighting can enhance creativity and intimacy. 00:55:00 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn. Thanks for listening. Don't forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.  I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation. Let's connect: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Kari: LinkedIn Kari'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: Good Habits, Bad Habits, by Wendy Wood Indistractable, by Nir Eyal How to Change, by Katy Milkman Happier Hour, by Cassie Holmes How to Winter, by Kari Leibowitz Top Recommended Next Episode: Tapping into the Power of Habit (ep 368) Already Heard That One? Try These:  Habits (ep 256) Status Quo Bias (ep 376) Katy Milkman Interview (ep 151) Wendy Wood Interview (ep 428) Sludge (ep 384) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter

Are you a dad caught in the whirlwind of family court and need strategies to advocate effectively for your custody rights? Navigating the complexities of family law can be daunting for fathers, particularly when facing custody battles and court biases. This episode speaks directly to those challenges, offering insights and practical advice for dads aiming to maintain a strong relationship with their children and secure their custodial rights. 3 Key Takeaways: Learn how to prepare and present compelling evidence in court to strengthen your custodial case. Discover methods to combat isolation and rebuild your social network to support your mental well-being. Gain access to expert advice on balancing child support responsibilities and asserting your parental rights. Dive into this episode of The Dad Central Show with David Pisarra to empower yourself with knowledge and practical steps for navigating the family court system as a proactive and involved father. Dad Central: A Parenting Podcast To Reduce Stress & Build Confidence In Fatherhood Are you stressed and overwhelmed by the responsibilities of fatherhood? This show helps overwhelmed dads conquer stress, build confidence, and become the father their family brags about. Listen to discover: Effective strategies to reduce parenting stress and manage emotions for a calm parenting approach = happy children. Practical advice on building strong parent-child relationships through improved communication and parenting skills, even when co-parenting with ex-partners. Expert insights on navigating custody issues and instilling positive parenting values to develop disciplined and resilient kids. Since 2019 Co-hosts Drew and Ed have impacted over 400,000 dads through their work with Dad Central. Every Monday, join them for real-life examples and practical, time-tested strategies on how to win at being a dad. Once a month, hear from expert guests or mentor dads sharing their top tips to enjoy and thrive in fatherhood.   To instantly learn top secret hacks to calm parenting and become the dad your family brags about, download our free guide to stop yelling. FREE 7 STEP GUIDE TO STOP YELLING: Our guide is based on extensive research and experience working with parents just like you. We'll guide you through each step, offering practical tips, strategies, and exercises to help you understand your triggers, improve your communication skills, and foster a stronger relationship with your children, ultimately becoming a more confident and effective dad: https://dadcentral.ca/7-step-guide-to-stop-yelling/  "Dad Central is a podcast that supports fathers in navigating fatherhood, reducing stress, building confidence, managing parenting stress, and improving parenting skills, including discipline, co-parenting, custody issues, calm parenting, and effective communication with children, to foster happy children and strong parent-child relationships."  

Today, we are joined by Dr. Graeme Codrington, Bestselling Author and Futurist. Dr. Codrington, is an internationally recognized futurist, specializing in the future of work. He helps organizations understand the forces that will shape our lives in the next ten years, and how we can respond in order to confidently stay ahead of change. For the past two decades, Graeme has worked with some of the world's most recognized brands, traveling to over 80 countries in total, and speaking to around 100,000 people every year. He is the author of 5 best-selling books, and on faculty at 5 top global business schools. In this episode, we cover the world of decision-making through the concepts of System 1 and System 2 thinking as outlined by Daniel Kahneman. We explore cognitive biases such as confirmation, anchoring, availability, and status quo biases, with insights from experts and practical strategies for improvement. Lastly, we discuss how biases shape perceptions, influence behaviors, and affect organizational decisions. Learn about real-life examples, including a case study on Nokia, and discover ways to foster critical thinking and better decision-making for smarter leadership and personal growth. Graeme's Website: https://www.graemecodrington.com/ Graeme's LinkedIn: https://www.linkedin.com/in/graemecodrington/ - Website and live online programs: http://ims-online.com Blog: https://blog.ims-online.com/ Podcast: https://ims-online.com/podcasts/ LinkedIn: https://www.linkedin.com/in/charlesagood/ Twitter: https://twitter.com/charlesgood99 Chapters: (00:00) Introduction and Welcome (01:13) Tip: Understanding System 1 and System 2 Thinking (02:02) Tool: The Role of System 1 in Everyday Decisions (03:20) Tool: The Importance of System 2 for Critical Thinking (05:20) Technique: Identifying and Overcoming Cognitive Biases (06:30) Tip: Confirmation Bias Explained (11:52) Technique: Overcoming Confirmation Bias (13:05) Technique: The Scientist's Approach to Decision Making (17:10) Tool: Understanding Anchoring Bias (19:52) Tool: Exploring Availability Bias (26:13) Tool: The Impact of Status Quo Bias (31:16) Tools: Hindsight Bias and the Superhero Effect (35:07) Conclusion

Tune in to hear:What elements do “tulip mania,” the roaring twenties and the .com bubble share and what should be our biggest takeaway from these historic market events?What is the "affect heuristic" and how should we be thinking about it in relation to our investment decision making?How do the emotional states of euphoria and despair effect our risk tolerance? Do these emotions also effect how much we are willing to pay or sell an asset for also?What are somatic markers and how do they influence our decision making process?What can we learn from “circular techniques” in martial arts?What is the “Save More Tomorrow” Campaign and how does it exploit our status quo bias for good?How can goals based investing create more emotional buy in to your portfolio?LinksThe Soul of WealthConnect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion's PodcastsPower Your Growth with OrionCompliance Code: 2339-OAS-9/12/2024

In this episode of The Brainy Business podcast, host Melina Palmer welcomes Christopher Wong Michelson, co-author of Is Your Work Worth It?. Christopher, a philosopher with 25 years of experience advising business leaders, explores the profound questions surrounding the meaning and value of work. With a PhD in philosophical ethics and aesthetics, Christopher has held significant roles at PwC and academic positions at the Wharton School and NYU's Stern School of Business. His extensive background provides a rich foundation for exploring how work contributes to our sense of purpose and identity. Throughout the episode, Christopher shares insights from his journey, including his transition from academia to management consulting, and the experiences that shaped his understanding of meaningful work. He discusses the impact of 9/11 on people's perceptions of work and life, and how the pandemic has similarly prompted many to reassess their professional and personal priorities. The conversation touches on the philosophical aspects of work, the balance between job, career, and calling, and the inherent trade-offs in pursuing meaningful work. In this episode, you will learn: The philosophical questions that drive our understanding of work's meaning. How significant events like 9/11 and the pandemic shape our perceptions of work. The balance between job, career, and calling, and their impact on our lives. The concept of "transfer pricing" in personal and professional life. Strategies for finding balance and fulfillment in your work. Show Notes: 00:00:00 - Introduction, Melina introduces Christopher Wong Michelson, co-author of Is Your Work Worth It? and sets the stage for a discussion on the philosophical aspects of work. 00:02:30 - Christopher's Background and Journey Christopher shares his journey from academia to management consulting and his experiences at PwC and various academic institutions. 00:10:45 - The Impact of 9/11 and the Pandemic Discussion on how significant events like 9/11 and the pandemic have prompted people to reassess their work and life priorities. 00:18:32 - The Question of Work's Worth Christopher delves into the central question of the book, Is Your Work Worth It? and the importance of finding meaning in work. 00:25:54 - Job, Career, and Calling Exploration of the different orientations towards work and the trade-offs involved in pursuing a calling. 00:34:06 - Transfer Pricing in Personal and Professional Life Christopher explains the concept of transfer pricing and how it can be applied to balance personal and professional investments. 00:40:22 - Finding Balance and Fulfillment Strategies for incorporating meaningful activities into your work and life to achieve balance and fulfillment. 00:46:15 - Advice for Organizational Leaders Tips for leaders on how to create meaningful work environments that encourage employees to find value and purpose in their roles. 00:50:30 - 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 Christopher: LinkedIn Christopher'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: Good Habits, Bad Habits, by Wendy Wood Indistractable, by Nir Eyal How to Change, by Katy Milkman Happier Hour, by Cassie Holmes Is Your Work Worth It?, by Christopher Wong Michaelson and Jennifer Tosti-Kharas Top Recommended Next Episode: Nick Hobson Interview (ep 382) Already Heard That One? Try These:  Habits (ep 256) Status Quo Bias (ep 376) Tapping into the Power of Habit (ep 368) Wendy Wood Interview (ep 428) Sludge (ep 384) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter

In this episode of The Brainy Business podcast, host Melina Palmer welcomes Dr. Katy Milkman to discuss the intricacies of creating lasting behavior change. Katy, a professor at the Wharton School and co-director of the Behavior Change for Good Initiative, shares insights from her book How to Change. Melina and Katy discuss fresh starts, temptation bundling, and the importance of understanding the underlying barriers to change. They also cover the surprising benefits of giving advice to others as a means of boosting one's own confidence and motivation. Through engaging stories and practical examples, Katy illustrates how small, thoughtful interventions can lead to significant improvements in behavior and outcomes. In this episode: Explore the concept of fresh starts and how they can motivate behavior change. Understand the power of temptation bundling to create lasting habits. Learn about the psychological benefits of giving advice to others. Discover the importance of identifying the right barriers to change for effective interventions. Gain insights into Katy Milkman's research and practical applications for behavior change. Show Notes: 00:00:00 - Introduction Melina introduces the episode and the topic of behavior change with Dr. Katy Milkman. 00:04:30 - Katy Milkman's Background Katy shares her background, her role at the Wharton School, and her work on the Behavior Change for Good Initiative. 00:09:45 - Fresh Starts Katy discusses the concept of fresh starts and how they can be leveraged to motivate behavior change. 00:15:20 - Temptation Bundling Melina and Katy explore the idea of temptation bundling and its effectiveness in creating lasting habits. 00:21:18 - Giving Advice to Others Katy explains the surprising benefits of giving advice to others and how it can boost one's own confidence and motivation. 00:27:54 - Identifying Barriers to Change The conversation shifts to the importance of identifying the right barriers to change for effective interventions. 00:34:06 - Real-World Applications Katy provides examples of how her research can be applied in real-world scenarios to improve behavior and outcomes. 00:40:22 - The Role of Mindset The discussion highlights the role of mindset in achieving behavior change and the power of believing in oneself. 00:46:15 - 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 Katy: Katy's Website Behavior Change for Good Initiative Katy on Twitter Katy 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: Good Habits, Bad Habits, by Wendy Wood Indistractable, by Nir Eyal How to Change, by Katy Milkman Happier Hour, by Cassie Holmes Thinking Fast and Slow, by Daniel Kahneman Top Recommended Next Episode: Temptation Bundling (ep 250) Already Heard That One? Try These:  Habits (ep 256) Status Quo Bias (ep 376) Tapping into the Power of Habit (ep 368) Wendy Wood Interview (ep 428) Sludge (ep 384) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter

In this  episode of The Brainy Business podcast, host Melina Palmer welcomes Scott H. Young, the Wall Street Journal bestselling author of Ultralearning and Get Better at Anything. Scott shares his extensive insights into learning, cognitive science, and the psychology behind mastering new skills. Known for his MIT Challenge and year-long language learning adventure, Scott discusses the importance of immersive learning, repetitive practice, and the role of feedback in achieving fluency and proficiency. Scott delves into the fascinating world of how we learn and improve, emphasizing the significance of learning from others, the challenges of problem-solving, and the necessity of focused practice. He also touches on the concept of "desirable difficulties" and how they enhance long-term retention and skill mastery. This episode is a treasure trove for anyone looking to understand the mechanics of learning and how to apply these principles to get better at anything. In this episode: Discover the key components of effective learning: See, Do, and Feedback. Understand the importance of repetitive practice and immersion in mastering new skills. Learn about the concept of "desirable difficulties" and how they improve long-term retention. Explore the role of feedback in learning and how to create environments that foster expertise. Gain insights into the psychological aspects of learning and overcoming common barriers. Show Notes: 00:00:00 - Introduction Melina introduces Scott and highlights his background and work in the field of learning and cognitive science. 00:03:30 - Scott's Background and Projects Scott shares his journey and notable projects, including the MIT Challenge and his year-long language-learning adventure. 00:11:20 - The Importance of Immersion Scott discusses the benefits of immersive learning and how it accelerates fluency and proficiency. 00:21:45 - Repetitive Practice and Fluency The conversation explores the role of repetitive practice in achieving fluency and the difference between fluency and overall proficiency. 00:31:10 - Desirable Difficulties Scott explains the concept of "desirable difficulties" and how they enhance learning and retention. 00:41:00 - The Role of Feedback The discussion highlights the importance of feedback in learning and how to create environments that foster expertise. 00:45:00 - Practical Tips for Learning Scott offers practical advice for applying these learning principles to various skills, including public speaking and business. 00:47:00 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn. Thanks for listening. Don't forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.  I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation. Let's connect: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Scott: LinkedIn X  Learn and Support The Brainy Business: Check out and get your copies of Melina's Books.  Get the Books Mentioned on (or related to) this Episode: Good Habits, Bad Habits, by Wendy Wood Indistractable, by Nir Eyal How to Change, by Katy Milkman Get Better at Anything, by Scott H. Young Ultralearning, by Scott H. Young and James Clear Top Recommended Next Episode: How to Set, Achieve and Exceed Brainy Goals (ep 70) Already Heard That One? Try These:  Habits (ep 256) Status Quo Bias (ep 376) Katy Milkman Interview (ep 151) Tapping into the Power of Habit (ep 368) Wendy Wood Interview (ep 428) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter

In this episode of The Brainy Business podcast, host Melina Palmer revisits her insightful conversation with Dr. Wendy Wood, author of Good Habits, Bad Habits. This episode dives deep into the psychology behind habits, exploring how they are formed, maintained, and changed. Wendy, a leading expert in behavioral science, shares practical tips and research-backed strategies to help you understand and harness the power of habits in your personal and professional life. Melina and Wendy discuss the foundational role habits play in our daily routines and decision-making processes. They emphasize the importance of recognizing both good and bad habits and provide actionable advice on how to reinforce the positive ones while mitigating the negative. The episode is packed with real-world examples, including how small changes in environment and behavior can lead to significant improvements in habit formation and maintenance. In this episode: Understand the basics of habit formation and the role of context and rewards. Learn strategies to make good habits easier and bad habits harder. Explore practical examples of habit changes, such as altering morning routines and fitness habits. Discover the impact of environmental cues on habitual behavior. Gain insights into how businesses can leverage habit science to improve customer engagement and satisfaction. Show Notes: 00:00:00 - Introduction Melina introduces the episode and highlights the importance of understanding habits in both personal and professional contexts. 00:04:12 - The Role of Habits Wendy explains the foundational role of habits in our daily lives and how they operate on an unconscious level. 00:09:30 - Context and Rewards Discussion on how habits are formed through context and rewards, with examples like morning coffee routines. 00:15:20 - Disruption and Opportunity The impact of the COVID-19 pandemic on habits and how disruptions can create opportunities for new habit formation. 00:21:45 - Practical Strategies Tips for making good habits easier and bad habits harder, including environmental adjustments and rewarding behaviors. 00:30:10 - Habit Formation in Business How businesses can leverage habit science to improve customer engagement and satisfaction, with examples from retail and fitness industries. 00:40:00 - Case Studies and Research Wendy shares intriguing case studies and research findings on habit formation and change. 00:50:30 - 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 Wendy: Wendy Wood at USC Marshall Wendy 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: Good Habits, Bad Habits, by Wendy Wood Indistractable, by Nir Eyal How to Change, by Katy Milkman Happier Hour, by Cassie Holmes Thinking Fast and Slow, by Daniel Kahneman Top Recommended Next Episode: Michael Norton Interview (ep 383) Already Heard That One? Try These:  Habits (ep 256) Status Quo Bias (ep 376) Katy Milkman Interview (ep 151) Tapping into the Power of Habit (ep 368) Sludge (ep 384) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter

