Welcome to The Brainy Business Podcast
Melina Palmer: Welcome to episode 17 of The Brainy Business.
Melina Palmer: Understanding the psychology of why people buy this episode is taking framing one step further to unlock the power of numbers.
Melina Palmer: I know I’m ready. Let’s get to it.
Announcer: You are listening to The Brainy Business podcast where we dig into the psychology of why people buy and help you incorporate behavioral economics into your business, making it more brain friendly.
Announcer: Now here’s your host, Melina Palmer.
Unlocking the Power of Numbers
Melina Palmer: Hello everyone.
Melina Palmer: My name is Melina Palmer and I want to welcome you to The Brainy Business podcast.
Melina Palmer: Today’s going to be a little break from the Behavioral Economics Foundation’s episodes.
Melina Palmer: We’ve, had quite a few in a row now, and we’re going to dig a little deeper into framing so we can unlock the power of numbers.
Melina Palmer: And there are several other concepts I’m going to reference throughout the episode, some of which have already had foundations episodes, and some were really setting the stage for episodes to come.
Melina Palmer: to get you excited about some more foundations, I’m going to get into some of my most frequently asked questions in today’s episodes, including my thoughts on ending prices in 99 or 97 or, something more unique and when to use each type of number to have the biggest impact.
Exciting Updates
Melina Palmer: The new Brainy Business website is live and it’s awesome. You are not going to want to miss a minute of this episode, but before we dig in, I need to share some special updates and shout outs.
Melina Palmer: I know I mentioned it last week, but it wasn’t 100% ready to go, so I barely touched on it.
Melina Palmer: So today I want to just take a second to say the new website is live and it’s awesome.
Melina Palmer: Ah, it showcases my new speaker video and it’s my favorite thing of the moment.
Melina Palmer: If you have not checked it out, please do and let me know what you think.
Melina Palmer: In case you don’t know, the website is thebrainybusiness.com. this project has been many months in the making.
Melina Palmer: Actually started before the podcast even started, before we launched, and it has exceeded my expectations.
Melina Palmer: I’m so happy with it. I would love to hear your feedback and what your thoughts are too on both the video, the speaker video, and the website itself.
Melina Palmer: So one more time, thank you to Justin and the whole team at 52 card media.
Melina Palmer: Thank you to Jesse with cinematic syndicate and Jennifer of Jennifer Findlay portraits.
Melina Palmer: For all you did to make this possible. You made brain and I look good in the photos, the video, and the website.
Melina Palmer: It’s all thanks to the hard work of all of you. So thank you so, so much.
New YouTube Channel
Melina Palmer: The Brainy Business has transitioned to a new YouTube channel. Another update that was kicked off by the completion of that speaker reel video is that The Brainy Business has transitioned to a new YouTube channel.
Melina Palmer: This one uses the correct email address instead of the old one.
Melina Palmer: I had issues with the old brand and not being able to convert off YouTube, so I had to abandon my channel, which was a little bit sad.
Melina Palmer: But I’m, really excited about the new one. So if you were a subscriber on the old channel, or, you know, even if you weren’t, please take a second and subscribe to the new one.
Melina Palmer: There is a link in the show notes for you and since not everyone is a podcast junkie now, officially, all of the episodes are available in their complete form.
Melina Palmer: Full episodes every episode, starting from one of The Brainy Business podcast are on YouTube, which is very exciting.
Melina Palmer: So if you know anyone who would find the information on this podcast useful but isn’t into the podcast scene, consider sharing those YouTube versions with them.
Melina Palmer: The links are available within the channel itself, or I’ll be sharing them all over social media where you can always find me as the brainy biz that’s b I z instead of the full word of business like you get on, the website.
Melina Palmer: And I look forward to connecting with you there.
Listener Shoutouts
Melina Palmer: The show started back at the beginning of July, so I’m still very excited. Speaking of social media, that is where the listener shoutouts come from today.
Melina Palmer: As you all know, I’m pretty new to the podcast game.
Melina Palmer: The show started back at the beginning of July, so I’m still very excited when people reach out to me.
