Ep 68 : Melina Palmer on Unlocking Consumer Decisions with Behavioral Economics, the Brainy Business Way

How does the brain work ? The analogy of Elephant & Rider What are nudges, and why the default option  works ? How does partitioning work & how does putting in blocks create a new decision ? Why marketers should evaluate  the hot, cold empathy gap in the way that consumers make decisions?  Why marketers should be thoughtful about a behaviour change challenge ? How to apply the concept of framing to design messages differently ? How to apply the concept of anchoring to marketing - pricing, promotions etc ?  Melina answers the above questions as she advises marketers & businessmen to be thoughtful .Melina Palmer is founder and CEO of The Brainy Business, which provides behavioral economics consulting to businesses of all sizes from around the world. Her podcast, The Brainy Business, has downloads in over 160 countries. Melina worked in corporate marketing and brand strategy for over a decade before earning her master’s in behavioral economics. She is the author of  a book "“What Your Customer Wants and Can’t Tell You".  Visit Melina's Website at https://thebrainybusiness.com/ Connect with Melina on Linkedin  https://www.linkedin.com/in/melinapalmer/ Jagged with Jasravee is facilitated by Jasravee Kaur Chandra, Director- Brand Building, Research & Innovation at Master Sun, Consulting Brand of Adiva L Pvt. Ltd. Jasravee has over 20 years experience as a Strategic Brand Builder,Communications Leader and Entrepreneur.  Please visit Jasravee at https://jasravee.com/ Connect with Jasravee on Linkedin at https://www.linkedin.com/in/jasravee/   Email Jasravee at jasravee@theadiva.com The Podcast Index 0:00 Preview & Introduction to Melina 3:30 How does the Brain Work - Elephant Rider Analogy 7:04 The Concept of Nudges; Why Default Works 11:11 The Brain as a Smartphone 14:51 The Concept of Partitioning  17:23  Hot, Cold Empathy Gap in Decision Making 20:27 Marketers Should Be Thoughtful About Behaviour Change 23:55  Applying Behaviour Science esp. to  Market Research 32:43 Concept of Framing & Designing Messages Differently 36:25 Concept of Anchoring & Relativity applied to Pricing, Promotions 40:32 Brand is a Memory & Story Telling 43:30 Rapid Fire - Personally Speaking with Melina 48:45 Connecting with Melina Follow Jagged with Jasravee on Social Media Campsite One Link : https://campsite.bio/jaggedwithjasravee Facebook Page : https://www.facebook.com/jaggedwithjasravee Instagram : https://www.instagram.com/jagggedwithjasravee/ Podcast Page : https://anchor.fm/jagged-with-jasravee Youtube Page : https://www.youtube.com/c/jaggedwithjasravee Jagged with Jasravee, is an initiative of Master Sun, the Consulting Brand of Adiva Lifestyle  Pvt Ltd. Website : https://jasravee.com/ #neuropsychology  #whypeoplebuy #consumerscience