In this enlightening episode of The Brainy Business podcast, host Melina Palmer revisits a compelling conversation with Matthew Confer on the three essential steps to better decision-making. As the VP of Strategy at Abilitie, Matthew brings a wealth of knowledge on leadership development and decision-making frameworks. This episode is a must-listen for anyone looking to enhance their decision-making skills, both personally and professionally, especially in the context of business leadership and management. Melina and Matthew delve into the importance of challenging constraints, embracing pre-mortems, and checking the basics to make more informed and effective decisions. They discuss the value of simulation training for corporate leaders, drawing parallels to pilot training to emphasize the importance of experiential learning. With practical examples and insightful stories, this episode offers actionable strategies to improve decision-making processes in any organization. In this episode: Learn the three critical steps to making better decisions: challenging constraints, embracing pre-mortems, and checking the basics. Understand the significance of simulation training in developing leadership and decision-making skills. Explore practical examples of how to implement these strategies in real-world business scenarios. Discover the importance of adaptability and flexibility in decision-making, especially in uncertain times. Gain insights into the psychological aspects of decision-making and how to overcome common biases. Show Notes: 00:00:00 - Introduction Melina introduces the episode and the topic of three steps to better decision-making with Matthew Confer, highlighting the relevance of this discussion for the upcoming episode with Melaina Vinski. 00:04:12 - Matthew Confer's Background Matthew shares his background and his role at Abilitie, explaining how simulation training helps leaders develop critical decision-making skills. 00:09:30 - Simulation Training Examples Matthew provides examples of simulation training scenarios, including people management and financial acumen, and how these simulations help leaders practice decision-making in a controlled environment. 00:14:46 - Importance of Experiential Learning Melina and Matthew discuss the difference between thinking about doing something and actually doing it, emphasizing the value of experiential learning in improving decision-making skills. 00:20:15 - Step 1: Challenge the Constraints Matthew explains the first step in the decision-making framework: challenging the constraints. He shares examples of how successful teams take a step back to identify and challenge the constraints that might be holding them back. 00:25:22 - Step 2: Embrace a Pre-Mortem Matthew introduces the concept of a pre-mortem, explaining how it helps teams anticipate potential failures and plan accordingly. He discusses the psychological benefits of considering why a plan might fail before it is implemented. 00:30:45 - Step 3: Check the Basics Matthew highlights the importance of checking the basics, especially as decisions become more complex. He shares a notable example from NASA to illustrate how small details can trip up even the most advanced projects. 00:35:51 - Practical Examples and Applications Matthew provides practical examples of how these three steps have been applied in real-world scenarios, including the challenges and adaptations faced during the COVID-19 pandemic. 00:45:30 - The Press Release Method Matthew introduces the press release method, a decision-making technique used by Amazon, and discusses its potential benefits and applications in business decision-making. 00:50:12 -  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 Matthew: Matthew on LinkedIn Matthew 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: What Your Employees Need and Can't Tell You, by Melina Palmer Thinking Fast and Slow, by Daniel Kahneman The Friction Project, by Robert Sutton and Huggy Rao Friction, by Roger Dooley Sludge, by Cass Sunstein Top Recommended Next Episode: Time Discounting (ep 328) Already Heard That One? Try These:  The Most Important Step In Applying Behavioral Economics: Understanding the Problem (ep 126) What Your Employees Need and Can't Tell You (ep 225) Scarcity (ep 270) The Science of Time Pressure (ep 366) Status Quo Bias (ep 376) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Matthew's Ted Talk Learn to Lead Podcast Amazon “Press Release” Method To Reach Your Goals, Imagine You Already Tried and Failed What a 5-Step Checklist at Johns Hopkins Can Teach You About Life and Business  

Our cities have changed -- but the ways in which they are governed and imagined can take time to catch up. Shashi Verma joins Amit Varma in episode 386 of The Seen and the Unseen to describe his journey in thought and action -- and his pioneering work in reshaping urban transport. (FOR FULL LINKED SHOW NOTES, GO TO SEENUNSEEN.IN.) Also check out: 1. Shashi Verma on LinkedIn and Centre for London. 2. Shashi Verma on Transport in the 21st Century -- Episode 83 of Brave New World, hosted by Vasant Dhar. 3. The Brave New Future of Electricity -- Episode 40 of Everything is Everything. 4. Guns, Germs and Steel -- Jared Diamond. 5. Gita Press and the Making of Hindu India — Akshaya Mukul. 6. The Gita Press and Hindu Nationalism — Episode 139 of The Seen and the Unseen (w Akshaya Mukul). 7. Deepak VS and the Man Behind His Face — Episode 373 of The Seen and the Unseen. 8. How We Do the Small Things -- Amit Varma. 9. Praise for intelligence can undermine children's motivation and performance — Claudia Mueller and Carol Dweck. 10. Fixing Indian Education — Episode 185 of The Seen and the Unseen (w Karthik Muralidharan). 11. Confronting Constraints: Shashi Verma & Transport for London Tackle a Tough Contract -- Harvard case study. 12. Firms, Contracts, and Financial Structure -- Oliver Hart. 13. India: The Dabhol Power Corporation -- Shashi Verma's case study for Harvard Kennedy School. 14. The Practice of Medicine — Episode 229 of The Seen and the Unseen (w Lancelot Pinto). 15. The Epic of Gilgamesh. 16. Dunbar's number. 17. The Life and Death of Ancient Cities -- Greg Woolf. 18. The Complete Sherlock Holmes -- Arthur Conan Doyle. 19. Urban Governance in India — Episode 31 of The Seen and the Unseen (w Shruti Rajagopalan). 20. The Importance of the 1991 Reforms — Episode 237 of The Seen and the Unseen (w Shruti Rajagopalan and Ajay Shah). 21. The Life and Times of Montek Singh Ahluwalia — Episode 285 of The Seen and the Unseen. 22. The Reformers -- Episode 28 of Everything is Everything. 23. The Death and Life of Great American Cities — Jane Jacobs. 24. The Power Broker — Robert Caro. 25.  Michael Beesley and Cost Benefit Analysis -- CD Foster. 26. Pritika Hingorani Wants to Fix Our Cities -- Episode 361 of The Seen and the Unseen. 27. Reclaim the Sky -- Episode 11 of The Seen and the Unseen (w Alex Tabarrok). 28. Status Quo Bias. 29. Parkinson's Law — C Northcote Parkinson. 30. Seen/Unseen episodes with singing by Karthik Muralidharan and Ashwini Deshpande -- and no singing by TM Krishna. 31. Wanderers, Kings, Merchants: The Story of India through Its Languages — Peggy Mohan. 32. Understanding India Through Its Languages — Episode 232 of The Seen and the Unseen (w Peggy Mohan). 33. Pyaasa -- Guru Dutt. Amit's newsletter is active again. Subscribe right away to The India Uncut Newsletter! It's free! Amit Varma and Ajay Shah have launched a new video podcast. Check out Everything is Everything on YouTube. Check out Amit's online course, The Art of Clear Writing. Episode art: ‘London Calling' by Simahina.

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 was the last time you changed your morning routine? Are you missing out on better options? Or are you rejecting upgrades in your life without even knowing it?   In less than 4 minutes, figure out why you do things the way you've always been doing them.

In this episode of The Brainy Business podcast, Carmen Rodriguez, the Managing Director and Global Chief Client Officer at Gut, shares profound insights about Gut's unique approach to advertising and the importance of embracing intuition and unconventional ideas in decision-making processes. She discusses Gut's founding principles, which emphasize the significance of following intuition and trusting instincts in the advertising industry.  Carmen's expertise in developing brain-friendly strategies and her emphasis on the power of storytelling, empathy, and understanding cognitive biases make this episode a must-listen for business owners and leaders who seek to enhance customer engagement. Carmen's valuable insights and practical examples demonstrate how businesses can effectively connect with their audience, craft compelling narratives, and make decisions that resonate with customers on a subconscious level. This episode offers a wealth of knowledge for those looking to implement more effective strategies and build stronger customer connections. In this episode, you will be able to: Implement brain-friendly strategies for businesses to enhance customer engagement and retention. Embrace unconventional ideas in advertising to captivate and resonate with your target audience. Establish the importance of clear values in branding to create a lasting and impactful brand identity. Assess clients based on shared values to foster stronger and more meaningful connections. Harness the power of storytelling in business to create compelling and memorable brand narratives. Show Notes: 00:00:00 - Introduction Melina introduces the guest, Carmen Rodriguez, managing director of Gut Miami, a global independent creative network. Carmen shares her passion for advertising and the agency's unique approach to following intuition. 00:03:55 - The Meaning of Gut Carmen explains the meaning behind the agency's name, Gut. It represents the importance of intuition and trusting one's instincts, a value that Gut encourages in its work with clients and in their creative process. 00:09:43 - Brand Values and Client Fit Carmen emphasizes the significance of having clear brand values and living by them. She discusses the importance of assessing client fit based on shared values, affinities, and goals, ensuring healthy and lasting relationships. 00:13:38 - The Stages of Bravery Carmen shares Gut's approach as a "brave agency for brave clients" and unpacks the concept of bravery as a scale and journey. She uses the analogy of learning to ride a bike to illustrate the process of becoming braver in the creative and business realm. 00:15:05 - Navigating the Bravery Journey The conversation delves deeper into the process of guiding clients through the bravery journey, focusing on the gradual progression towards embracing bold and disruptive ideas. Carmen highlights the agency's role in helping clients identify their desire to be braver in their approach. 00:15:33 - The Bravery Scale Carmen discusses the bravery scale, a tool used to assess a client's level of bravery from 0 to 10. She emphasizes the importance of the journey towards bravery and the need to identify where the clients are and where they want to go. 00:17:41 - Different Facets of Bravery Carmen explains that bravery for brands can manifest in various ways, such as changing positioning, working with celebrities, or launching new products. She highlights the importance of identifying different facets of bravery and the flexibility to move up the bravery scale. 00:19:23 - Bravery Means Business Carmen emphasizes that bravery should lead to business results and discusses the value of using data to make brave decisions. She stresses the importance of using data in a gutsy way and executing ideas that validate with data. 00:25:10 - Timely and Brave Marketing Carmen shares a real-life example of a timely and brave marketing campaign for Vital Farms around Valentine's Day. The campaign embraced the high egg prices and offered a unique promotion, showcasing the value of embracing timely opportunities for branding. 00:30:42 - Navigating Shortages and Consumer Needs Carmen discusses another successful campaign for Philadelphia cream cheese during a shortage. The campaign addressed consumer needs during the pandemic, showcasing the importance of understanding consumer behavior and addressing shortages in a creative and timely manner. 00:31:43 - Embracing Challenges and Creating Unique Promotions Carmen discusses how they turned a cream cheese shortage into a promotional hit by offering alternative dessert ingredients to customers. This proactive approach and unique campaign resonated well with their audience. 00:32:24 - Leveraging Brand Identity in Campaigns Carmen explains how they maintained the brand's cheeky identity in their promotions, using humor and holiday themes to stay true to their brand while addressing customer needs. This approach helped them stand out and connect with their audience. 00:33:53 - Innovative Campaign Mechanics Carmen details the mechanics of the campaign, including a website where customers could input their receipts for alternative dessert ingredients to be reimbursed. This approach helped them effectively address the cream cheese shortage and support their customers. 00:34:48 - Reframing Challenges as Opportunities Carmen emphasizes the importance of reframing challenges as opportunities, such as turning the Valentine's Day cheesecake shortage into a self-love promotion. By thinking outside the box, they were able to create a unique and successful campaign. 00:37:40 - Tapping into Untapped Markets Carmen highlights the value of tapping into untapped markets and addressing the needs of specific customer segments. This approach resulted in a highly successful and award-winning campaign. 00:41:45 - 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 Carmen: Gut Agency Instagram  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: A More Beautiful Question, by Warren Berger Alchemy, by Rory Sutherland Magic Words, by Jonah Berger What Your Customer Wants And Can't Tell You, by Melina Palmer For The Culture, Marcus Collins Top Recommended Next Episode: Mars/Kind Interview (ep 215) Already Heard That One? Try These:  Warren Berger Interview (ep 340) What Problem Are You Solving? (ep 126) Availability Bias (ep 310) Herding (ep 264) Social Proof (ep 87) Jonah Berger Interview (ep 301) Priming (ep 252) What is Value? (ep 234) Status Quo Bias (ep 376) Quality or Value (ep 357) Rory Sutherland Interview (ep 373) Scarcity (ep 270) Reciprocity (ep 238) Framing (ep 296) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter North Face Ad Gut Website Oreo Ad

