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

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Podcast Episodes

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

212. That Time I Went Viral… with Dr. Daniel Crosby

Today, I am very excited to introduce you to Dr. Andy Luttrell, a social psychologist who has (at least so far) devoted his career to understanding people’s opinions. You know I love a good question, and he is mostly curious about those opinions people hold onto really tightly and can’t seem to let go of. As he asks on his website, “Why do we hold some views that define us and others that we’re happy to change?” 

Such an interesting topic, and I am excited to let you hear some of his findings on the science of opinions and how that ties in with persuasion in our conversation today. Today, I am very excited to introduce you to Dr. Andy Luttrell, a social psychologist who has (at least so far) devoted his career to understanding people’s opinions. You know I love a good question, and he is mostly curious about those opinions people hold onto really tightly and can’t seem to let go of. As he asks on his website, “Why do we hold some views that define us and others that we’re happy to change?”

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IN A RUSH?

HERE'S A 2 MINUTE TIP.

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SHOW NOTES:

  • [00:48] Two days before this episode airs, on July 6, 2022, we celebrated the four-year anniversary of The Brainy Business Podcast!
  • [02:35] In the episode today, we talk a little about Daniel’s books and the work he does in behavioral science around investing, which is very cool and so relevant.
  • [05:40] Daniel shares about himself, his background, and the work he does.
  • [07:31] He loves studying human behavior and thinking deeply about why people do the things that they do but he didn’t want to do it in a clinical context. 
  • [08:57] He has two popular books: The Behavioral Investor and the Laws of Wealth. 
  • [11:03] The Laws of Wealth is his “ten commandments of investor behavior” and it talks about the power of behavioral principles. 
  • [12:50] The Behavioral Investor is a deeper dive into externalities that are incredibly important but often overlooked. 
  • [14:40] Dr. Crosby’s top investment tips: automate, have a financial process, and get a third-party opinion on decisions. 
  • [16:02] One of the reasons folks have such a hard time investing is because it is so counterintuitive. 
  • [17:40] Our herding instinct does not serve us well in investing. 
  • [20:38] Daniel’s went viral with a tweet. 
  • [22:17] When he figured out what was causing his tooth pain he decided he needed to make better health decisions and gave up Diet Coke. 
  • [23:44] He snarkily tweeted that he had given up Diet Coke over a month ago and he didn’t have any of the joys people told him he would receive. 
  • [24:39] Elon Musk responded to his tweet and it went crazy with over 32 million views and over half a million likes and retweets. 
  • [26:34] Part of what made his tweet go so viral was that there were at least two camps chiming in the comments, especially Diet Coke addicts. It also went viral on TikTok and Instagram. 
  • [28:12] It struck something powerful in two very different groups of people. 
  • [28:39] The most fascinating piece to him was follower count because he initially lost thousands of followers and then he ended up about where he started. 
  • [29:55] His analytics showed that he gained 87 followers from a tweet that 32 million people saw in one day. It shows that going viral in an off-brand way doesn’t do much for you. 
  • [32:28] We spend so much time thinking about going viral and then it often doesn’t help much. 
  • [33:42] It was uncomfortable for him to have the heat turned up that high and know that many people were looking at him. 
  • [35:40] He decided not to use the viral tweet for self-promotion or business because the content was very different. 
  • [36:32] Melina shares an article that she recently wrote for Inc. about Brand Lessons from the Michelob Ultra Guy. 
  • [39:18] Daniel shares about the Ocean Spray guy and his interaction with an intern at Diet Coke. He got a 24-pack and 2 six-packs of free soda. 
  • [42:08] Usually we expect viral posts to be over the top. His tweet was surprising, it was funny and still vanilla. 
  • [44:53] There is nothing so low stakes on the internet that people can’t make a big deal about it. It gave him the sense of the power of a crowd so it actually made him go into his shell a bit. 
  • [47:24] Melina shares her closing thoughts.
  • [47:52] Melina shares Daniel’s full viral tweet.
  • [49:02] We as humans feel this need to strive for that silver bullet…the one thing that will change everything, but in reality, it is a lot of little things that add up to a life and business that makes a difference.
  • [50:45] Don’t sit around hoping and lamenting over that one thing that could change everything. Instead, focus on one thing you can do each day to get a little bit closer to your goals and show up where it counts, so people can rely on you and your content.
  • [51:44] Whenever you are listening, will you pay it forward and share an episode with a friend? If you love the Brainy Business, let’s share it with more people from around the world who would love to be a little more brainy. None of this would be possible without you, so thank you again for listening, subscribing, sharing, rating, and leaving reviews. I appreciate you!
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