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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?

296. Framing: The Secret Weapon for Business Messaging Success (Refreshed Episode)

In the context of business messaging, frames play a crucial role in shaping the way potential customers perceive products and services. Different frames can evoke distinct emotions or reactions, as well as influence the customers’ decision-making process. When applied effectively, framing can make a product or service more appealing, inspiring curiosity and generating positive associations in the minds of potential buyers. Framing can also demonstrate the benefits and value provided by a particular offering, ultimately increasing the chances of conversion. 

In the podcast, Melina Palmer discusses the importance of framing in marketing and advertising. She emphasizes that the presentation of a message, including the choice of words and phrasing, can have a significant impact on the way it is received and acted upon by the target audience. As such, marketers should carefully consider the use of frames, always taking into account the context in which they communicate their offering. By doing so, they can maximize their chances of resonating with potential customers and increase sales. Insights in this episode will help you to:

  • Grasp the power of framing and its influence on people’s perception and communication.
  • Master the art of employing framing tactfully in advertising and marketing campaigns.
  • Adopt ethical framing practices to genuinely benefit consumers.
  • Implement insightful techniques for effective framing in your business messaging.
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HERE'S A 2 MINUTE TIP.

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SHOW NOTES:

  • 00:00:00 – Introduction,
    Melina Palmer introduces the topic of framing and explains why it’s essential for anyone looking to apply behavioral economics to their business.
  • 00:03:24 – The Power of Frames,
    Melina explains how frames impact the way we perceive the world around us and how our subconscious brain evaluates everything very quickly.
  • 00:09:23 – The Nail Salon Example,
    Melina uses the nail salon example from episode 2 to illustrate how framing can make a difference in how people perceive your business.
  • 00:12:51 – Loss Aversion and Framing,
    Melina discusses how framing can impact loss aversion and how losses are actually twice as powerful a motivator as gains according to research by Kahneman and Tversky.
  • 00:14:44 – Examples of Framing,
    Melina provides examples of how framing impacts the way we perceive things, such as labeling food as “90% fat-free” vs. “10% fat” or saying “Serena lost” vs. “Osaka won” in the context of the US Open.
  • 00:17:16 – Importance of Context in Framing,
    The way a message is framed can impact how someone reacts to it, based on their individual context. For example, promoting a credit card bonus offer may annoy existing cardholders who are not eligible. Therefore, it’s crucial to consider the context and placement of messaging when developing marketing strategies.
  • 00:18:15 – Tversky’s Studies on Framing,
    Tversky conducted several studies on framing, including one on the impact of framing on doctors’ decisions about lung cancer treatment options. The study showed that framing the same information differently can lead to significantly different outcomes.
  • 00:20:07 – The Disease Problem,
    The Disease Problem is a classic example of the impact of framing on decision-making. In the study, participants were more likely to choose a risky option when the information was framed positively, as opposed to when it was framed negatively.
  • 00:25:33 – Examples of Verbiage Using Framing,
    Verbiage such as “Chevron with Techron” or “America’s best selling brand” are examples of framing in marketing. The way a message is presented can impact how it’s received by the audience, and it’s crucial to choose the right framing to achieve desired outcomes.
  • 00:29:43 – The Impact of Naming on Framing,
    Choosing the right name for a business can impact its success. A poorly framed name such as “Avg Daycare” can negatively impact business, whereas a well-framed name can have a big positive impact.
  • 00:35:39 – The Impact of Framing on Consumer Behavior,
    Framing can impact the way consumers feel about a product or service. A well-worded frame can help someone appreciate a product or service, while a poorly worded frame can repel them from it. It’s important to use framing in a way that helps people see the benefits of a product or service without tricking them.
  • 00:39:27 – The Power of Claiming Ownership,
    When a company makes a claim, even if it’s something their competitors could also claim, it becomes associated with their brand. The power of claiming ownership is evident in BECU’s marketing campaign, which made it difficult for other credit unions to use similar messaging (even though it was true for them as well).
  • 00:43:38 – Implementing Framing Strategies,
    Melina’s top three framing strategies to try right now: replacing “if” with “when,” using “everyone” instead of “anyone,” and ending with a question. Curious why? Listen in…
  • 00:47:22 – Conclusion
    Melina’s top insights from the conversation. What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media — you’ll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

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