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 episode 375 of The Brainy Business podcast, Yves Boudreau, head of technical sales at Google Cloud, provides valuable insights into the intersection of generative AI, language models, and behavioral science in business. Yves, with a background in technology and a keen interest in applied behavioral science, emphasizes the responsible adoption and application of AI and large language models. He highlights the importance of understanding the social science perspective to ensure responsible usage and discusses the benefits and limitations of AI in improving performance.  The conversation delves into various aspects, including the potential risks of relying on AI-generated content, the significance of proper training in using AI tools, and the role of behavioral science in conjunction with AI. Yves' expertise and experience make this episode a must-listen for business professionals interested in AI and behavioral science, as it offers valuable insights for more responsible and effective AI implementation in businesses. In this episode: Implementing AI in call centers revolutionizes customer support efficiency. Elevate user satisfaction by refining the search experience with AI. Streamline operations with self-service mechanisms for enhanced efficiency. Mitigate adverse effects of perverse incentives in call center operations. Elevate customer service standards through strategic AI integration. Show Notes: 00:00:00 - Introduction Yves Boudreau, head of technical sales at Google Cloud, discusses the intersection of AI and behavioral science, emphasizing responsible adoption and usage of AI technology. 00:05:44 - AI's Impact on Business Performance Yves mentions a study showing that consultants using AI outperformed those who didn't. AI can increase efficiency, improve outcomes, and provide valuable insights when used effectively in business operations. 00:09:05 - Responsible AI Adoption Yves highlights the negative impact of using AI without proper understanding and training. Google Cloud provides free workshops to ensure customers understand the technology and use it responsibly. 00:11:52 - Ethical Usage of AI Yves discusses the ethical considerations of using AI, emphasizing the need to prevent misuse, privacy infringement, and manipulation of AI models. Responsible AI usage is crucial in both consumer and business contexts. 00:13:22 - Preventing Nefarious Use of AI Yves explains the measures taken by Google Cloud to prevent malicious activities, such as attacks, reverse engineering, and tricking AI models. The focus is on using AI for good and closing loopholes to ensure responsible usage. 00:14:37 - AI and Show Notes Optimization The conversation delves into the use of AI in creating show notes and the challenges of optimizing the process. There is a discussion about the limitations and potential errors in AI-generated summaries. 00:16:21 - Teaching Effective AI Use The focus shifts to the importance of teaching effective AI usage, particularly in educational settings. The guest emphasizes the need to guide students in discerning accurate information from AI-generated content. 00:18:18 - Impact of AI on Performance The conversation explores the impact of AI on consultants' performance, with a focus on how AI can elevate those with less expertise. An analogy is drawn between AI and tools that revolutionize manual tasks. 00:19:27 - Evolving Podcast Summary Creation The discussion touches on the variability in podcast summary creation and the importance of adapting to changing norms. It emphasizes the need for prompt engineers to guide effective use of AI in search queries and content creation. 00:25:08 - Behavioral Economics and AI The conversation shifts to the intersection of behavioral economics and AI in influencing consumer behavior. It highlights the role of AI in analyzing customer interactions and optimizing customer service processes. 00:28:42 - Evolution of Customer Support Departments Yves discusses the evolution of customer support departments, including the combination of three departments into one and the transition from 24-hour call centers to more efficient hours. 00:30:58 - Impact of Digital Transactions on Call Centers Yves shares insights from Matthew Dixon's research, indicating that over 80% of phone calls to contact centers are due to failed digital transactions, showcasing the impact of technology on customer service. 00:32:13 - Power of AI in Contact Centers Yves emphasizes the potential of AI technologies in contact centers to improve customer experiences and empower agents. He discusses the need for behavioral scientists to guide the adoption and usage of AI tools. 00:34:24 - Leveraging Contact Center Data Yves highlights the valuable insights hidden in call recordings and chat transcripts, advocating for their use to gain a competitive edge in business. He emphasizes the need for companies to embrace and leverage this data. 00:38:34 - Improving Customer Experience Yves stresses the importance of providing efficient and effective customer service, aiming to minimize the need for customers to contact the business. He underscores the role of AI in enhancing the overall customer experience. 00:43:12 - Improving User Experience on Delta.com Yves discusses the challenges of finding trip credits and flight credits on delta.com and the importance of making the search experience more user-friendly. The conversation delves into the need for more information in search prompts and the importance of user feedback for product improvement. 00:44:55 - The Challenging Call Center Environment Melina shares her experience working in a call center and discusses the behavioral aspects of call center interactions. They explore the impact of incentives and metrics on call center agents and customers, emphasizing the importance of understanding human behavior in customer service. 00:46:55 - Behavioral Insights in Call Centers The conversation continues with a focus on the behavioral aspects of call center operations, including the impact of incentives and customer behavior on call center performance. They highlight the challenges of logic and empathy in customer interactions and the importance of understanding human behavior in service delivery. 00:49:17 - Embracing AI and Technology Melina discusses the increasing role of AI in call centers and business operations, emphasizing the need to embrace AI for time-saving and optimization. They highlight the potential of AI to improve self-service aspects and customer experience, emphasizing the importance of incorporating technology and human behavior in business operations. 00:50:52 -  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 Yves: LinkedIn X Learn and Support The Brainy Business: Check out and get your copies of Melina's Books.  Get the Books Mentioned on (or related to) this Episode: Magic Words, by Jonah Berger Predictably Irrational, by Dan Ariely The Behaviour Business, by Richard Chataway The Human Experience, by John Sills The Voltage Effect, by John List Top Recommended Next Episode: Manuj Aggarwal Interview (ep 192) Already Heard That One? Try These:  Marco Palma Interview (ep 374) Shapa (ep 101) Status Quo Bias (ep 376) Rory Sutherland Interview (ep 373) Warren Berger Interview (ep 340) Jonah Berger Interview (ep 301) Richard Chataway Interview (ep 134) John Sills Interview (ep 277) John List Interview (ep 190) Habits (ep 256) Herding (ep 264) Time Discounting (ep 328) Lucie Buisson (ep 339) Cobra Effect (ep 220) Dunning-Kruger Effect (ep 266) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Centaurs and Cyborgs on the Jagged Frontier Bard Rebrands as Gemini

In this episode of The Brainy Business podcast, Dr. Scott Rick, an associate professor of marketing at the University of Michigan's Ross School of Business, shares his insights into the psychology of spending behavior and its impact on personal relationships, financial decisions, and consumer behavior. Scott's research focuses on understanding the emotional causes and consequences of consumer financial decision-making, particularly concerning the behavior of tightwads and spendthrifts.  He delves into the different approaches to spending, emphasizing the distinctions between people who are just frugal, those who are tightwads, and those who love to spend. The episode provides valuable insights for personal financial advisors and individuals struggling with spending habits, offering strategies to help make better financial decisions and navigate their financial relationships more effectively. Scott's expertise and research bring a deep understanding of the psychological underpinnings of spending behavior, making this episode a must-listen for anyone seeking to enhance their financial well-being and understanding of consumer behavior. In this episode: Understand the intricate psychology behind spending behavior to make informed financial decisions. Explore the profound impact of joint accounts on overall happiness for informed financial planning. Navigate the complexities of decision-making in relationships to achieve financial harmony. Achieve a balance between individuality and togetherness in joint accounts for sustainable financial management. Uncover the significance of nudging and its role in improving decision-making for enhanced financial well-being. Show Notes: 00:00:00 - Introduction Dr. Scott Rick introduces the concept of tightwads and spendthrifts and discusses his background in decision-making research and marketing at the University of Michigan. 00:04:22 - Understanding Tightwads and Spendthrifts Scott explains the psychological distress experienced by tightwads when spending money and the lack of distress experienced by spendthrifts, leading to different spending behaviors and frustrations. 00:09:13 - The Art of Gift Giving Scott delves into the importance of gift giving as a way to show appreciation and understanding of a partner and discusses the role of sacrifice and surprise in giving meaningful gifts. 00:13:28 - Navigating Gift Giving with a Tightwad Scott offers advice on planning experiences, joint accounts, and benevolent deception to navigate gift giving with a partner who is a tightwad, emphasizing the significance of experiences over material gifts. 00:15:30 - The Importance of Valentine's Day in Relationships Scott emphasizes the importance of joint participation in Valentine's Day, emphasizing the communal nature of relationships. 00:16:15 - The Benefits of Joint Accounts Scott discusses the results of an experiment with newlyweds, highlighting that couples with joint accounts were the happiest, maintaining their newlywed level of happiness. 00:18:08 - Financial Translucency and Individuality Scott advocates for financial translucency instead of transparency, promoting the maintenance of individuality within joint accounts to avoid scorekeeping and promote communal vibes. 00:23:33 - The Psychological Impact of Prenups Scott shares his concerns about prenups, citing the psychological impact of having a backup plan and the optional nature of proposing it, suggesting a mandatory approach to reduce the stigma. 00:26:58 - The Influence of Decision Nudges Melina and Scott discuss the psychological impact of decision nudges, referencing research on the happiness of those who followed advice from a coin flip, highlighting the influence of nudges in decision-making processes. 00:30:22 - Marrying Companies and Relationships Scott discusses how the concept of marrying for love or money can tie into our relationships with companies. He highlights the importance of psychological similarity and well-being in both personal and professional commitments. 00:33:14 - Love or Money Question The discussion delves into the idea of marrying for love or money, drawing parallels to career choices. Scott emphasizes the need for a balance between money, love, and psychological similarity, both in personal relationships and career decisions. 00:36:47 - Importance of Companionate Love The conversation explores the significance of companionate love in long-term relationships, whether personal or professional. Scott and Melina discuss the potential pitfalls of solely relying on passionate love and the need for enduring compatibility. 00:40:32 - Revealing Interviews Scott and Melina discuss the importance of evaluating candidates' behavior and compatibility during interviews, drawing parallels to personal and professional relationships. 00:42:45 - Gift-Giving and Understanding Scott shares a personal anecdote about the challenges of gift-giving, emphasizing the importance of understanding and considering the recipient's perspective. This ties into the broader theme of understanding others' perspectives in personal and professional relationships. 00:45:42 -  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 Scott: Scott's website Instagram  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: Tightwads and Spendthrifts, Scott Rick Happy Money, Elizabeth Dunn and Michael Norton The Ritual Effect, Michael Norton Behavioral Investor, Daniel Crosby How To Change, by Katy Milkman Top Recommended Next Episode: Mental Accounting (ep 282) Already Heard That One? Try These:  Kate Gigax Interview (ep 321) Pain of Paying (ep 240) Marcus Collins Interview (ep 305) Merle van den Akker Interview (ep 283) Katy Milkman Interview (ep 151) Chuck Howard Interview (ep 213) Paul Bloom Interview (ep 345) The Truth About Pricing (ep 5) Reciprocity (ep 283) DOSE Brain Chemical (ep 360) Surprise & Delight (ep 276) Status Quo Bias (ep 142) Speed of Trust (ep 148) Vulnerability Loops (ep 229) Nudge (ep 35) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter

The status quo bias can be a formidable obstacle on the path to entrepreneurship, clouding the vision and hindering the pursuit of innovative ideas. However, by challenging preconceived notions, embracing a growth mindset, surrounding oneself with visionaries, and creating a supportive environment for experimentation, aspiring entrepreneurs can avoid the grasp of this cognitive bias. Visualization and setting ambitious goals empower individuals to step out of their comfort zones and embark on a journey of entrepreneurship with confidence and resilience. Breaking free from the status quo, entrepreneurs can forge their own paths, embrace uncertainty, and turn their passions into purposeful ventures that redefine the future of business and innovation. Season 7 - Behavioral Economics of Entrepreneurship In the world of entrepreneurship, success often hinges on understanding the intricate workings of human behavior and decision-making. Behavioral economics, a fascinating interdisciplinary field, delves into the psychology behind how individuals make choices, respond to incentives, and process information. In the realm of marketing, applying behavioral economics principles can be a game-changing strategy for entrepreneurs seeking to connect with their target audience, drive sales, and foster brand loyalty. By harnessing insights from behavioral economics, entrepreneurs can craft more persuasive and effective marketing campaigns, leveraging the quirks of human psychology to their advantage. In this series of the behavioral economics in marketing podcast, we will explore the exciting intersection of behavioral economics and marketing, unveiling how this innovative approach can transform entrepreneurial ventures into resounding successes. Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision-making and can give keen insight into buyer behavior and help to shape your marketing mix. Marketers can tap into Behavioral Economics to create environments that nudge people towards their products and services, to conduct better market research and analyze their marketing mix. Sandra Thomas-Comenole | Host | Marketing professional with over 15 years of experience leading marketing and sales teams and a rigorously quantitative Master's degree in economics from Rensselaer Polytechnic Institute. 

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

When you are newly joining a team, you have a huge opportunity to do something that no one on the team has: to find your "weathervane." The pressure pushing against you to adopt the beliefs of the team you are joining. What you do with it is one huge way a team can improve, or otherwise, stay the same.

In this episode of The Brainy Business podcast, you will hear an insightful conversation between host Melina Palmer and guest Paul Bloom, a psychology professor and author. Throughout the episode, they delve into various aspects of psychology and behavioral science, offering valuable insights and practical applications. Paul shares his expertise on the writing process, the challenges facing academic research, and the importance of incorporating engaging elements into content.  He also highlights the spotlight effect, the study of children's behavior, and the need for curiosity and asking questions to gain a deeper understanding of human behavior. With Paul's extensive knowledge and expertise in the field, this episode provides psychology enthusiasts and behavioral science professionals with valuable insights to enhance their understanding and application of psychology principles. Whether you are interested in the writing process, the crisis in psychology, or gaining a comprehensive understanding of the human mind, this episode offers something for everyone. So, tune in to The Brainy Business podcast and gain valuable insights into psychology and behavioral science. In this episode, you will: Gain valuable insights into human behavior and its practical applications that can enhance decision-making. Understand how the spotlight effect and self-perception can impact our thoughts and actions, leading to better self-awareness and improved interpersonal relationships. Explore the fascinating world of children's behavior and development, unlocking the keys to nurturing and understanding the next generation. Discover the benefits of following your passion and curiosity, and how it can lead to personal growth and fulfillment in various areas of life. Gain insights into the challenges faced in academic research, learn strategies to overcome obstacles, and make meaningful contributions to the field. Unlock the secrets of persuasion and influence, empowering you to navigate social interactions and achieve desired outcomes. Dive into the realm of cognitive biases and learn how they shape our thinking and decision-making, enabling you to make more rational and informed choices. Explore the psychology behind motivation and goal-setting, equipping you with tools to achieve success in your personal and professional endeavors. Understand the impact of stress on mental health and learn effective coping mechanisms to promote well-being and resilience. Discover the power of positive psychology and learn how cultivating gratitude and positivity can improve overall happiness and life satisfaction. Show Notes: 00:00:00 - Introduction, In this episode, Melina Palmer interviews Paul Bloom, author of the book Psych. They discuss Paul's background and his interest in developmental psychology. 00:05:01 - Innate Knowledge in Children, Paul highlights the fascinating discoveries made in developmental psychology, such as young babies' innate understanding of the physical and social world. He emphasizes the importance of giving developmental psychology more recognition. 00:07:25 - Humor in Children, While not a focus of his research, Paul acknowledges the significance of humor in children's development. He mentions that incongruity and context play a role in what makes us laugh. 00:10:09 - The Origins of Psych, Paul shares the history of his popular psychology class at Yale and how it led to the creation of the book "Psych." He wanted to reach a larger audience and provide more in-depth information than what could be covered in the course. 00:11:21 - Writing Psych, Paul explains that he wrote Psych based on his course materials and transcribed notes. He aimed to make the book accessible and informative, expanding on the topics covered in the course. 00:14:50 - The Writing Process, Paul and Melina discuss their writing processes and how they approach the task of writing. They touch on topics such as word count, finding inspiration, and managing distractions. 00:16:00 - Different Approaches to Writing, Paul and Melina compare their different approaches to writing. One prefers to work in condensed chunks of time, while the other works in shorter bursts with frequent breaks. They discuss the benefits and challenges of each method. 00:18:20 - Making Writing Fun, Melina highlights the importance of making writing fun and engaging. They discuss the use of literary references, popular culture, and anecdotes to make the writing process more enjoyable and accessible to readers. 00:21:51 - Advice on Improving Business Communications, Melina suggests two chapters from Paul Bloom's book that would be relevant for improving business communications. These chapters focus on reasoning and rationality, as well as finding fulfillment and happiness in life. 00:23:05 - The Crisis in Psychology Melina delves into the crisis in psychology where many studies have failed to replicate and there have been cases of fraud. They emphasize the need for caution when relying on research findings and highlight the fragility of the science. 00:30:46 - The Future of Psychological Studies Paul discusses the improvements in psychological studies, such as larger sample sizes, preregistration, and more theoretically grounded research. He also mentions the importance of meta-analyses to get a clearer understanding of the overall findings. 00:32:06 - Challenges in Generalizing Psychological Findings Paul acknowledges the difficulty in generalizing psychological findings due to the vast individual differences and confounding factors. He suggests that instead of expecting general principles, we should consider that certain interventions may work for some people but not others. 00:34:18 - Striking a Balance between Theoretical and Applied Psychology Paul discusses the balance between theoretical and applied psychology. While applied work can still be done, he suggests that a deeper understanding of the mind in abstract conditions may be more achievable than practical advice due to the complexity of human behavior. 00:35:08 - Unreliability of Memory Paul highlights the unreliability of human memory and how memories are often reconstructions based on experiences and expectations. He mentions the impact of this finding on areas like eyewitness testimony and emphasizes the need for caution when relying solely on memory. 00:39:25 - The Complexities of Job Satisfaction Paul discusses the complexity of job satisfaction, noting that it goes beyond just high salaries or pleasant work environments. Meaning, challenge, and the ability to make a difference are important factors that contribute to job satisfaction, even in lower-paying or less respected professions. 00:46:14 - The Spotlight Effect Paul discusses how people tend to believe that they are the most important person to others, but in reality, everyone is focused on themselves. This phenomenon is known as the spotlight effect. 00:46:37 - Influence and the Spotlight Effect The concept of the spotlight effect is further explored in Vanessa Blonde's episode. The show notes provide more information on this topic. 00:47:18 - Connecting with Paul Bloom To connect with Paul Bloom and learn more about his books, visit his website at paulbloom.net. He also recently started a Substack called Small Potatoes for sharing his thoughts without going through an editor. 00:47:46 - Announcing the Substack Paul announces the launch of his Substack, Small Potatoes, where he will be writing and sharing interesting thoughts and ideas. 00:48:04 -  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 Paul: Follow Paul on Twitter Paul'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: Psych, by Paul Bloom Just Babies, by Paul Bloom You Have More Influence Than You Think, by Vanessa Bohns Blindsight, by Prince Ghuman and Matt Johnson Your Future Self, by Hal Hershfield Top Recommended Next Episode: Why We Like The Things We Like, with Prince Ghuman (ep 345) Already Heard That One? Try These:  Behavioral Science in the Wild, with Dilip Soman (ep 241) Framing (ep 296) Priming (ep 252) Status Quo Bias (ep 142) Brainy Benefits of Gratitude (ep 236) Happier Hour, with Cassie Holmes (ep 257) Memory Biases (ep 280) Defaults, the “D” in NUDGES (ep 38) Confirmation Bias (ep 260) Focusing Illusion (ep 330) Motivation and Incentives with Kurt Nelson (ep 295) Your Future Self, with Hal Hershfield (ep 329) You Have More Influence Than You Think, with Vanessa Bohns (ep 318) Do Nudges Work? With Michael Hallsworth (ep 218) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter The Spotlight Effect Scrivener Paul's Substack: Small Potatoes