Melina Palmer: As a side note, I know myself well enough to say I’m pretty sure I’m going to geek out and get all giddy for a long time while this happens.
Melina Palmer: So keep those comments and reach out coming. I love them.
Melina Palmer: My husband
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Melina Palmer: gets to hear my recaps all the time where I say things like, oh my gosh, guess what?
Melina Palmer: I got an email from a listener and sorry, honey.
Melina Palmer: Two people reached out via Instagram to say they liked Brainy Business podcast. So the new and exciting thing that happened this week was two different people reached out via Instagram direct messages within just a couple hours of each other.
Melina Palmer: Both people I had never met before. First is from Katie Goulet Design company, who mentioned episode eleven in her story.
Melina Palmer: It looks like she stopped partway through the episode to screenshot and share on her story with a note that reads, if you like psychology and why we do what we do, you will love this podcast.
Melina Palmer: My conversion loving heart loves this. Thank you, Katie. I’m so glad you liked the episode and the podcast in general.
Melina Palmer: And thank you for taking the time to share it in your Insta story. It’s just super cool.
Melina Palmer: Really, really exciting for me. So thank you for doing that and I know some other people have done that in the past as well, including Natalie Ekdal of biz chicks.
Melina Palmer: Thank you everyone for all your shares. It means a lot, so much to me.
Melina Palmer: I have linked to Katie’s profile in the show notes as well as to biz chicks so you can go check them out.
Melina Palmer: And 2 hours after Katie’s chair, I got a direct message from Barefeet guy, Indiana. He let me know.
Melina Palmer: His name is Sagar. Sagar. I apologize. I’m sure I’m pronouncing it wrong.
Melina Palmer: And he told me he is a fitness professional in India.
Melina Palmer: He said, I listen to your podcasts regularly, slash repeatedly every time I listen to the same episode.
Melina Palmer: Episode four is my favorite. I learn something new. It’s really helping me to change the way I look at business.
Melina Palmer: Look forward to more amazing content. Wow. How cool is that?
Melina Palmer: First, thank you for listening and thank you for letting me know you like the show.
Melina Palmer: While there have been 111 downloads from India, you are the first person to reach out.
Melina Palmer: So thank you for that. Of the now 65 countries with downloads and we’re well over 5500 now, India is the fifth most popular.
Melina Palmer: The, rest of the top five, in case you’re interested, are Australia, Canada, United Kingdom, and of course the US.
Melina Palmer: To top it all off, thank you to everyone for listening, sharing, subscribing, commenting, rating, leaving reviews.
Melina Palmer: It means so much to me and I appreciate you all. Thank you.
Melina Palmer: Oh, the other cool thing is that Sagar told me he found The Brainy Business podcast because it showed up in the suggestions.
Melina Palmer: Awesome. thanks again. I have of course linked to his instagram in the show notes as well.
Utilizing Show Notes
Melina Palmer: Speaking of show notes, in case you aren’t familiar, I have a full list of links and detailed show notes of each episode on the website or within the podcast app you’re listening to.
Melina Palmer: Makes it super easy for you to find things or look things up that I’ve referenced.
Melina Palmer: Like in the note above. He referenced episode four, questions or answers, so there’s a link to that in the show notes in case you want to go back and listen for what all the hype is about.
Melina Palmer: While I do not mention every time something is linked because it would get really repetitive, just know that if you hear me say something that makes you think, you know, I should look that up, check the show notes first because it is probably already linked there for you.
Melina Palmer: Ready to go again? You can find the show notes within the podcast app you’re listening to or by visiting thebrainybusiness.com 17. Because this is episode 17. And again, that’s 17, not spelling out the word.
Melina Palmer: Okay, I think that’s it.
Framing with Numbers
Melina Palmer: Last week was all about the concept of framing.
Melina Palmer: I’m going to dig into framing with numbers today. Let’s talk about how to unlock the secrets of numbers in your business.
Melina Palmer: Last week was all about the concept of framing. I’m going to take it a step further today to really dig into framing with numbers and why that’s important.
