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What is behavioral economics? Why does it matter to you?

Podcast Episodes

What is behavioral economics? Why does it matter to you?

165. The Era of Applied Behavioral Economics, with Matej Sucha

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Today I am very excited to have Matej Sucha with me on the show to talk about the importance of applied behavioral economics and the work he has done to help shape the field. As you will hear in our conversation today, there are two fairly distinct camps in the behavioral sciences: the academic research and the applied. While many of us work together, there are different goals for each and there can be disagreement from time to time.
In general, I think most of us see the need for both sides and how they are necessary to help move the entire field forward. Matej is like me, an advocate for behavioral economics being used and shared in business as much as possible, which is why he recently founded and became the Editor in Chief of insideBE.com, which you will hear about on the show, in addition to his work as a managing partner at MINDWORX.

Show Notes:

  • [00:06] In today’s episode I’m excited to introduce you to Matej Sucha, managing partner of MINDWORX and founder of insideBE.
  • [02:56] Matej shares about himself, his work, and how he got into behavioral economics. 
  • [04:01] This year they launched insideBE which is an app dedicated to behavioral economics in business. 
  • [05:53] Behavioral economics doesn’t have the place it deserves in business. It is still in the phase of early adoption. It is not at the center of attention for businesses.
  • [07:03] We have to put more emphasis on business applications. 
  • [08:43] People want to see more practical business applications. 
  • [10:27] Matej’s consultancy mainly focuses on the applications of consumer behavior. 
  • [11:16] They developed their own approach for a behavioral audit in order to know when we should create an intervention and move people in the direction we want them to move. 
  • [11:57] Matej shares one project he was fascinated by. 
  • [14:44] When they included social proof the probability that the person would send their CV went up by 130%. 
  • [15:14] Findings from research can inspire business solutions that are proven to work. 
  • [15:47] Matej shares about an insurance project he worked on that was offering their customers travel insurance one year for free. 
  • [16:56] One of the biggest mistakes that marketers make is that they only focus on how they can motivate their customers. 
  • [19:01] They increase the conversions by understanding and removing the psychological behaviors that stood in the way. 
  • [21:02] The problem is twofold. Companies, salespeople, marketers, and product designers don’t even think about understanding the problem and jump to creating the solutions. The second part is that they don’t know how to understand the customer and the problem.  
One tiny insight can help you create amazing solutions. @sucha_matej #behavioralscience #behavioraldesign Click To Tweet
  • [24:34] It is about asking the right questions. Why aren’t customers doing what you want them to do?
  • [26:08] Often the solution can be really simple. 
  • [29:08] Timing is more important than the message itself. Timing doesn’t require a deep knowledge of behavioral science. 
  • [30:27] When you’re a business person there is no better place to start than to learn from the amazing work of the greatest minds in the field. 
  • [32:01] There are a lot of great resources available. 
  • [34:16] The purpose of the content they are creating at insideBE is to first and foremost teach people how they can try themselves. The best way to get potential clients excited is to teach them as much as possible. 
  • [37:10] “The next big thing in marketing is not technology. It is psychology.” -Rory Sutherland
  • [37:50] If companies want to gain a competitive edge, it is psychology they should focus on. 
  • [39:59] Melina shares her 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. 

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