Spotify sponsors the FC Barcelona soccer team, but it's putting the Rolling Stones logo on the jersey instead — Because advertising is what you pay for, publicity is what you pray for.A report from the Fed confirms that average US household wealth grew 36% during the pandemic — One reason why? Americans own more stock than they ever have.And United Airlines says it's (finally) invented the perfect way to board an airplane — So we gotta talk about a bad business bias: “Status Quo Bias.” $SPOT $UAL $SPYPlay today's TBOY news quiz: go.tboypod.comSubscribe to our newsletter: tboypod.com/newsletterWant merch, a shoutout, or got TheBestFactYet? Go to: www.tboypod.comFollow The Best One Yet on Instagram, Twitter, and Tiktok: @tboypodAnd now watch us on YoutubeSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, we explore how to find the courage needed to make a big, life-changing decision and ways to gently navigate the messiness, difficult feelings, and uncertainty once the decision has been been.Specifically, we explore:Questions to ask yourself to find the clarity around the direction of your heart versus the direction of your head.Why speaking your truth—no matter how devastating or inconvenient—sets everyone free.How to overcome Impact Bias.How to dismantle and untangle the ego's wounded story.Sources + Continued ReadingHow We Live Is How We Die by Pema ChödrönAwaken to Your True Self by Andrew DanielRising Strong by Brené BrownHow to Make Your Own Luck by Maria PopovaImpact Bias: Why We Overestimate Our Emotional ReactionsEpisodesShattering the Glass Ceiling of HappinessSelf-Reclamation: How to Reclaim Lost or Hidden Aspects of YourselfInstant Gratification vs. Enduring Satisfaction

In this episode, explore the fascinating concept of loss aversion and its implications in business. Yes, it applies to marketing and sales strategies, but loss aversion is more than that. Loss aversion is the tendency for individuals to prefer avoiding losses rather than acquiring gains. This cognitive bias can be harnessed to increase customer engagement and conversion rates. Throughout the episode, host Melina Palmer delves into various examples and case studies to illustrate how businesses can leverage loss aversion to influence decision-making. From offering money-back guarantees to triggering the fear of regret, the key is to focus on avoiding losses rather than promoting gains. (Don't worry, it doesn't have to be negative.) By framing offers and rewards as something that has already been gained and must be maintained through specific actions, businesses can tap into the deep-rooted fear of loss within our subconscious brains. For business owners and marketers seeking to improve their marketing and sales strategies, this episode is a must-listen. Understanding the science behind loss aversion and learning how to apply it in your marketing efforts can significantly impact your bottom line. By appealing to people's fear of loss, you can increase engagement, drive conversions, and ultimately achieve greater success in your business. Throughout the episode, you'll hear real-world examples and case studies to demonstrate how businesses can leverage loss aversion to influence consumer behavior. In this episode: Gain insights into the persuasive power of loss aversion in business. Identify how diverse fields such as consulting, tax, and real estate harness loss aversion. Experience how loss aversion can work within the wedding industry. Harness the potential of digital sales by applying loss aversion through creative messaging and pop-up interventions. Understand how your own loss aversion can be used to help you get more done with Melina's "Loss Aversion Jar" and more. Show Notes: 00:00:00 - Introduction, Introduction to the episode and the importance of loss aversion in understanding consumer behavior–regardless of industry or role. 00:03:12 - Loss Aversion Defined, Loss aversion is the concept of valuing losses more than gains. People are more averse to losing something than gaining something. Research has found again and again that it takes double the joy felt by a gain to equal the pain felt by a loss. So, if you lose $20 you need to gain $40 to feel whole. 00:06:01 - The Power of Loss, Our brains are wired to avoid losses, and this behavior is deeply ingrained. Traditional economic models that focus on gains overlook the power of loss aversion. 00:10:26 - Practical Applications, Flipping the messaging from potential gain to potential loss can be a powerful motivator. Examples include financial institutions offering money upfront and entrepreneurs using regular check-ins to hold clients accountable. 00:13:59 - Long-Term Goals and Commitments, Loss aversion can be leveraged to help clients stay committed to long-term goals. Regular check-ins and accountability help prevent procrastination and maintain focus. 00:17:07 - Loss Aversion Jar, Melina's loss aversion jar technique and how it can help people keep themselves and their clients on track. 00:18:14 - Applied Example for Accountants, Melina explains how people are more motivated to seek help with taxes if they anticipate owing money rather than expecting a refund. Highlights the fear of being audited and suggests messaging that emphasizes reducing the amount owed instead of the potential return someone might receive. 00:20:21 - Visualizing Product Ownership, Melina explores the concept of perceived ownership and loss aversion in relation to physical products. She recommends strategies such as allowing customers to touch and interact with products to increase their attachment and desire to own them. 00:23:33 - Applied Examples from the Wedding Industry, When Melina bought her wedding dress, there was an ingenious loss aversion technique that helped her to buy her dress (and feel great about it) on the first visit to the first shop she went to. This was a big win for all involved. Learn how they did it and what this might look like in your business. 00:26:25 - Over-the-Top Online Sales Tactics, Melina critiques an extreme example of using loss aversion in online sales, where customers are presented with a long and exaggerated paragraph highlighting the potential loss of not purchasing. She emphasizes the importance of subtlety and avoiding tactics that may turn customers away. 00:33:43 - Overcoming the Fear of Change, Melina encourages listeners to embrace change and work to let go of their own loss aversion, familiarity bias, and status quo bias. Taking risks and trying new things can lead to growth and success. 00:34:39 - Embracing Change for Growth, Melina emphasizes the importance of making space for new opportunities by letting go of things that no longer serve us. She invites listeners to share their experiences and changes with her. 00:35:10 - Feedback and Continuous Improvement, Melina values listener feedback and wants to know what resonates with them. She mentions the need for businesses to adapt and evolve to stay successful. 00:36:24 - 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: Subtract, by Leidy Klotz Alchemy, by Rory Sutherland What Your Customer Wants and Can't Tell You, by Melina Palmer What Your Employees Need and Can't Tell You, by Melina Palmer The Life-Changing Magic of Tidying Up, by Marie Kondo Top Recommended Next Episode: Framing (ep 296) Already Heard That One? Try These:  Priming (ep 252) Herding (ep 264) Mixed Signals, with Uri Gneezy (ep 273) Unlocking Employee Motivation with Kurt Nelson (ep 295) Secrets of Incentives and Motivation, with Tim Houlihan (ep 109) Why Less is Not a Loss, with Leidy Klotz (ep 162) The Power of Touch (ep 302) Booms, Bubbles, and Busts (ep 30) Status Quo Bias (ep 142) Endowment Effect (ep 139) How To Set, Achieve, and Exceed Brainy Goals (ep 70) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Econometrica What Is Loss Aversion? What Is Loss Aversion? Losses attract more attention than comparable gains. Loss aversion These Are the People Who Are Most Likely to Get Audited

BEHAVIORAL FINANCE SERIES: STATUS QUO BIAS FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and special guests Tyler Kluge | CFP®, CPWA®, CDFA®, CEPS Financial Planner, BWFA Joseph DePatie |... Read More The post EP27: Behavioral Finance Series – Status Quo Bias – 8.16.23 first appeared on Baltimore Washington Financial Advisors. The post EP27: Behavioral Finance Series – Status Quo Bias – 8.16.23 appeared first on Baltimore Washington Financial Advisors.

Tune in to hear:Learn how to adapt cognitive biases to your benefit within a sales funnel.What is the mere exposure effect and why is it so powerful?Considering the mere exposure effect, what chance do boutique asset managers have going against giants like BlackRock and how can they set themselves apart?Is there such a thing as too much exposure and how can sales people intuit where to draw the line if so?What is the loss aversion bias and how can it be used to your benefit within a sales context?What is negativity bias and what are its implications for sales? How can you use negativity to better differentiate yourself from the broader market and how much is too much? What is status quo bias and how can it be applied to closing a sale?Why are “sins of omission” typically judged less harshly than “sins of commission?”https://www.stacyhavener.comhttps://www.billiondollarbackstory.comCompliance Code: 1732-OAS-6/26/2023

Creating brain-friendly experiences involves understanding how human psychology and behavioral principles can be integrated into the design of products and services. By recognizing and leveraging these concepts, brands can establish a stronger emotional connection with their customers and create experiences that resonate long after the interaction has ended. In the podcast, Melina Palmer advocates for infusing behavioral economics concepts into business practices and learning from Disney's approach. She encourages brands to delve into the "why" behind their existence and explore principles like framing, nudges, and nostalgia to foster lasting relationships with customers. The goal is to deliver unforgettable experiences that keep customers coming back for more, just as Disney has managed to do, time and again. Discover the art of blending novelty and nostalgia to create Disney magic. Unravel the secrets behind Disney's scarcity and identity-based marketing techniques. Learn how to improve customer experience during those unavoidable wait times. Implement Mickey's Ten Commandments and Imagineering Team's guiding principles. Uncover brain-friendly storytelling methods that boost revenue generation. Show Notes: 00:00:00 - Introduction, Melina introduces the podcast episode, which is about the behavioral economics of Disney. She talks about how Disney is part of our culture and upbringing and how it is a complex web of companies. 00:06:42 - Disney's Focus on Innovation, Disney's focus on innovation and constantly working to be better has stuck with the company for over 90 years. They balance expectations with surprise and delight in a way that works with the brain's bias for the status quo. 00:09:19 - Nostalgia, Disney embraces nostalgia in its parks, movies, and merchandise. They keep some things static over decades to evoke a feeling of nostalgia and balance it with new adaptations to keep it fresh. 00:12:17 - Novelty and the IKEA Effect, Disney incorporates novelty and the IKEA effect, which is the idea that people value things they helped create. Disney has little surprises throughout its parks, like hidden Mickeys, and Easter eggs in its movies. They also let people create their own experience with the brand, like embroidering names onto Mickey ears. 00:15:00 - Emotional Bonding, Being part of the fun and shaping the experience makes people emotionally bonded to the Disney brand. Helping pick out Mickey ears or discovering hidden Mickeys can prime memories and conversations and helps people like the brand more. 00:16:07 - Scarcity and Buzz, Disney's scarcity of specialty ears creates buzz and excitement among park visitors, who love to follow the crowd. This generates social proof, making the limited item even more popular and highly sought after. It's a stroke of genius by Disney to create scarcity in a way that gets people talking about the brand. 00:19:22 - Thoughtfulness in Experiences, Disney is known for being thoughtful in their experiences, making even the bad moments an experience all their own. By creating fun and engaging interactions including, hidden Mickeys, and themed line experiences, Disney turns waiting in a long line into a dopamine-generating, anticipation-building experience. This thoughtfulness is a gift that people repay with loyalty and fandom. 00:23:18 - Mickey's Ten Commandments, Mickey's Ten Commandments are a set of guiding principles that define Disney's values and handbook. Two commandments that stand out are to "avoid overwhelm" and "tell one story at a time." By simplifying the customer experience, reducing decision fatigue, and thinking through every experience, Disney can remain the happiest place on Earth for over 65 years. 00:28:17 - Imagineering Process, Disney's Imagineering Team goes through a process of asking questions to guide every new project, starting with what could it be and ending with how did we do? By using this process, Disney creates a flexible approach that allows for variety while still maintaining a high level of thoughtfulness and attention to detail. 00:31:03 - Starting with Story, Disney starts by creating a great story and then builds everything around it. This approach is different from the standard approach where a product is created, and then a story is created around it. By starting with a story, Disney ensures that the audience is emotionally invested in the story and the products or services associated with it. 00:31:51 - Brain-friendly Experiences, Brands can benefit from creating brain-friendly experiences by starting with a story. Starting with a story creates a sense of emotional investment and makes the experience more memorable. Incorporating various concepts from behavioral economics, such as framing, nudges, and nostalgia, can help create a more brain-friendly experience. 00:33:36 - Insights and Inspiration, Disney is a master of creating a balance between novelty and nostalgia in their experiences. They recognize that people want to share their childhood experiences with future generations, and they create experiences that allow them to do so. Disney also pays attention to the true end of the experience, which is not when someone leaves the park, but when they can relive the experience through photos. Companies can learn from Disney by creating similar brain-friendly experiences. 00:35:09 - Making Memories, Disney understood the true end of their experience, which was the moment when people could relive the experience through photos. They worked with Kodak to paint the park in colors that would look best when printed on photo paper, creating amazing, stellar pictures that helped make the memories stronger. Creating brain-friendly experiences involves paying attention to the details that make all the difference. 00:35:08 - 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: Choice Hacking, by Jennifer Clinehens What Your Customer Wants and Can't Tell You, by Melina Palmer The Experience Maker, by Dan Gingiss Blindsight, by Matt Johnson and Prince Ghuman Alchemy, by Rory Sutherland Top Recommended Next Episode: Why We Like The Things We Like, with Prince Ghuman (ep 172) Already Heard That One? Try These:  Starbucks: Behavioral Economics Analysis (ep 278) Costco: Behavioral Economics Analysis (ep 47) Peloton: Behavioral Economics Analysis (ep 86) Choice Hacking, with Jennifer Clinehens (ep 141) Why Our Brains Love Nostalgia & Traditions (ep 79) Social Proof (ep 87) Priming (ep 252) Peak-End Rule (ep 97) Loss Aversion (ep 9) Get Your D.O.S.E. of Brain Chemicals (ep 123) Habits (ep 256) Surprise and Delight (ep 276) Status Quo Bias (ep 142) IKEA Effect (ep 112)  Scarcity (ep 270) Reciprocity (ep 238) NUDGES & Choice Architecture (ep 35) The Overwhelmed Brain and Its Impact on Decision Making (ep 32) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter The Psychology Behind Disney's “10 Commandments” for Experience Design The Science Hiding in Mickey's Pixie Dust Disney Proves That Profitable Marketing Is About Brand Stories Be Like Disney: Why You Should Embrace Imagineering Principles in Branding How Disney Built An Empire By Designing Brand Experience Why are so many adults obsessed with Disney theme parks? Here's an upside-down Mickey at the Big Thunder Mountain Railroad in Frontierland