Melina Palmer: But first, I’m going to give a little refresher for anybody that’s new, and I would recommend going back and listening to that episode after this one if you haven’t listened to it already.
Melina Palmer: but here’s a little refresher on framing and how it works.
Melina Palmer: Essentially, the way you say something is often more important than what you’re actually saying.
Melina Palmer: This ties back to loss aversion, which was the focus of episode nine, where framing something as a loss means someone is twice as likely to take action
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Melina Palmer: than when the exact same thing is framed as a gain.
Melina Palmer: And it doesn’t mean you need to use different statistics to get the point across.
Melina Palmer: Simply flipping it around can have a big impact. A common example I give on this is if you were shopping for yogurt or ground beef or turkey, you’re more likely to buy it when it’s listed as 90% fat free than if it’s listed at 10% fat.
Melina Palmer: Obviously, it’s two sides of the same statistical coin saying the same thing, but the subconscious brain focuses on and takes action very differently from one presentation to the next.
Melina Palmer: So, what does this mean for your business?
Pricing Strategy
Melina Palmer: I get asked about pricing strategy a lot on this podcast. As I mentioned at the top of the episode, I get asked about pricing strategy a lot, which makes sense considering this podcast is called The Brainy Business.
Melina Palmer: Understanding the psychology of why people buy pricing gets into that.
Melina Palmer: Hopefully, you’ve already listened to the very popular episode five, the truth about pricing, which was the first episode in the it’s not about the cookie series.
Melina Palmer: I didn’t get into this too much on that episode because, as I say there, pricing is not about the price or what you’re selling.
Melina Palmer: All the things leading up to the price matter more than the number itself.
Melina Palmer: Still, because this is one of the most common questions I get asked, I want to be able to have something to reference back to for people and, make it really easy to answer this question.
Melina Palmer: And so you can share the information and that I can let you know my stance on this.
Melina Palmer: I tend to get asked this question about pricing in three different ways, and I’m going to go ahead and line them all out for you and then give you my answer to each one.
Melina Palmer: The first question that I get asked a lot, is, is it really better to end something in 99 than rounding up to the nearest dollar or 100 or thousand or whatever?
Melina Palmer: The next question is, should my prices end in 99 or 97?
Melina Palmer: And finally, should I have a random but interesting number instead, like $456.78?
Melina Palmer: Okay, I’m going to break it down one by one.
Melina Palmer: I’m going to answer each of these questions for you that have probably been burning in your brain, because like I said, I get asked them all the time.
99 vs. Round Numbers
Melina Palmer: Okay, first, in general, on the 99 versus the full dollar question, it’s better to round down.
Melina Palmer: However, the main reason this works is because you’re bringing down the first number in a whole digit, meaning 599 looks better than 600, because the first digit is now a five instead of a six.
Melina Palmer: And there’s some psychology behind our lazy brains not making it all the way to the end of the number.
Melina Palmer: So even though 599 is much closer to 600, your brain kind of stops after that five and assumes it’s in the $500 realm versus in the $600 realm.
Melina Palmer: This tends to have less impact when you get into middle numbers dropping down.
Melina Palmer: So if instead of having a price be 2500, you were to bring it down to 24 99, it’s not going to have as much of an effect, effect as the 600 to 599, because the four, which is kind of wedged between a bunch of numbers there is what’s coming down, and you’re still starting with a $2,000 front price point, it can still be better to bump down, but, it might not pack quite as much of a punch when it’s in the middle of a number like that.
Melina Palmer: However, consistency is key. So if you have your prices all listed out and you’re explaining them to someone, or you have them on a site and you list them, like one on top of the next, and you were to say it’s 399, 499, 999, and 2500, it’s just weird.
Melina Palmer: And it’s going to throw people off more than anything, which is going to flag the conscious brain and make them evaluate all the prices differently than they would have otherwise.
Melina Palmer: Then people might get more hung up on that strange transition, have their brain get
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Melina Palmer: overwhelmed, and be less likely to take any action at all.
Melina Palmer: So if you pick a number in that sort of ending or a strategy for your pricing, just stick with it and keep it consistent.
