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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?

368. Tapping Into the Power of Habit: How to Build Customer Loyalty (Refreshed Episode)

In this episode of The Brainy Business, Melina Palmer dives into the fascinating world of habits and their impact on business. Inspired by an upcoming interview with author Scott Rick on habits and money, Melina explores how habits can be harnessed in various business settings. She shares examples of big players like Starbucks and Costco, highlighting how they leverage habits to keep customers engaged and coming back for more. 

Melina’s insights on the power of habits and their application in business provide a fresh perspective for entrepreneurs and business owners. By understanding the psychology behind habits, she emphasizes how businesses can create rituals, anticipation, and a sense of scarcity to increase customer engagement and loyalty. Tune in to gain a deeper understanding of how habits influence consumer behavior and how you can leverage them in your business to drive success.

In this episode:

  • Maximize Business Success with the Power of Habits
  • Unleash Marketing Success by Leveraging Habit Formation
  • Master the Job to be Done Method for Business Growth
  • Unlock Alternative Product Uses by Breaking Habits
  • Foster Consistency and Engagement in Networking
  • Drive Engagement through Strategic Content Creation
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HERE'S A 2 MINUTE TIP.

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SHOW NOTES:

00:00:00 – Introduction
Melina Palmer introduces the episode and discusses the importance of habits in business and personal life.

00:03:12 – Leveraging Habits in Business
Melina explains how businesses use habits to their advantage, with examples from Lego, Starbucks, and Costco, and how to apply them in different industries.

00:07:46 – Habit Formation with Apps
Melina discusses how apps use daily bonuses to create habits and increase user engagement, using examples from popular games like Candy Crush.

00:12:56 – Habits to Overcome Stress and Boredom
Melina delves into the role of habits in overcoming stress and boredom, using the example of KitKat’s tie-in with coffee breaks to increase sales and customer habit formation.

00:18:08 – Understanding Consumer Habits
Exploring the connection between consumer habits and the placement of products in stores, highlighting the importance of understanding the job a product is hired to solve rather than just its features.

00:19:16 – Uncovering Consumer Behavior
Researching consumer behavior at McDonald’s, specifically focusing on morning milkshake purchases and the reasons behind them. The importance of understanding the job a product is hired to do and making it easy for consumers to fulfill that job.

00:22:12 – Leveraging Consumer Insights
Highlighting the significance of understanding how consumers use a product in unexpected ways, and how this can lead to new marketing opportunities. Examples include NyQuil introducing ZzzQuil and the popularity of life hacks.

00:25:39 – Payment Habits and Consumer Behavior
Exploring the impact of auto-pay and regular payments on consumer habits, and how businesses can leverage this to encourage customer loyalty. The importance of making payments easy and small in order to foster habitual behavior.

00:29:35 – The Power of Appointment-Based Services
Discussing the benefits of appointment-based businesses, and the importance of making it easy for customers to schedule and keep regular appointments. Examples include hair salons, nail salons, and massage therapists.

00:34:12 – The Importance of Making Habits a Priority
Making regular appointments a habit by prescheduling can lead to client loyalty and reciprocity.

00:35:19 – Networking and Social Media Habits
Being part of people’s routines is crucial in networking and social media. Consistency in engagement and genuine relationships are key.

00:38:19 – The Power of Consistency in Content Creation
Consistency in content creation is essential for building habits in your audience. Repetition and reliability drive engagement and loyalty.

00:39:27 – Importance of Commitment and Frequency
The commitment to frequency in content creation is crucial for building habits. Being less frequent can make it harder for the audience to form a habit.

00:43:10 –  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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