Stories have a tremendous impact on the way we perceive the world and make decisions. They are deeply rooted in our human nature and can be incredibly effective for marketing and brand strategy. Utilizing storytelling in marketing creates an emotional connection with the audience, which is integral for influencing decisions and shaping behavior. Stories have a unique ability to captivate attention, evoke emotions, and create a sense of empathy with the characters, all of which are powerful tools for businesses to reach their target customers. During the podcast, Michelle Auerbach shared the importance of focusing on a specific character or situation when crafting a story, to achieve a strong emotional impact. By providing a relatable context, stories can effectively communicate complex messages and ideas that may get lost or appear less engaging when presented as plain data or statistics. Auerbach emphasized that incorporating storytelling into marketing and brand strategy can be an essential factor for success, as it encourages the audience to connect with the brand and take action that benefits everyone involved. Master the art of storytelling for influencing human behavior and boosting your business potential. Implement the three-point story arc for powerful communication and establishing deeper connections. Trigger emotions through captivating storytelling techniques that drive decision-making and prompt action. Reinforce group cohesion and empathy through genuine and relatable stories. Show Notes: 00:00:00 - Introduction, Melina introduces the episode and its focus on the power of story. She explains that over the next few weeks, there will be guests discussing various aspects of storytelling in life and business. 00:03:14 - Michelle Auerbach's Background, Michelle talks about her childhood and her love for stories, which led her to pursue a degree in literature and a career in teaching that as well as ancient world languages. She then transitioned to organizational change and leadership development, using storytelling to help organizations develop culture and change. 00:06:01 - Story's Role in Change Management, Michelle explains how story impacts change management in several ways. Story has a somatic impact on the brain, helps with co-regulation, facilitates learning, and helps people see possibilities they wouldn't otherwise see. Story also helps people focus and remember information, and it produces cortisol and oxytocin, which encourage pro-social behavior. 00:11:10 - The Power of Story in Marketing and Brand Strategy, Melina and Michelle discuss how storytelling is used in marketing and brand strategy. Michelle explains that storytelling can help organizations connect with their audience by creating empathy and helping people understand the impact of their work. By focusing on one person's story, it can create a powerful emotional response and motivate people to take action. 00:13:29 - The Biology of Storytelling, Michelle explains the biology of storytelling and how it impacts the brain. Story produces cortisol and oxytocin, which help people focus and remember. 00:14:50 - The Importance of Storytelling in Business Michelle shares her expertise in storytelling and how it can be applied to business. She emphasizes the power of story in bridging gaps in communication, sharing scientific information, and even changing perspectives. She also suggests a simple three-part story structure that can be used in presentations, conversations, and even conflict resolution. 00:19:28 - Different Story Structures Michelle talks about the diversity of story structures found in different cultures and how they can be used in storytelling. She gives examples of Japanese and West African story structures and emphasizes the importance of not forcing one's own story structure on others. She also suggests ways to learn about other people's favorite stories and how it can build affinity and rapport. 00:25:06 - Using Story Cubes to Open Up Melina shares her experience using Story Cubes in her workshops to help people open up and share more about themselves. Story Cubes are a fun tool that uses images to trigger memories and stories that people might not have shared otherwise. Michelle also shares her love for Story Cubes and how they can help people tap into different parts of their memories and experiences. 00:27:00 - Priming with Storytelling Michelle talks about the concept of priming and how it can be used in storytelling to set the tone and mood for an event or meeting. She gives examples of how organizations with a strong "why" or Credo can use storytelling to bring that purpose into the room and lead from that place. 00:28:59 - Using Story Cards, Michelle created story cards with pictures from art students to help people tell stories and add visuals to presentations. The details in stories evoke feelings that anchor learning and change. 00:30:25 - Using Visuals in Storytelling, Adding visuals to storytelling evokes feelings in another way and helps with group cohesion. It's using our biology to benefit learning and decision-making functions. 00:33:01 - Overcoming Biases with Storytelling, Storytelling helps overcome biases, especially status quo bias, by evoking feelings in the decision-making processes. It's important to make people feel the impact of a situation rather than just presenting data. 00:37:51 - Top Tips for Using Storytelling, Start by listening to other people's stories and figuring out what you like and what's possible for you to do. Practice being a good story listener and asking story questions. Then, tell stories from an authentic place and don't tell people how to feel about a situation. Instead, ask them to tell you about their own experiences. 00:41:26 - Storytelling for Behavior Change, Michelle shares her experience in Japan, where a doorman's story about wearing masks "for politeness" helped her quickly change her behavior. When telling stories, it's important to share your own motivations rather than telling people what to do or feel. 00:43:20 - The Power of Story, Michelle explains that storytelling has been part of human culture for thousands of years. She shares that stories are powerful because they evoke emotions, which are needed to make decisions. A good story is relatable and makes abstract concepts more tangible. By telling stories, you can help people understand and feel your message. 00:44:16 - Everyone Can Tell a Story, Michelle encourages people to embrace their storytelling skills. She says that everyone is born with the ability to tell a story and it's a skill that can be developed. Michelle suggests that to become a better storyteller, you should listen to stories and figure out your own storytelling style. Don't try to be someone else because it will be inauthentic and not work as well. 00:45:30 - Using Storytelling in Business, Michelle explains that storytelling can be used in business to help with change management, persuasive presentations, and creating compelling sales pitches. She recommends using a simple structure to tell stories, answering the questions: what's going on, what did you do, and what happened. The right metaphors and connections can make a story more powerful. 00:48:30 - Connecting Through Stories, Michelle shares that she includes a recipe in her weekly newsletter because food is part of cultural stories. She believes that by sharing stories and experiences, you can create connections with people. Michelle encourages people to use stories to engage with others and make them feel something. 00:49:13 - Conclusion, Melina's top insights from the conversation, a recap of Michelle's three-part storytelling framework, and items for you to consider as you implement what you learned. 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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 Life-Saving Skill of Story, by Michelle Auerbach A More Beautiful Question, by Warren Berger The Hype Handbook, by Michael Schein What Your Customer Wants and Can't Tell You, by Melina Palmer Alchemy, by Rory Sutherland Connect with Michelle:  Michelle's Website Michelle on Instagram Michelle on LinkedIn Top Recommended Next Episode: DOSE Brain Chemicals (ep 123) Already Heard That One? Try These:  Change Management (ep 226) Framing (ep 16) Novelty & Stories (ep 54) Priming (ep 252) Mirror Neurons (ep 31) IKEA Effect (ep 112) Availability (ep 15) Overview of Personal Biases (ep 45) Biases Toward Others – Including Groups (ep 46) Status Quo Bias (ep 142) Interview with Michael Schein ep 143) Expect Error (ep 39) Give Feedback (ep 40) Disney (ep 144) What is Behavioral Baking? (ep 155) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter

Ayo! Welcome back to the Luck Management Podcast! On today's awesome episode, we have on Amazon Best Seller, Founder of Bay Ridge Consulting, and Notre Dame Graduate David Wallace! David came into our Contemporary Sales Management Class to discuss the "Status Quo Bias" and how as a business, we need to continue to push outside the norms to enact real change. We must go a level deeper to ensure we can live the luck management lifestyle! This episode is jam-packed with some cool snippets on Notre Dame during his college years and the success and growth he has seen in his life. David is an incredible person. We are so appreciative we got to sit down and talk with him. Enjoy this episode and go get his book "Brilliant Breakthroughs for the Small Business Owner" on Amazon! IT IS A #1 AMAZON BESTSELLER! Support the showInstagram: @the_luckmanagementpodcastApple Podcasts: https://podcasts.apple.com/podcast/id1637190216Spotify: https://open.spotify.com/show/4JsxM55BY6tRlGzJCiUnvzKeep living The Luck Management Lifestyle!All Episodes are presented and brought to you by CharmND. CharmND is a lucky charm business providing memories, nostalgia, and pieces of Notre Dame to hold in your hand! Check us out on Instagram @charm_ND & @CharmNDShop on Etsy for your piece of Notre Dame.

Are you struggling to turn your organization's strategic plan into a reality? Do you feel like your efforts to create change within your nonprofit are falling flat? Today on the podcast, I'm joined by Veronica LaFemina, a strategic advisor to nonprofit leaders with over 20 years of experience in change management. In this episode, Veronica shares her insights on why change often fails in organizations and what you can do to set yourself up for success.Key Highlights:The importance of implementing a strategic plan in organizationsThe significance of having a visible and engaged executive sponsorHow to involve staff members in the change process Different stages of change Being intentional about pursuing change in your organization Connect with Veronica:Website: https://lafemina.co/LinkedIn: https://www.linkedin.com/in/vlafeminaOur friends and sponsors at Keela asked me to put together a guide of fundraising tips I wished every small nonprofit knew. Go ahead and download the guide here: https://www.keela.co/consultant/the-good-partnership (and don't forget that Keela offers our listeners 40% off their first year's subscription).

In today's conversation, I am joined by Richard Shotton. His first book, The Choice Factory, is a best-selling book on how to apply findings from behavioral science to advertising. His new book, The Illusion of Choice: 16 ½ Psychological Biases that Influence Why We Buy, is a phenomenal add to what he has already contributed to the field of behavioral science.  This book (and conversation!) are both full of great examples from traditional academic research and from practical application. And, one of my favorite things that Richard does is take research and recreate it. Sometimes it replicates (and does even better than expected) and sometimes it doesn't – whatever the results, they are shared and there are learnings for everyone involved. And, of course, that includes you.  Does precision matter? Should you speak in abstract or concrete terms? Tune in and get ready for these amazing lessons and many more… Show Notes: [00:43] In today's conversation, I am joined by Richard Shotton. Richard is the author of The Choice Factory, a best-selling book on how to apply behavioral science to advertising.  [02:42] Richard shares himself, his background, and the work he does in behavioral science.  [04:06] There are thousands of biases. He covers 25 in The Choice Factory. His new book covers 16 and ½ more. (The half chapter is around the power of precision.)  [06:51] Precision is powerful. Generally if someone knows the subject they speak in precision, if not they speak in generalities.  [09:30] The precise price tends to be seen as lower than rounded ones.   [11:52] If you want to change behavior, remove friction. If you want to boost appreciation of your product, you might want to add some friction.  [13:10] The importance of framing the question is key if you are going to use behavioral science practically.   [15:42] You have this huge swing in memorability based on whether terms are concrete or abstract. If we can picture a term it becomes very sticky if not it becomes forgettable.  [18:02] Increasingly brands talk in abstract terms. It is ineffective to use that language. If you want to communicate one of those abstract objectives you have to translate it into more concrete terminology.  [20:43] Academics sometimes make behavioral science more complex than it has to be. Reading modern academic papers is a chore.  [22:41] The evidence shows that if you communicate simply you come across as more prestigious and more intelligent.  [25:50] People were twice as likely to remember the rhyming than the non rhyming phrases. Alliterating phrases have a boost of believability and memorability.  [28:06] We have to make sure that what we do is what our clients want us to do rather than worrying about the kudos that we as individuals get.  [30:19] The cafe had a problem that people didn't want to go on a Monday. So if you go on Monday you get to roll the brass dice. If you roll a six everything you have eaten is free. (Love this!) [33:27] If you know that this is the thing on Monday, everyone is going to order a little bit more because they might get it all for free.  [36:01] People are not only interested in maximizing the financial benefit of the situation. They also wanted to know that they are being treated well and not being taken advantage of.   [38:35] Questions are so important. Questions can give people a pause for thought and influence them more subtly.  [41:12] Professionals are just as influenced as consumers with the vast majority of biases. The only difference is they are even more loathe to admit it.  [42:43] Podcasts and books are a wonderful way of quickly understanding lots of different experiments. The ones you think are most interesting are worth finding the original paper and exploring further.  [44:53] Melina's closing thoughts 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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 Choice Factory, by Richard Shotton The illusion of Choice, by Richard Shotton Alchemy, by  Rory Sutherland Friction, by Roger Dooley Sludge, by Cass Sunstein Connect with Richard:  Richard's Website Richard on Twitter Top Recommended Next Episode: Friction, with Roger Dooley (ep 274) Already Heard That One? Try These:  Herding (ep 19) Status Quo Bias (ep 142) The Voltage Effect with John List (ep 190) What Problem are You Solving? (ep 126) Sludge: What It Is and How to Reduce It (ep 179) IKEA Effect & Effort Heuristic (ep 112) Habits (ep 21) Framing (ep 16) The Sense of Sight (ep 24) Get Your D.O.S.E. of Brain Chemicals (ep 123) Inequity Aversion: That's Not Fair! (ep 224) Unlocking the Power of Numbers (ep 17) Relativity (ep 12) Peak-End Rule (ep 97) Social Proof (ep 87) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Schindler Precision Dynamic Pricing in a Labor Market: Surge Pricing and Flexible Work on the Uber Platform