Melina Palmer: This is less of a concern, though, if you don’t list out all your prices together or you have different segments you market to.
Melina Palmer: For example, if you have some packages that are on your website that are all, say, under $1,000.
Melina Palmer: but then you do in person sessions that are in the multi thousands, or you have packages that are at whole numbers.
Melina Palmer: You can kind of play around with that. But just at the basic level, keeping consistent is always more valuable than not.
Melina Palmer: So for your own peace of mind, it might be worth keeping it the same, too.
Melina Palmer: I mean, you could go through and test if you had one segment all ending in round numbers and one segment where they were all less and you wanted to see if they did better, but that’s likely to get your brain confused and you might misquote people and it’s just a bad experience.
Melina Palmer: So consistency, as in so many other areas of our lives, is really key in this setup.
99 vs. 97/95
Melina Palmer: The framing of pricing matters more than the number itself. Okay, next is the great debate of 99 versus 97 or even 95. So this would be the question of, you know, we already answered, should you price at 500 or 499?
Melina Palmer: And then now would be, once you know you’re going to round down, should it be 499 or 497 or maybe 495?
Melina Palmer: Unfortunately, if you do the research, go looking around, there really isn’t a conclusive answer here.
Melina Palmer: Nothing that would definitively say that one number is always best.
Melina Palmer: In general, any of them will typically convert better than the rounded zero because of the first digit difference that I talked about already.
Melina Palmer: I, of course, have an example at the end of this section about a time where you would want to use the zero.
Melina Palmer: But, Hold on, we’ll get there in a second, okay?
Melina Palmer: Because as you’ve heard me say many times before on many episodes, everything leading up to the pricing matters more than the number itself.
Melina Palmer: I’m going to say it again. It doesn’t really matter if you’re 99 or 97 or 95. Pick one that you like and stick with it.
Melina Palmer: One study claims that the seven sold a little better than nine and a lot better than five.
Melina Palmer: Some people swear by ending in nine. No one has done enough research to have a conclusive and definitive answer.
Melina Palmer: And as I’ve said, and I’m going to get into this example in a second, the framing matters and makes a difference in which time you want to use which type of pricing or number.
Melina Palmer: For me, I use nines in my pricing. Many of my friends have sevens. Do with that what you will.
Random vs. Round Numbers
Melina Palmer: The last question I get fairly often in pricing is about using totally random and sometimes interesting numbers.
Melina Palmer: So this would mean instead of pricing something at 5000 or 4600 or even then bumping down to 4599, you would instead price it at $4,567.89.
Melina Palmer: And in case you heard that number and thought that’s a long number, you might not have realized that when you look at that number, it reads 456789. So the reason that this could work is this is something that’s more likely to make someone stop and say, what?
Melina Palmer: And that can be good. If you’re trying to disrupt a set buying cycle, this gets into habitual buying, which is going to be the focus of an upcoming foundations episode.
Melina Palmer: But in general, 95% of purchases are considered to be habitual.
Melina Palmer: And if you are the thing being bought habitually, you do not want to upset the process.
Melina Palmer: So if you’re the market leader or you have somebody that’s consistently buying from you, you don’t want to put weird numbers like that out into the world because it’s going to make them shake things up.
Melina Palmer: You’re going to kind of buck their trend. However, if there is a very well established or set market leader and you’re trying to compete against them and get somebody to notice you if you’re new to a market or in a different space than you’ve been before, having a
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Melina Palmer: weird number, whether it’s $4,567.89 or someone, when I was just in Arkansas, asked a question about pricing that was, they said they did something with photos and the pricing was 13, 25, 28 or, I don’t know, weird numbers, but not in a sequential, setup like for the 456 one.
Melina Palmer: If you’re trying to again, buck the system, that can be helpful.
Melina Palmer: If you’re not, it could actually do more harm than good.
Melina Palmer: And that helps lead into why all of this is relevant. On this number framing episode.
Melina Palmer: There was a study that was done a couple years ago in the Journal of Consumer Research called this number just feels right.
Melina Palmer: And of course there’s a link. In the show notes.
