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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?

222. How To Test Nudges In Your Ads and Social Media, with Phill Agnew

In today’s conversation, I am joined by Phill Agnew, host of the Nudge podcast. Phill and I have gotten to be friends over the last couple of years and I’ve been honored to have been a guest on his podcast before, but this is the first time he is joining me here on The Brainy Business.

So, you may be wondering…why now? As you’ll hear me share in our conversation, one main reason is that Phill has been EVERYWHERE in my social media recently. He is doing some amazing, relatable, applicable work. I love how he is showcasing the simple tests he is conducting to really practice what he preaches in the incorporation of behavioral economics into business application. In today’s episode, he explains some of his top tips and insights – in a way you can absolutely go through and try yourself. Listen in and then get out there and create your own test to get started! (And share it with us using the social links below.) Small changes can make a big impact.

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IN A RUSH?

HERE'S A 2 MINUTE TIP.

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SHOW NOTES:

  • [00:40] In today’s conversation, I am joined by Phill Agnew, host of the Nudge podcast. 
  • [01:15] Phill is doing some amazing work and I love how he is showcasing the simple tests he is doing and really practicing what he preaches in the incorporation of behavioral economics into business application. 
  • [03:23] Phill shares about himself, his background, and what he does in the world of behavioral science. 
  • [04:34] In 2019 he launched the Nudge podcast. He launched the podcast to learn more, interview experts, and pick their brains to learn even more. He has been growing the show for the last three years. It is really important to him that everything on the show is applicable. 
  • [06:15] Small changes can make a big difference. 
  • [07:27] Phil shares about his tests on TikTok using the curiosity gap. 
  • [09:25] He found that his curiosity gap-inspired videos made people far more likely to watch the full video and become a follower of his channel. 
  • [11:38] Before launching The Brainy Business podcast Melina went live on Facebook for 30 days to increase excitement. 
  • [13:34] VIDEO TIP: Pack in as much curiosity as you can in the first 10 seconds. 
  • [14:49] He spends a lot of time advertising and testing things out on Reddit. 
  • [16:27] Phill shares about testing social proof. Social proof is the idea that we follow the actions of others. 
  • [17:32] 75% of the time people will give the answer they know is wrong to go with the group. Showcasing an action that other people are doing can be really smart. 
  • [19:08] Applying these small nudges to the way you communicate can make your communications more effective. 
  • [20:14] When testing, your variant and control should be very similar. The only thing that is different is the thing you are trying to test. He uses Google surveys a lot. 
  • [21:17] Fresh start effects can be really powerful. Phill shares about his tests using the fresh start effect. 
  • [23:56] Classic commitment devices can definitely have an effect as well. 
  • [25:38] Phill shares another Google survey he did about podcast cover art and what he learned from the test. 
  • [28:01] Check out Phill’s podcast Nudge.
  • [28:41] Melina shares her closing thoughts. 
  • [31:32] As you move forward with the insights from the episode, it is time to overcome your own time discount tendencies and optimism bias. Take a moment now to do something to start applying what you learned in the show today. Now is the time to do one thing.

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