Habits are foundational to everything we do. When we think about habits we tend to think about the “bad” ones, things we want to change but there is so much more to it. Our brains run on habits, and without them, we couldn't function. Many episodes of this podcast that have been dedicated to habits and related topics throughout the years, and this is the first one, which originally aired in the fall of 2019.  Since then, I've interviewed habits expert Wendy Wood and discussed habits with Richard Chataway (links to their episodes in these notes). I included habits heavily in my books and the reason I chose to refresh this episode right now is because of this upcoming Friday's guest.  Cassie Holmes, the author of Happier Hour is my guest on Friday, and I thought that some reflection on habits is the best way to set you up to get the most out of that conversation. When you look at your day, what makes you happy? What is serving you and what isn't? What has become a habit and what you should be more thoughtful about? This episode will help you in that process to understand further what a habit is, how they work, and what to keep in mind as you look to reinforce some and change others.  The main thing to remember is that we need habits. They aren't inherently bad. Most of them are good. Understanding them and leveraging them is where the opportunity lies. Show Notes: [00:37] Today's episode is all about habits. Habits are foundational to everything we do.  [02:45] You have a lot more good habits than bad ones. You just aren't consciously aware of the vast majority of them.  [04:27] Sorting by color is a form of habitual purchasing. Even with infrequent purchases, the place you go and look is based on habits.  [06:25] The human brain essentially works on many many associations.   [09:03] Up to 95% of all buying decisions are habitual.  [11:09] Unfortunately the idea that it takes us 21-30 days to create a habit is wrong.  [13:33] 21 days is not the magic number for making or breaking a habit.  [15:16] A 2009 study from the European Journal of Social Psychology found the average number of days it took to form a habit was 66 days. (But don't let that fool you…the range of data points matters!) [16:58] We approach habit changing all wrong.   [18:20] Habits are made up of four phases: cue, craving, response, and reward. [19:31] Habits form because your brain is trying to find predictable ways to get rewards. A cue is a signal to the brain that there is a reward around and that instantly leads to craving/desire/filter for that item.  [21:21] If you want to change a habit or start a new one, the cue and reward phases are driving the behavior.  [22:44] Cues have been found to fall into one of five categories: location, time, emotional state, other people, and an immediately preceding action.  [24:27] You aren't craving the thing, but rather the reward it provides.  [27:05] When we know the cue and the reward our brain wants we can work to change the habit.  [29:31] One other crazy brain trick is word choice.  [31:27] Saying “I don't” is empowering. This was your choice. It affirms the choice you made and makes you feel determined and full of willpower. (This is very different from “I can't.”) [33:12] You should be confident that you made this choice so you can firmly say “No, I don't do that.” [35:04] We can check our notifications and emails every couple of hours or a couple of times a day (instead of every instant as we get continuous pings, dings and buzzes) and it will be fine. Once the cue is gone, we won't look at our phones as much and we can be more productive.   [38:07] Interrupting shoppers' habitual sequence can be a problem depending on your business positioning.   [39:05] As the brand leader you don't want to do too much to shake things up or rock the boat.  [41:59] The habits of your current and potential customers are important to consider when building out your strategies.  [42:28] Melina's closing thoughts [43:29] We are all surrounded by habits all day, they are a huge portion of the 35,000 decisions we all make each day. Understanding the rules of your habits is the first step in identifying which are working well for you and which you might want to let go of because they aren't serving you well. [44:58] You want to focus on the right stuff at the right time and not changes habits that you don't need to.  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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: What Your Customer Wants and Can't Tell You, by Melina Palmer What Your Employees Need and Can't Tell You, by Melina Palmer Good Habits Bad Habits, by Wendy Wood Atomic Habits, by James Clear The Power of Habit, by Charles Duhigg Top Recommended Next Episode: Good Habits, Bad Habits, with Dr. Wendy Wood (ep 127) Already Heard That One? Try These:  The Power of Habit (ep 22) Framing (ep 16) Priming (episode 18) Get Your D.O.S.E. of Brain Chemicals (ep 123) Decision Fatigue (ep 132) Defaults: The "D" in NUDGES (ep 38) Herding (ep 19)  Availability Bias (ep 15) Unlocking The Secrets Of The Brain (ep 1) Status Quo Bias (ep 142) Using Behavioral Science to Tackle Addiction, with Richard Chataway (ep 134) Using Behavioral Science in Healthcare, with Aline Holzwarth (ep 135) Sitting Down with Habit Weekly founder, Samuel Salzer (ep 90) How To Be Indistractable, with Nir Eyal (ep 78) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter  Three Purchase States How Long Does it Actually Take to Form a New Habit? (Backed by Science) Psycho-Cybernetics, A New Way to Get More Living Out of Life How Are Habits Formed: Modeling Habit Formation in the Real World How Long Does it Really Take to Break a Habit? The Amazing Power of ‘I Don't' vs. ‘I Can't' 5 Ways To Change A Habit Tiny Habits, by BJ Fogg

In today's episode, we cover quitting with Annie Duke. Annie is a national best-selling author, former professional poker player, corporate speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie's latest book is Quit: The Power of Knowing When to Walk Away.  Quitting has acquired a bad reputation in a culture of grit and hustle, but even the most successful people quit things they're working on frequently, so what is stopping you from quitting a failing project or relationship, and what questions can you ask yourself and others to determine when the right time to quit is? What to Listen For Introduction – 0:00 Why is knowing to quit just as important as grit and determination? How do you know when to quit? – 14:58 Why do many of us quit things too late and waste valuable time that we could be spending on the next success? What are some great examples of people making the right decision to quit? Opportunity Cost Neglect – 33:26 What is the blindspot that keeps us from quitting at the right time? What happened to the game Glitch before Slack was created? How do you break the Sunk Cost Neglect cycle so you stop wasting your time? Other Biases and Blindspots – 44:30 What is Escalation of Commitment? What is the Status Quo Bias? What is the Omission Comission Bias? The Questions to Determine When You Need to Quit – 1:01:20 After coaching over 10,000 clients including military special operators and Fortune 500 executives we've learned a thing or two about what it actually takes to grow your network. In fact, over 90% of the amazing guests on this show are from referrals in our personal networks. We've packaged our best insights inside a course called, Social Capital. And, as a thank you for being a podcast listener, we want to give you this training for FREE to start 2023. To get your hands on this training and immediately start improving your relationships, go to theartofcharm.com/sc Do you LOVE the toolbox episodes? Did you know that every week we give a LIVE mini-toolbox lesson inside our Private Facebook Group? Best of all it is FREE to join. Join today and get access to all of our live training and level up your communication, leadership, influence and persuasion skills. With 14,000 members it's a great place to network, learn and overcome any obstacle that's in your way. Running out of things to say in conversation… and still struggling to get people interested in you? That's an uncomfortable position to be in. Don't want to risk getting tongue-tied and screwing things up the next time you meet someone? Check out Conversation Magic now to make sure you don't crash and burn. With our bulletproof formula, you'll be flirting up a storm, sparking fun and engaging conversations, and making high-value friends anywhere! Resources from this Episode Annie Duke | The Secret Ingredient to Making the RIGHT Decision When It Really Matters Quit: The Power of Knowing When to Walk Away by Annie Duke Annie Duke's website Alliance for Decision Education After School All Stars Renew Democracy Initiative Check in with AJ and Johnny! AJ on Instagram Johnny on Instagram The Art of Charm on Instagram The Art of Charm on YouTube The Art of Charm on TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Sandra Stewart is a master communicator and no stranger to pushing those around her to go beyond the status quo. Co-founder of Thinkshift Communications, Sandra specializes in thought leadership, public relations, brand messaging, and communications strategy. In this episode, Sandra shares her journey of success, from writing her business plan on a napkin to leading one of the most impact-oriented communications firms in the world.

In today's episode, we cover quitting with Annie Duke. Annie is a national best-selling author, former professional poker player, corporate speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie's latest book is Quit: The Power of Knowing When to Walk Away. Quitting has acquired a bad reputation in a culture of grit and hustle, but even the most successful people quit things they're working on frequently, so what is stopping you from quitting a failing project or relationship, and what questions can you ask yourself and others to determine when the right time to quit is?What to Listen ForIntroduction – 0:00Why is knowing to quit just as important as grit and determination?How do you know when to quit? – 14:58Why do many of us quit things too late and waste valuable time that we could be spending on the next success?What are some great examples of people making the right decision to quit?Opportunity Cost Neglect – 33:26 What is the blindspot that keeps us from quitting at the right time?What happened to the game Glitch before Slack was created?How do you break the Sunk Cost Neglect cycle so you stop wasting your time?Other Biases and Blindspots – 44:30 What is Escalation of Commitment?What is the Status Quo Bias?What is the Omission Comission Bias?The Questions to Determine When You Need to Quit – 1:01:20 Knowing when to quit is a vital key for success. It's just as important as grit and determination because you need to be able to balance them in order to take the most successful route. Too often we find ourselves stuck in a vicious cycle called Sunk Cost Neglect, unable or unwilling to recognize that we've invested more time than we will ever get back. The ability to assess your situation and make accurate decisions is something great leaders have mastered, but with the right tools, anyone can start taking control of their future today. So don't be afraid to do a bit of soul-searching here and there – quitting at the right time could very well be what sets you up for greater success in your future endeavors.A Word From Our SponsorsAre you ready to take your career to the next level in 2023? Looking to grow your high-value social circle?You are one relationship away from changing your entire life.Listen: your social circle, professional network, and lack of confidence are thwarting your attempts at accelerating your career.But there's something you can do about it.After coaching over 10,000 clients including military special operators and Fortune 500 executives we've learned a thing or two about what it actually takes to grow your network. In fact, over 90% of the amazing guests on this show are from referrals in our personal networks.We've packaged our best insights inside a course called, Social Capital. And, as a thank you for being a podcast listener, we want to give you this training for FREE to start 2023.To get your hands on this training and immediately start improving your relationships, go to theartofcharm.com/scDo you LOVE the toolbox episodes? Did you know that every week we give a LIVE mini-toolbox lesson inside our Private Facebook Group? Best of all it is FREE to join. Join today and get access to all of our live training and level up your communication, leadership, influence and persuasion skills. With 14,000 members it's a great place to network, learn and overcome any obstacle that's in your way.Running out of things to say in conversation… and still struggling to get people interested in you? That's an uncomfortable position to be in. Don't want to risk getting tongue-tied and screwing things up the next time you meet someone? Check out Conversation Magic now to make sure you don't crash and burn. With our bulletproof formula, you'll be flirting up a storm, sparking fun and engaging conversations, and making high-value friends anywhere!Resources from this EpisodeAnnie Duke | The Secret Ingredient to Making the RIGHT Decision When It Really MattersQuit: The Power of Knowing When to Walk Away by Annie DukeAnnie Duke's websiteAlliance for Decision EducationAfter School All StarsRenew Democracy InitiativeCheck in with AJ and Johnny!AJ on InstagramJohnny on InstagramThe Art of Charm on InstagramThe Art of Charm on YouTubeThe Art of Charm on TikTok

In today's conversation, I am joined by Dr. Dolly Chugh. Dolly is a social psychologist and management professor at the New York University Stern School of Business where she teaches MBA courses in leadership and management. Dolly is well-known for her teaching and facilitation skills. She was one of six professors chosen from thousands at New York University to receive the Distinguished Teaching Award in 2020 and one of five to receive the Dr. Martin Luther King Jr. Faculty Award in 2013. Dolly's research focuses on “bounded ethicality,” which she describes as the “psychology of good people.” Her work has been published in leading psychology, economics, and management journals, and cited by many books and authors. Prior to becoming an academic, Dolly worked at Morgan Stanley, Merrill Lynch, Sibson and Company, Scholastic, and Time Inc. Dolly attended Cornell University where she majored in psychology and economics for her undergraduate degree and Harvard University for her MBA and Ph.D. As you will hear in the episode, this is a really personal one for me that hits home for a reason that I haven't really talked about much on the show. Hopefully, it is well received and you understand why I brought it up today, and why I intend to talk about it more in the future. Show Notes: [00:43] In today's conversation, I am joined by Dr. Dolly Chug. Dolly is a social psychologist and management professor at the New York University Stern School of Business where she teaches MBA courses in leadership and management.   [02:54] This is a really personal one for me that hits home for a reason that I haven't really talked about much on the show.  [04:35] Dolly shares about herself, her background, and her work. She is currently a professor. Her research focuses on the psychology of good people.  [06:36] People didn't understand how her double majors went together but they were both about human behavior.   [09:19] She shares how her book, A More Just Future came about. [12:20] After reading the Little House on the Prairie series with her children, on a family trip to visit the area she had many realizations about the history and time period. She pushed it aside at the time, but it kept coming up down the road.  [13:45] She decided she wanted to better understand our relationship with our past as well as our emotional relationship with our country. She wanted to leverage what social psychologists and other social scientists know to offer us tools so we just don't push them aside.  [16:09] We see the past as farther away and blurrier than the future.  [17:12] Understanding today requires me to understand yesterday. [19:44] When we are in a hot emotional state we are more action-oriented.  [21:40] Our minds unconsciously invest in the status quo even when it doesn't benefit us. It protects the default.  [23:08] On almost every meaningful outcome that you can think of there is a racial disparity in the United States.  [24:22] Our brains will justify the systems around us. That is the system justification theory or what she calls the “Good Guys Win Mindset.” It leads us to accept things as they are. [26:23] The cognitive task of accepting that two contradictory statements can both be true is incredibly important.  [28:13] The paradox mindset is a really powerful tool that we can use when we are trying to understand all these contradictions in our past and present.  [29:27] What is the one little thing you can do right now that might be the spark of something new and being able to make that change?  [30:07] The book was a very deep personal journey for Melina. She shares more about her journey (and that of her family) being Alaska Native (Tlingit and Tsimshian).  [32:19] The past isn't that far away.  [33:18] There are a lot of ways that the past spills into the present through our word, our beliefs, and our trauma.  [35:52] Melina shares how important preserving her native culture is for her and what she is doing with her son to preserve their culture.  [37:25] Dolly's book has helped Melina to take steps forward in preserving the culture instead of letting it simmer in her own mind.  [39:21] We all have some family history that we either cherish, don't know, or are embarrassed by. Understanding how that lives in the present is very interesting and we absolutely bring that to work with us.  [42:02] Check out Dolly's newsletter, Dear Good People.   [43:24] Melina's closing thoughts 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: A More Just Future, by Dolly Chugh Both/And Thinking, by Wendy Smith & Marianne Lewis How to Change, by Katy Milkman The Person You Mean To Be, by Dolly Chugh How Minds Change, by David McRaney Connect with Dolly:  Dolly's Newsletter Dolly on LinkedIn Dolly on Twitter Top Recommended Next Episode: Past, Present, and Future Biases (ep 246) Already Heard That One? Try These:  How To Change, an interview Dr. Katy Milkman (ep 151) Only 1% of People Blow the Whistle at Work—How to Fix That, with Nuala Walsh (ep 153) Time Discounting (ep 51) Status Quo Bias (ep 142) The Power of Us with Dr. Dominic Packer (ep 178) The Power of Story, an Interview with Dr. Michelle Auerbach (ep 145) Confirmation Bias (ep 102) Vulnerability Loops (ep 229) How Minds Change with David McRaney (ep 210) Focusing Illusion (ep 89) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter  Ketchikan: Our Native Legacy