Melina Palmer: They did some research into pricing of round numbers versus odd ended numbers.
Melina Palmer: And the study found that luxury pricing, or other things that are bought on emotion, like a bottle of champagne, sold better when they were priced at an even dollar 40 instead of being 39 72 or 40 28, which, you know, makes sense because essentially the discount that whether it’s 99 or 97 or 72 in this case makes your brain trigger to think it’s going to be a deal.
Melina Palmer: And if you’re buying something that’s more of a luxury item or you’re buying on emotion, you want that higher quality and you don’t want to have this idea of it being at a discount.
Melina Palmer: Another experiment looked at pricing for a camera in this case, one group was told that it was being purchased for a family vacation, and the other was told it was for a class project.
Melina Palmer: The participants favored the rounded prices for leisure and luxury, emotional purchase of a vacation, and the non rounded prices when they thought it was for a class project.
Melina Palmer: Which is more functional? Or you’re looking for a deal.
Melina Palmer: Again, exactly the same camera, but in this case, the frame mattered. That’s what this tells us.
Melina Palmer: What is the mindset someone is in when they’re going to buy from you?
Melina Palmer: What do you offer and why are they going to use your product?
Melina Palmer: Are you a high end luxury brand or trying to help people see your items as a deal?
Melina Palmer: Those frames all matter more when picking your pricing than those specific numbers themselves.
Melina Palmer: And this gets back to considering the ripples which I talked about last week and on episode eight, which was on change management, to use the frame terminology.
Melina Palmer: Think of this as the customer’s frame of reference. Where are they coming from? What matters to them?
Melina Palmer: Use that to choose your price, and pick one that helps you feel confident.
Melina Palmer: Because as I have said in the it’s not about the cookie series and episode 13 on mindset, confidence helps you sell and encourages people to buy.
Melina Palmer: So that’s your frame of reference. So picking a price you feel good about and you can say and be confident in is better than what everyone else says you should do.
Melina Palmer: And similarly, understanding that frame of reference from your customer to help you feel confident in the way that you’re going to present your pricing will have, much more impact than going with a seven versus a, nine, for whatever arbitrary reason.
The Power of Statistics and Numbers
Melina Palmer: Statistics and numbers can be very persuasive when presented properly. Okay, enough about that. Let’s move on to other statistics.
Melina Palmer: You may think your business doesn’t use statistics or that your clients don’t care about them, but in reality, statistics and numbers are everywhere.
Melina Palmer: And they can be very persuasive when presented properly and actually very negatively persuasive when presented wrong.
Melina Palmer: If you look around, you can see numbers in almost, almost every advertisement out there.
Melina Palmer: Four out of five dentists agree or kills. 99.9% of germs, or 95% would recommend to a friend.
Melina Palmer: Or 87% of women saw, results in six weeks, and 99% saw results in six months.
Melina Palmer: Once you start looking for them, you’re gonna see numbers everywhere.
Melina Palmer: Gas mileage, on the highway versus in town, or versus another car.
Melina Palmer: That percentage of fat versus fat free 100% whole grain freshens breath three
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Melina Palmer: times better, two times the cleaning power.
Melina Palmer: I think you get the idea. So why have you not really noticed the sheer volume of them before?
Melina Palmer: It’s because your subconscious brain can easily make a choice when given these number frames.
Melina Palmer: This helps incorporate a few other concepts, like relativity, which was the focus of episode twelve.
Melina Palmer: Numbers help your brain value things and make comparisons, which you know from that episode on.
Melina Palmer: Relativity is something your brain really likes to do that helps it to make a decision without flagging your conscious brain.
Melina Palmer: And if you remember that 99% of decisions are made subconsciously, you either make it easy on the brain so it can go with the flow, or you make it hard and shift into the conscious space, which is slow and more likely to get quickly overwhelmed.
Melina Palmer: But like I said, if you’re trying to disrupt the market or you’re trying to interject into a habitual buying sequence, that could be worth doing.
Numbers in Business and Herding
Melina Palmer: Frames in numbers matter in your business because they help predict success. So your first step is to look for numbers in your business.
