S02 E03. Behavioral Economics: What Your Customer Wants and Can’t Tell You, with Melina Palmer
| Duration: 36:46
Did you know that 99% of decisions are made by the subconscious brain? And that changing a key word or phrase can have a huge effect on your bottom line. It’s actually a science and there’s a name for it, “Behavioural Economics.”
Today we’re talking with Melina Palmer who is the Founder and CEO of The Brainy Business. The Brainy Business provides behavioral economics consulting to businesses of all sizes from around the world. Melina also has a podcast of the same name in which she explores the psychology of why people buy. In May of this year her first book was published,
What Your Customer Wants and Can’t Tell You
. The book demonstrates how science can be used to unlock the secrets of consumer decisions for any number of businesses.
In this conversation we take a deep dive into what exactly behavioral economics is, how you can use it to increase sales in your business and why it is essential knowledge for any entrepreneur out there.
Some of the topics we cover:
1. How to “hack your brain” to come up with innovative products and initiatives for your business.
2. When pricing your products, ending in a 5, 7, 9 or 0 can make a big difference.
3. The magic word that can increase your sales by 38%.4. The top 5 wording mistakes businesses make.
5. If behavioural economics is different for men vs women.
6. Behavioral baking – what it is and how it can help your business?
7. How easy is it to change our behaviour?
8. What motivates people to take action.
Melina has kindly given She’s on Top Podcast listeners a free chapter to her new book as well as a free companion guide workbook.
Free PDF Companion Workbook:
What Your Customer Wants And Can’t Tell You
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