Today's episode is another refresh from the series I did on “All the Biases” back in 2019. Two weeks ago on episode 242 we had the one on numbers-based bias called “Math is Hard” and this week is all about time. It focuses on the past and the future and how we don't look at them in the same way, and how that can impact our behavior (it isn't always the same and our preferences definitely change when we are looking forward versus backward) and how this changes the way we value things and so much more.  I chose to refresh this episode today because this coming Friday, Dolly Chugh is on the show to talk about her new book, A More Just Future. We talk specifically about how the way we look backward isn't the same as when we look forward, and how that impacts our likelihood to take action. Even when we are furious in the moment, and are adamant we will take action, because the past and future don't impact our behavior the same way we often don't. This can be really problematic when we are looking to right the wrongs of the past and present for a better future.  As you listen today, I encourage you to consider how the past, present, and future are different for you. Think of a time when you were outraged by something in the moment and said (either aloud or in your head) that you were absolutely going to do or say something and never did. Why is that? When you remember that incident do you feel as upset about it? What if you heard it was going to happen tomorrow or a week from now? What might you do to prevent it? Why do the past and future feel different and how can this knowledge change the way you support other humans? Show Notes: [00:39] Today's episode is another refresh from the series I did on “All the Biases” back in 2019. [01:39] Because the past and future don't impact our behavior the same way, it can really be problematic when we are looking at history and helping to right the wrongs of the past and present. [03:48] People want immediate payoffs.  [06:23] Due to impact bias, we overestimate the duration of the intensity of the impact of how we will feel in the future. We are also victims of projection bias.  [08:26] To prove a point now you might be making a choice that negatively impacts your future self.  [10:08] The sunk cost fallacy is where people will keep spending and justify pouring into a bad prior investment even though evidence shows it is bad.  [12:37] As your brain gets overwhelmed your subconscious is more likely to take the reins, meaning you will make more battery and present-focused decisions instead of snowball, future-focused decisions.  [14:05] In the cold state we may know that something is a good idea and commit ourselves that when you are in a hot state you don't have the option to let that hot self take over and make a bad decision about the present.   [16:03] People think that when you are in that cold state you're not going to require, need, or want whatever the things are as much as you actually will when your body chemistry has changed to the hot state.    [16:49] People are impacted more by losses than gains and it takes double the joy felt by a gain to equal the pain that is felt by a loss.   [18:03] You may consciously want to stop dreading something. However, as long as your subconscious is still getting some kind of reward or benefit from the physical act of dreading you would need a lot of extra savoring, positive benefit, and something to enjoy at the moment to combat the dread.  [20:45] We do not really like risks and will avoid them when we can. Due to a zero risk bias, we humans prefer to reduce a small risk down to nothing than we would like to take a bigger reduction in a larger risk.  [22:27] When you think you are safer, you are more likely to take risks in other areas. For example, people drive worse when wearing a seatbelt. [25:01] Because we don't want to change, we may ostrich and avoid the potential negative even at our own personal cost.    [26:13] For one person to succeed it does not mean everyone else has to lose or fail.  [28:52] When you know the rules of the game (all these biases and how they work together) it can be easier than you think to trick your brain into doing more in your own favor and use these biases in your favor so you can make decisions today that you will appreciate tomorrow or help get yourself out of a negative spiral.  [31:52] Melina's closing thoughts [32:37] Time discounting is such a big hurdle for us but knowing about it and how it combines with bikeshedding, planning fallacy, and optimism bias is the first step in tackling this.  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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: Fierce Conversations, by Susan Scott A More Just Future, by Dolly Chugh A More Beautiful Question, by Warren Berger How Minds Change, by David McRaney Behavioral Investor, by Daniel Crosby Top Recommended Next Episode: Time Discounting (ep 51) Already Heard That One? Try These:  Focusing Illusion (ep 89) Get Your D.O.S.E. of Brain Chemicals (ep 123) Decision Fatigue (ep 132) Bikeshedding (ep 99) Planning Fallacy (ep 114) Optimism Bias (ep 34) Loss Aversion (ep 9) Math Is Hard (ep 242) A More Beautiful Question with Warren Berger (ep 200) Endowment Effect (ep 139) Status Quo Bias (ep 142) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter  Diversification Bias: Explaining the Discrepancy in Variety Seeking Between Combined and Separated Choices Mixing Virtue and Vice: Combining the Immediacy Effect and the Diversification Heuristic Research on How Self-control Works Could Help You Stick With New Year's Resolutions Free Will in Consumer Behavior: Self-control, Ego Depletion, and Choice A Multilab Preregistered Replication of the Ego-Depletion Effect Hot–Cold Empathy Gaps and Medical Decision Making Exploring the Cold-to-Hot Empathy Gap in Smokers Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias Experimental Tests of the Endowment Effect and the Coase Theorem Does Market Experience Eliminate Market Anomalies? The Case of Exogenous Market Experience

Today is all about the aversion that humans have to uncertainty and ambiguity, our fear of the unknown, and how it can cause us to choose something we are familiar with even though it may not be in our best interest. While this can often align with risk aversion, they are not the same thing, and while they do often correlate, they don't have to.  More on that, and of course, loss aversion and inequity aversion – all the aversions – on the show today, but because this is a concept I'm guessing you'll “get” pretty easily, there is less on the research studies (they are linked in the notes). That leaves the bulk of the episode to focus on how this applies to you in two aspects of business: internal communication and customer experience. Ready? Let's get started. Show Notes: [00:43] Today is about the aversion that humans have to uncertainty and ambiguity, our fear of the unknown, and how it can cause us to choose something we are familiar with even though it may not be in our best interest. [02:38] The most important thing to know is that we don't like the unknown. We don't like uncertainty in our choices and will prefer known risks over unknown risks. And also, because our brains are lazy and rely on rules of thumb, we often will avoid making complex (and not so complex) calculations. [03:39] Consider the stock market. This can have unknown risks and so people can feel hesitant to put their money there even when the probabilities and rates of return are relatively known over time. [05:30] As with everything, when you present information, how you talk about it matters more than what you are saying. Frame the information you present to highlight what IS known to make it easier for someone to see the positive. (Note: don't gloss over important risks or problems. Use good judgment.) [07:47] When you are presenting a change at work, there are so so so many variables at play, and if you leave a lot of uncertainty and ambiguity – say you share too early or in an incomplete way – there is a good chance people will rebel against that unknown future state. [09:17] A real problem that happens a lot (and is unfathomably detrimental to change initiatives at work), is when someone is given ambiguous information and they feel the need to get their own brain relief by reducing their own mental burden (and wanting someone to help fill that void) in a way that they will find any possible way to justify telling someone (or in some cases, many someones) to cover up that uncertainty. [11:26] As George Lowenstein proposed, “Curiosity is like an itch on the brain and we need anything we can find to scratch that itch.” When there is information to be found, we can fill the gap with learning. When there isn't like in these scenarios, it can be gossip, fear, and doomsday-style planning for the worst, which will cause people to rebel against the potential future before it even has a chance to bloom. [12:55] Everyone on your team needs to be trained on how to share the information and when, and make sure the message is properly framed with regard to all the ambiguous pieces that could cause people to revert to the known instead of the unknown. [14:19] Melina shares some questions you can ask yourself to help determine when it is the right time to share information. [15:38] Just forcing yourself to take a step back and a calming breath as you consider what is really happening can be so helpful. You may want to get out and take a walk or sleep on it or whatever else you do to gain perspective. [18:35] Sharing too much information can cause overwhelm as well, which is stressful and creates its own avoidance, so it is about sharing the right information in the right way at the right time to the right people. Remember that “fair” isn't always equal, and different people need to hear different information at different times. [19:50] The early days of Covid are such a perfect case study for what happens when we feel uncertainty and a lack of control. When people feel a lack of control and like they can't do anything to protect themselves or their families, they may strive to find control in other areas – like hoarding toilet paper. It feels like you are doing something, and can reduce some of that stress. [21:59] Time moves differently on the two sides of a decision in ambiguous times. This presents a big communication problem and disconnect that teams need to pay attention to if they want to be effective. [22:51] The “no update update” can be really helpful for companies. I know you want to wait until everything is perfect to share, but that rumor mill is going to be piling up in a way that is working against you and you owe it to your employees to help relieve some of that stress. [25:30] “No update updates” can be really helpful to diffuse some pressure when there is a lot going on and things are scary on the other side of the decision, but you can't do too many “no update updates” in a row without it starting to be a new problem… [28:06] Let's look at the customer experience side. We like to think people want a lot of choices and to be treated as individuals with very unique experiences. While that can be true, there is also a real issue with the ambiguity side of things if we allow ourselves to rest on the easy answer of “it's custom.” [29:56] When people feel uncertain, they are more likely to look to what others like them do in this situation, so testimonials, social proof, and case studies are all your friends in fighting ambiguity aversion. You don't want or need to share all the nuts and bolts, but at least let them know that there is a process. [32:02] You owe it to your clients and customers to take the time to make this as easy and streamlined as possible – and the benefit is it will make it easier for people to choose you and do business with you. [32:29] Melina's closing thoughts [35:02] Adapting your lenses and looking from multiple angles and depths is really important to make that possible, which is why an episode like this is so valuable. 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: What Your Employees Need and Can't Tell You, by Melina Palmer The Paradox of Choice, by Barry Schwartz Sludge, by Cass Sunstein Nudge, by Richard Thaler & Cass Sunstein Friction, by Roger Dooley Top Recommended Next Episode: Inequity Aversion: That's Not Fair! (episode 224) Already Heard That One? Try These:  Availability Bias (ep 15) Familiarity Bias (ep 149) Status Quo Bias (ep 142) Loss Aversion (ep 9) Framing (ep 16) Bikeshedding (ep 99) Planning Fallacy (ep 114) Paradox of Choice: Why More is Less (ep 171) Sludge: What It Is and How to Reduce It (ep 179) NUDGES & Choice Architecture (ep 35) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter  RISK, AMBIGUITY, AND THE SAVAGE AXIOMS The Itch of Curiosity Ambiguity (uncertainty) aversion Treatment decisions under ambiguity

Today's episode is one that originally aired on June 14, 2019, as part of an 8-part series I called “All the Biases” which took hundreds of biases and sorted them into different categories. Because our brains are complex interconnected webs, this could have been done in many ways and the biases mentioned could belong in multiple areas. I selected groupings based on what I thought would make the most sense to this audience and applying the information about our biased brains into business.  This episode goes through a lot of concepts at a very high level. Unlike the foundations episodes of the podcast, which sometimes have a full hour dedicated to a full concept, many of these will get a sentence or only a few points. This episode is more about bringing your attention to the concepts, what is out there, and to scratch the surface of the complexity of our brains. I chose this episode as the refresh for this week because it mentions ambiguity and uncertainty aversion, which is the topic for this coming Friday's brand new foundations episode, so it felt like a nice way to set the stage for that. Ready to dig in on all the biases? Let's go… Show Notes: [00:39] Today's episode is one that originally aired on June 14, 2019, as part of an 8-part series I did called “All the Biases” which sorted hundreds of biases into different categories. [03:14] Our brains are lazy and they like to take the path of least resistance to get to what they believe to be a good enough answer as quickly as possible.   [04:51] Because we are particularly lazy with math, we rely on the source of whatever is thrown our way. The brain would rather risk being wrong than take the time to do the numbers in everyday interactions.  [07:17] It is important to know what people care about when you set up your messaging.  [08:25] Due to “the less is better effect”, our preference changes when we evaluate things alone versus comparing them against others.  [10:23] Due to the money illusion we tend to concentrate on the nominal or face value of our money instead of thinking of it in terms of how much it can get for us.  We are more likely to spend money in smaller denominations.   [13:09] Due to the IKEA effect people will value things more that they made themselves or partially assembled than things they did not. The endowment effect is where we value things we own more than things we do not.  [15:45] Playing to win is not the same as playing not to lose (game theory).  [15:58] We have all sorts of bad habits when it comes to placing a value on time.  [18:20] If you have something people will be excited about you can make the wait a little more enjoyable to increase the experience. With a mundane task, reducing the wait as much as possible is key (or, often even better as discussed with Dilip Soman in episode 241, is to look at the opportunity within the wait).  [20:44] “Hot hands” are not real (hot hands fallacy) but our brains like to think this is true due to the clustering illusion. Our brains like to look for patterns. [22:27] People are more likely to prefer the things they know to things that are unknown. We are much more likely to choose an option that we know the odds for even if they are terrible because we are so afraid of the unknown (ambiguity / uncertainty aversion). [24:36] Consider the known and know that the unknown doesn't negate everything else when making a decision.  [25:59] When we want something today, we value it differently than tomorrow (time discounting). When we look at tomorrow or things we don't know about we expect the worst even when there is nothing to make us feel that way other than our own natures. [26:55] Most of us don't properly understand how averages impact our lives every day and this can impact the decisions we make in business.  [27:15] Melina shares a story from Thinking Fast and Slow about regressive bias. [29:47] The instructor has attached a causal interpretation to the inevitable fluctuations of a random process.  [32:00] Everything we know to be true is not necessarily true. It is easy to find the right answer to the wrong question.  [33:25] The lesson is to know that our brains like to tell us stories. They write their own rules and details that serve what the subconscious thinks is best. Taking a little extra time and being a little more open can change your view and your success rate.  [34:00] Melina's closing thoughts [35:02] Adapting your lenses and looking from multiple angles and depths is really important to make that possible, which is why an episode like this is so valuable. 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: What Your Employees Need and Can't Tell You, by Melina Palmer Behavioral Science in the Wild, by Dilip Soman & Nina Mazar Thinking Fast and Slow, by Daniel Kahneman Nudge, by Richard Thaler & Cass Sunstein Freakonomics, by Steven Levitt & Stephen Dubner Top Recommended Next Episode: Behavioral Science in the Wild with Dilip Soman (episode 241) Already Heard That One? Try These:  Overview of Personal Biases (ep 45) Biases Toward Others – Including Groups (ep 46) An Overview of Memory Biases (ep 48) Present Versus Future Biases (ep 49) Selective Attention Biases (ep 50) Biases Toward Novelty and Stories (ep 54) Anchoring & Adjustment  (ep 11) Loss Aversion (ep 9) IKEA Effect (ep 112) Time Discounting (ep 51) Booms, Bubbles, and Busts (ep 30) Mental Accounting (ep 56) Endowment Effect (ep 139) Negativity Bias (ep 223) The Cobra Effect (ep 220) Game Theory (ep 228) Duration Neglect and the Peak End Rule (ep 97) Planning Fallacy (ep 114) Status Quo Bias (ep 142) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter  Less Is Better: When Low-value Options Are Valued More Highly than High-value Options The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence Treatment Decisions Under Ambiguity Ambiguity and Nonparticipation: The Role of Regulation Risk, Ambiguity, and the Savage Axioms Statistics How To How to Feel Like You Have All the Time in the World (even If You Don't)