Melina Palmer: You have them, and many would help people to do business with you because people like to be part of the group.
Melina Palmer: I’ve talked briefly about herding in previous episodes, and it will have its own episode soon, and it is a big reason why framing in numbers matters.
Melina Palmer: Here’s an example. Let’s say you’re in a new city, you’ve never visited, and you want to know where to eat dinner.
Melina Palmer: How do you decide? You could just wing it, hope for the best.
Melina Palmer: But most people would not be happy with that scenario.
Melina Palmer: These days, you probably turn to something like Yelp, or if you’re celiac, like me, it’s all about find me gluten free, which is both a website and an app.
Melina Palmer: So you assume a lot of positive ratings mean something, and in many cases it helps.
Melina Palmer: But what if all those people have different tastes than you?
Melina Palmer: Or what if they are paid by the restaurant to give five star reviews?
Melina Palmer: Or maybe they just have really low standards. If you’re scrolling through and one restaurant has ten five star reviews and the other only has one, do you assume that one is better than the other?
Melina Palmer: It might not be, though. Maybe the second restaurant is brand new.
Melina Palmer: Maybe the one with ten reviews hasn’t had any new reviews in the last month, and they just changed donors or head chefs.
Melina Palmer: The point is, you make an assumption based on the numbers you see, and it sets your expectation and primes you for the experience, which is the topic of next week’s episode.
Melina Palmer: This happens because of our herding mentality. We assume other people know more and better than us and simply take their word for it.
Melina Palmer: Before yelp, you might have walked down the street to find a new restaurant.
Melina Palmer: And if one was full and had a line and the one next door was empty.
Melina Palmer: Which one would you go to? Which would you assume was better?
Melina Palmer: Of course, you know this is based on nothing at all.
Melina Palmer: There could be a party at the busy location and maybe the other one just opened a minute earlier and it’s going to have a huge line later on.
Melina Palmer: Statistics like this work because people want to be like everyone else.
Melina Palmer: Not in every way, but in many ways we do. You know, I’m all for uniqueness. I get it.
Melina Palmer: We’re all our own people, but as a species we are conditioned to go with the herd.
Melina Palmer: It’s very deeply ingrained in who we are. It’s about safety. It’s about protecting ourselves.
Melina Palmer: I’ve talked about this before and again, herding will have its own episode.
Melina Palmer: But trust me, this is why this works. So when should you use each type of number?
Melina Palmer: The answer is, of course, it depends. And as with so many things I talk about on the podcast, it’s a good idea to test for yourself.
Melina Palmer: Try to flip and shift in as many ways as possible to see what sounds best and consider why something sounds better from one frame than another.
Melina Palmer: And hint, hint. There’s a free worksheet on the website at the brainybusiness.com 17 to help you with this.
Melina Palmer: Here’s an example for you. I was at a mastermind a few months back. Biz chicks shout out again.
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Melina Palmer: And in that group I was talking about this topic, the power of numbers.
Melina Palmer: I made an example of a statistic on the spot.
Melina Palmer: I made it up as something to showcase what someone would want to look for in their own numbers.
Melina Palmer: I said something like 87% of our customers renew their contracts, or 87% of people would refer us to another friend or family member.
Melina Palmer: Someone followed up with me after the mastermind to ask about how she set this up in her business.
Melina Palmer: So she did the work. She went and looked and found some of her own numbers and came back and said she was going to use this statistic of 78% of customers get additional services.
Melina Palmer: And I responded that she should change that to instead be four out of five customers get additional services.
Melina Palmer: If you’re anything like her, you might be wondering why I recommended the percentage for one and the out of for the other.
Melina Palmer: So here’s what I told her. 87% is a high percentage.
Melina Palmer: It would round up to 90 easily, which is basically 100. The brain sees it as high, but 78% would only round up to 80, which sounds much lower.
Melina Palmer: And 78% could be attributed to grades in many minds, which is a c and possibly close to failing depending on your school, it just has negative connotations in the brain.