Today's episode is all about value — what it is, what it isn't, and why it matters for businesses. Value is something you hear about a lot, but it isn't necessarily something that we intuitively get or what drives our motivation to buy things. In today's episode, (which originally aired as number 8 of the podcast way back in August 2018), I get into the difference between value, price, worth, and cost and how they all matter in business.  I chose this episode for you today for a couple of reasons. First, Leigh Caldwell, the guest on last Friday's episode, wrote a book called The Psychology of Price, which of course, brings value to the table. Whenever we talk about price, value is a key aspect. Also, in the episode this coming Friday, featuring Tessa Misiaszek, coauthor of Branding That Means Business, she will talk a lot about value vs. values, and what they mean in an organization and for its employees. That got me thinking about this episode.  It is one I really love but don't end up talking about all that much, so it felt like it would be fun to bring it back to the forefront for a little moment in the sun. As you listen today, think about the value you create in your work. Of course, there is the obvious in your products and services, but also think about the less obvious side of value for your employees and teams working within your business. And tune in to learn some crazy stories of what people are willing to pay for things – from kidney stones to grilled cheese sandwiches… Show Notes: [00:38] Today's episode is all about value — what it is, what it isn't, and why it matters for businesses. [02:41] What are your values as a company, and how is that different from the value you create? How can your values be informing value? And how does that tie into worth — both of the organization and the self-worth of everyone that is involved with the company? [03:51] People tend to use the words value, price, and worth interchangeably, but they are not the same thing. They work together but they are actually quite different.  [05:08] Price is what someone is willing to pay for a good or service.   [06:12] Worth is the expected selling price of something. Things have worth even if they don't have a selling price.  [08:59] Value is the usefulness or desirability of a good or service, how much you love it, or what it is worth to you. Value is not a number, it is based on how much you love it. Value is subjective and personal.  [11:11] Often items we value can be replaced, but we don't usually value them the same even though it is worth the same.   [12:35] Getting people to be realistic about their worth, price, and value is very important when you are trying to convince them to sell an item, especially one as sentimental as a home.  [14:28] Herding, value, perceived ownership, and loss aversion work together in things like bidding wars. When you add scarcity into the mix…watch out!  [16:00] Your brain might say, “If others are willing to pay for it now, it will likely rise in value over time and there might never be another one…I better jump on this and buy before it goes really crazy!”  [18:41] The herd will catch on and people assume the value that was paid is a new value.  [21:28] Brands are what give companies value. Brands give you loyal followers which creates herds.   [22:21] Brands are a big reason why it is not about the price or the item itself. Brands bring value to companies.  [24:33] Our brains get what they expect. If they are set up to believe something is amazing, they will often interpret the thing as amazing.   [27:15] It is important to establish value and make people feel like your product or service is worth paying for.  [28:08] Exclusivity is the celebrity factor and it has a large impact on value and price.  [29:53] How much did the owner's explanation and framing of the making of the sandwich and the high-quality ingredients have to do with the perceived value? He was confident in his explanation and said the price without hesitation which is also key to establishing value and justifying the price. [32:54] Stories are memorable. Stories make brands. [36:21] Our brains are trained to believe what they learned first until proven otherwise. Our brains believe what they are told and hold those things as facts – especially when it sounds really convincing or appealing.  [38:46] No matter what you are selling, brand value matters. In business, establishing brand value is the key to loyal customers who are willing to pay premium prices. People get more value when they pay more.  [40:12] Price and perceived value are linked in the human brain. A higher price means it must be better and have more value.  [41:56] Value is subjective. Value is in our heads. Value changes. Value can be created and built up. To get the herd to accept the value, you only need a few passionate people who are willing to pay what you (or they!) think the item is worth.    [42:45] Melina's closing thoughts 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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 Psychology of Price, by Leigh Caldwell Predictably Irrational, by Dan Ariely Branding That Means Business, by Matt Johnson and Tessa Misiaszek The Behavioral Investor, by Daniel Crosby What Your Customer Wants and Can't Tell You, by Melina Palmer Top Recommended Next Episode: Endowment Effect (episode 139) Already Heard That One? Try These:  Herding (episode 19) Loss Aversion (episode 9) The Truth About Pricing (episode 5) Branding That Means Business with Matt Johnson (episode 231) Wait…There's a System 3? featuring Leigh Caldwell (episode 233) Familiarity Bias (episode 149) Status Quo Bias (episode 142) Change Management: It's Still Not About the Cookie (episode 226) How to Create a Brainy Brand (episode 230) Scarcity (episode 14) The Power of Story, with Michelle Auerbach Our Bias for Novelty and Story Anchoring & Adjustment Relativity  That Time I Went Viral… with Dr. Daniel Crosby (episode 212) Framing (episode 16) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter  Cost vs Price vs Worth vs Value This Simple Framework Can Help You Sell More of Anything Anomalies The Endowment Effect, Loss Aversion, and Status Quo Bias Human Herding: How People are Like Guppies Brother, Can You Spare An Organ? Basquiat painting smashes record with $110m sale People Try World's Most Expensive Grilled Cheese How Your Brain Keeps You Believing Crap That Isn't True

If things are ever going to improve, we need to overcome the very powerful status quo bias that exists among the American population. Most people assume that the way things are is the way they must be, and the best possible way they can be. So even if you live in neither Oregon nor Idaho, you will want to hear my guest, Matt McCaw, discuss the Greater Idaho movement. Here is a case in which one simple change would make virtually everybody involved better off, and the only thing standing in the way is status quo bias.

In today's conversation, I am joined by Annie Duke, a former professional poker player (widely known as one of the best female players in the world) who also has an impressive and fascinating background in psychology, which she will talk about on the show today. I've been wanting to have Annie on for ages, she has two other fantastic books called Thinking in Bets and How to Decide, and I am so delighted that she wrote this additional book, Quit, which we are talking about today (and really, she talks about all three books in our conversation). I am so honored and delighted that Annie took the time to chat with me for this interview. We had a great conversation and ended up chatting for over 90 minutes (with about 80 of those recorded). Here on the show today, we are cutting that conversation down to fit in under an hour but if you want to hear the full conversation in detail, come on over to the BE Thoughtful Revolution membership group -- it's our free community of behavioral economics enthusiasts from around the world, and you can check out the full video interview and conversation. Annie is a wealth of knowledge and insights, so you will want to glean every extra moment just like I did, I'm sure – be sure to stick around for monkeys and pedestals! Show Notes: [00:40] In today's conversation, I am joined by Annie Duke, a former professional poker player who also has an impressive and fascinating background in psychology. [03:07] Annie shares her background and how she found herself in the world of behavioral science.  [04:41] Her brother was the one who suggested she play poker and she ended up playing poker for 18 years as her profession.  [06:05] After eight years as a poker player she started getting asked to give talks. The first talk she gave was to a group of options traders and she talked about how poker might inform your thinking about cognitive bias. From there she started getting referrals and spending more time speaking than playing poker.  [07:11] In 2012, she retired from poker to spend more time on the business side of things and started consulting and speaking full-time.  [09:13] If you look at anything on Annie's journey from the time she entered graduate school, it is all decision-making under uncertainty.    [11:09] The more ways that you are thinking about problems and the different frames that you have to ponder these issues you end up bringing something different to the table.  [12:54] Premortems can be very effective if you combine them with other good decision-making tools.  [15:14] If you use prospective hindsight instead of just forward planning, research shows you will generate 30% more reasons for failure or success if you didn't do prospective hindsight.  [17:14] Self-serving bias is that when bad things happen to us as individuals we tend to blame them on things that are outside of our control.   [19:49] Other researchers suggest that premortems need to be done in groups to be successful.  [22:42] Thinking in Bets was a book that she had really wanted to write for many years, which is about making decisions under uncertainty.  [25:27] One of the things she really talks about in Thinking in Bets is resulting. Resulting is when we look at other people and assume if they have a bad outcome then they made a bad decision and a good outcome is from luck (whereas when we have a bad outcome it is luck and a good outcome is from our good decision making – this is very similar to fundamental attribution error).   [26:55] She wrote How to Decide as a companion, which had more practical tools for making decisions.  [28:23] Annie shares about writing her new book Quit.   [30:44] Most of the decisions you make you can actually probably make faster. The way to decide if you can go faster is by looking at the consequences of getting the decision wrong.  [33:01] We are really bad at exercising the option to quit when the time comes. The option to quit is very valuable.  [35:02] She shares the many Zoom conversations with influential behavioral scientists she had prior to writing her new book about quitting.   [36:36] Science shows that when we quit, we are usually doing it too late.  [38:45] One of the problems we have is that once we set a goal we are immediately in the losses.  [39:20] Annie shares about the California Bullet Train.  [41:51] After getting the project approved once starting the project they realize they have two big problems… (Why didn't they “see” them before?)  [44:22] Instead of stopping the project, they approved two pieces of track that don't address the gigantic engineering problems. [46:13] Monkeys and pedestals is an incredibly helpful framework for trying to figure out how you approach projects to find out the information you need to find out the fastest so you can figure out if it is something you want to stick to.  [47:26] She shares the monkeys and pedestal's story. You have to start with the monkey (the hard part) of the problem first.  [49:11] When you do but up against hard things you tend to turn to pedestal building rather than to quit (similar to bikeshedding).   [50:28] You should definitely tackle the monkeys first. [51:51] You follow the premortem by looking at the monkeys and pedestals. You figure out what the monkeys are and then you change your plans according to that.  [53:20] Kill criteria are what you could see or find out in the future that would tell you that you ought to quit.  [55:01] There is no point in tackling any low-hanging fruit if you can't train the monkey. Figure out the hard problem first.  [57:34] Winners quit a lot. That is how they win. Winners sample a lot of stuff, settle on a course of action, tackle the monkeys first, and if the world gives them another signal they switch. [58:41] Winners pick the right things to stick to and they abandon everything else.  [60:52] Melina shares her closing thoughts.  [61:08] Thoughtful quitting, stopping doing things that aren't serving you anymore isn't a failure -- that is a win. That is a sign of doing great big amazing things! If you never quit, you can never win because you will be spread too thin. 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: Thinking in Bets, by Annie Duke How to Decide, by Annie Duke Quit, by Annie Duke Superforecasting, by Dan Gardner and Philip E. Tetlock How to Change, by Katy Milkman Power of Regret, by Daniel Pink Connect with Annie:  Annie's Website Annie on Twitter Annie on LinkedIn Top Recommended Next Episode: Game Theory (episode 62) Already Heard That One? Try These:  Loss Aversion (episode 9) Framing (episode 16) The Most Important Step in Applying Behavioral Economics: Understanding the Problem (episode 126) 3 Steps to Better Decision Making, An Interview with Matthew Confer (episode 158) Counterfactual Thinking  (episode 68) How To Change, an interview Dr. Katy Milkman (episode 51) Fundamental Attribution Error (episode 92) Planning Fallacy (episode 114) Precommitment (episode 120) Hindsight Bias (episode 167) Bikeshedding (episode 99) Status Quo Bias (episode 142) Endowment Effect (episode 139) Survivorship Bias (episode 110) Mental Accounting (episode 56) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter  A Slight Change of Plans Podcast with Maya Shankar Annie's Newsletter

Today's episode is a very special one, it is our first-ever edition from the vault. What does that mean? Well, for one thing, we now have TWO episodes of The Brainy Business coming to you each week, starting with this one. It is an episode from the back catalog that I think is super relevant and timely for you right now, so it got a little refresh.  Why this one and why today? Firstly, it is because change is ever-present in our lives and businesses, and in this age of The Great Resignation, quiet quitting, returning to work, hybrid offices and so much more. Managing and leading through change is something everyone seems to be talking about these days, so this episode is one I think will help a lot of people. As you will hear in this episode, change is “not about the cookie” it is more about the way a change is presented than anything else, so you have the power to influence how others react to whatever information you are presenting.  Remember change is in the micro-moments, so it doesn't have to be anything big. Look for those small tweaks that could make a huge difference.  Show Notes: [00:38] Today's episode is a very special one. It is our first-ever Tuesday episode (double the brainy!!) and our first edition from the vault.  [02:14] Change is in the micro-moments, so it doesn't have to be anything big. Look for those small tweaks that could make a huge difference. [03:41] Melina shares the cookie story. I want you to imagine that we are walking down the street... [05:56] It's not about the cookie, the change, or the price. It is about the way the information is presented.  [08:28] Change management is leading through change.   [09:02] Change and getting people to change is all about selling them on your perspective and getting them to buy in and commit even when money is not being exchanged.  [12:02] Our subconscious brain is like a small child. We would all like to think we have grown past this point, but much of our decision-making is still done on this level.  [14:25] Consider the ripples. One small decision or word on an advertising campaign or a change conversation can have a different impact on different people and it is based on their perspectives.  [16:30] The overall brand and campaign message needs to be consistent. You also need to identify what an individual in each of these groups is supposed to do when they see the message and what they need to hear to get them to take the next step.   [18:46] We often run a message for consistency's sake across everything without thinking about what those people need to hear, where they are coming from, and what matters to them. We think about the group as a whole instead of considering the individuals and what they need in that moment to take the best course of action.  [20:41] When confronted with change our brains are trained to revert to a place of fear and they are very good at dwelling on small items.  [21:56] The endowment effect: our brains favor things they own over other things.  [23:55] Studies show it takes double the joy felt by a gain to outweigh the pain felt by a loss.  [26:07] When given the choice people tend to go with the status quo and favor it very heavily…especially when there are many options presented.  [28:45] Change management conversations are more likely to have the brain flagged and on high alert.  [31:32] Be thoughtful of the way the meeting or discussion is framed or called together. If you are delivering bad news or presenting a change you want them to buy in on, you don't want to oversell the meeting.  [33:58] You want to make sure the document is outlined in a way that helps them come to the best conclusion themselves so their brain takes ownership of the change you are going to propose to them.  [34:46] When you are proposing a big change you need to do your homework. When the stakes are high your prep work needs to be significant as well. [37:09] Putting in the groundwork allows you to have advocates. Having advocates is so key in branding.  [38:57] When people are on edge and likely to get a fight or flight response, triggering on scarcity could work against you if not done properly.  [42:49] Framing is everything when it comes to change management. It isn't what you say, it is how you say it.  [43:49] You need to know why you want them to take the step, why it matters, and get them invested in the proposed outcome. [46:20] Framing the benefits and talking about the good stuff instead of helping them dwell on the bad is how you get changes to move forward.  [47:49] You want them to feel comfortable coming back to you with questions. You are allies in this.  [49:24] What tiny moments of change do you see around you for your next initiative in the way you will be presenting change? 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 Join the BE Thoughtful Revolution – our free behavioral economics community, and keep the conversation going! 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: What Your Employees Need and Can't Tell You, by Melina Palmer Nudge, by Richard Thaler and Cass Sunstein Thinking Fast and Slow, by Daniel Kahneman Quit, by Annie Duke How Minds Change, by David McRaney Top Recommended Next Episode: What Your Employees Need and Can't Tell You (episode 225) Already Heard That One? Try These:  The Truth About Pricing  (episode 5) Loss Aversion (episode 9) Endowment Effect (episode 139) Status Quo Bias (episode 142) How to Sell From the Stage (episode 6) Herding (episode 19) Social Proof (episode 87) Reciprocity (episode 23) Framing (episode 16) Priming (episode 18) Scarcity (episode 14) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter  The Endowment Effect, Loss Aversion, and Status Quo Bias

Knowing which state a client is in, will guide our sales conversation to a higher close rate.