Melina Palmer: You could also present the number as eight out of ten, but with any fraction you want to round down to the lowest possible denominator, which leaves you with four out of five, which sounds much better than 78% or even 80%.
Melina Palmer: Even though it’s exactly the same thing, there are many ways to present information in your business.
Melina Palmer: For example, over half sounds better than 51%. And you don’t have to stay within the strict realm of numbers.
Melina Palmer: For example, most sounds better than 60%. And remember, the frame can also be flipped the other way.
Melina Palmer: Consider the opposite side of each statement, because even though the subconscious might gloss over it, it might also dig in and try to figure out what is being said.
Melina Palmer: For example, saying 87% of women saw, results means that 13% didn’t.
Melina Palmer: And what about sales that are up to 75% off that can draw you in?
Melina Palmer: We want a deal, and your brain assumes it’s a great sale.
Melina Palmer: I mean, why would they put that out there if it’s not?
Melina Palmer: But there could only be one item at 75% off, and maybe it’s something terrible.
Melina Palmer: Everything else is only 20% off the frame. Set your expectation.
Melina Palmer: As a note, most retailers and businesses do not use predatory practices like I’m referencing here while playing devil’s advocate.
Melina Palmer: And you definitely should not go in the predatory practices, I’m giving these extreme examples to help you to realize how often the human brain makes assumptions based on numbers and how changing them up can make a difference.
Improve Your Business with Behavioral Economics
Melina Palmer: Use behavioral economics to help improve your presentation in your business. So here is your assignment, and like I said, there’s a free worksheet for you to help test this out.
Melina Palmer: Find a number in your business and look at all the different ways to present it.
Melina Palmer: Maybe find one that’s a really good number and one that is a less than stellar number, and see how you can showcase it differently.
Melina Palmer: Which way does it sound best? Which sounds terrible? Does your customers frame of reference influence how they would interpret the numbers in any given presentation?
Melina Palmer: Try decimals and percentages and fractions and verbal expressions. Flip each one and see what the flip side would say.
Melina Palmer: And then experiment to see if any of them work better than others.
Melina Palmer: And let me know which works best for you. I am really excited to hear how you use this in your business.
Melina Palmer: Again, that free worksheet to help you go through that yourself is on the newly revamped website@thebrainybusiness.com, 17. And if you would like some help coming up with ways to best use framing in your business, let’s have a strategy session whether you already have a message in mind or some ads, a brochure, a webpage you’ve been running and you want to know how to make it better or you’re not sure where to start, I can help schedule your free consult@thebrainybusiness.com and click
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Melina Palmer: on work with me.
Melina Palmer: You can pick a time that works for you and we’ll have a quick chat to see if we’re a fit.
Melina Palmer: Based on your unique circumstances, I’ll put together a custom plan to work through your project, and if you’re not sure what it would look or sound like, revisit episode ten, which is an on air strategy session.
Melina Palmer: And you can see it’s super easy. We just have a conversation and you don’t even have to take notes because I send you a video of the session once we’re done.
Melina Palmer: So you can keep and use all the tips that you get in our session and apply them in any aspect of your business that you want.
Melina Palmer: Again, as I’ve said in episode four, questions and answers, there are no bad questions.
Melina Palmer: And even having a, I’m not really sure what to, to start.
Melina Palmer: But this is what I want to achieve is going to lead to a fantastic and amazing conversation.
Melina Palmer: That is where we can really unlock a lot of the secrets where if you’re not trying to put out a fire, sometimes the best time to be looking at ways that you can be improving when everything’s going pretty well and you just want to sit down and say, how could I do better?
Melina Palmer: Or take a look at this, let me know what I could be doing differently, or how could we incorporate behavioral economics here?
Melina Palmer: I know that you don’t necessarily know where it could go in and what concept it would be, and you don’t need to.
Melina Palmer: There’s no reason. That’s why I’m here. I’m here to help you with that.
Behavioral Economics and Conversion Rates
Melina Palmer: Behavioral economics can help you improve your conversion rates in any business. So if you have any area of your business where you’ve thought, man, I wish I could be better at converting, or I wish that more of the people that reached out to me to start a, call ended up getting a final booking, or I wish that more of the leads on my website were going to click on something or whatever it happens to be more ads converting, wanting to know if your social profiles are conveying your brand properly in the brain of the consumers that
Melina Palmer: you’re trying to market to whatever it is, any of those questions you’ve thought of, I can help you to understand what you’re doing right, what you could tweak to make it better and a really huge impact you can have.
Melina Palmer: I recently had a client of mine, we worked together on launching a new checking account for them, their credit union.
Melina Palmer: And in this launch, it’s a. It’s a small tweak to one they were doing before.
Melina Palmer: but it’s actually a really great new product that they’re offering, and they still have the old one.
Melina Palmer: And since the launch, which was back in July, they have been opening 60% more accounts month over month based on the reframing suggestions that I provided to them.
Melina Palmer: In this case, it’s one that offers interest rate on a checking account.
Melina Palmer: And so instead of saying that it’s, and I can’t even remember, it was 2.15 or something percent interest on up to $25,000, which you hear that and think, oh, I don’t know what that means.
Melina Palmer: You know, your brain doesn’t process those numbers very well.
Melina Palmer: But what I recommended for them in using behavioral economics more effectively was to instead say, did your checking account pay you $315 last year?
Melina Palmer: That’s a question that’s really easy for you to answer. And for most people, the answer would be no.
Melina Palmer: And then you could say, how can I get that?
Melina Palmer: And it’s by going to this particular credit union, which is actually called Coast Hills Credit union there in California.
Melina Palmer: And so I know I have a lot of listeners there, so give them a look up and see maybe they’re going to be a great fit for you.
Melina Palmer: Whatever your business, whatever you do, definitely, I can help, and I can help you to have a big impact with some small tweaks.
Thank You for Listening
Melina Palmer: Before we wrap up the episode, I want to thank you for listening. Again, before we wrap up the episode, I just want to thank you for listening.
Melina Palmer: I know you have a lot of choices when it comes to podcasts, and beyond that, you could choose to binge on Netflix or listen to music.
Melina Palmer: So I’m honored that you’ve chosen to spend your valuable time with me.
Melina Palmer: Many listeners have told me they listen while at the gym, or going for a run, or getting ready in the morning, or driving whenever you listen.
Melina Palmer: Thank you for making me part of your routine. I appreciate it. And I appreciate you for listening and subscribing.
Melina Palmer: If you’ve not yet subscribed, make sure to do that in the podcast app you’re listening from, so you can get all the episodes automatically downloaded right onto your phone.
Melina Palmer: It makes it super easy and ensures you never miss a thing.
Melina Palmer: And if you’re listening on YouTube, new and exciting, take a moment to subscribe to the channel so you get all the new episodes there.
Melina Palmer: As well as other exclusive content right when it comes out.
Melina Palmer: So if you listen to the podcast, you could also subscribe to the YouTube channel because there will be videos and tips there that will not be in necessarily in
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Melina Palmer: podcast episodes.
Melina Palmer: Finally, do you know somebody who could use the information in this episode?
Melina Palmer: If so, I would love if you shared it with them. It’s super easy to do.
Melina Palmer: You can either copy the link from the app you’re listening to and then text or email it to them, or simply send them a link.
Melina Palmer: Thebrainybusiness.com 17 thanks in advance for helping to spread the word.
Melina Palmer: I really appreciate it, and I’m sure they will too.
Episode Wrap Up
Melina Palmer: This episode on unlocking the secrets of numbers is a wrap. All right with that, this episode on unlocking the secrets of numbers and taking framing that step further is a wrap.
Melina Palmer: As you heard, next week, episode 18 is back to behavioral Economics Foundations. We’re going to be talking about priming.
Melina Palmer: You won’t want to miss it. Until then, thanks again for listening and learning with me, and remember to be thoughtful.
Announcer: Thank you for listening to The Brainy Business podcast.
Announcer: Melina offers virtual strategy sessions, workshops, and other services to help businesses businesses be more brain friendly.
Announcer: For more free resources, visit thebrainybusiness.com.
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