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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?

372. Survival of the Brainiest: Using Evolutionary Thinking to Outsmart Your Competition

In this episode of The Brainy Business podcast, Sam Tatum, the leader of Ogilvy’s behavioral science team, shares insights from his book, Evolutionary Ideas, and its application in problem-solving. Sam’s background as an organizational psychologist and his transition into advertising strategy equips him with a unique perspective on the intersection of behavioral science and business. 

His book emphasizes gaining insights from nature to drive innovative solutions in business, drawing parallels between the natural world and applied behavioral science. He highlights the significance of long-term thinking, alternative options, and the potential impact of small ideas in problem-solving. By exploring shared solutions and learning from diverse fields, such as biology and engineering, Sam advocates for a practical and creative application of behavioral science. This episode offers valuable insights for business professionals and entrepreneurs seeking innovative problem-solving approaches based on behavioral science principles.

In this episode, you will:

  • Apply behavioral science to enhance problem-solving and innovation in business.
  • Understand the power of reciprocity in shaping human behavior.
  • Explore the pivotal role of language in influencing perception and decision-making.
  • Embrace shared solutions as a strategic approach to effective problem-solving.
  • Implement practical problem-solving approaches rooted in behavioral science.
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HERE'S A 2 MINUTE TIP.

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SHOW NOTES:

00:00:00 – Introduction,
Melina introduces the podcast episode and guest, Sam Tatum, and discusses the focus on evolutionary ideas and how nature can provide insights for solving business problems.

00:07:29 – Nudgestock Pivot
Sam discusses the decision to pivot Nudgestock to a virtual event in 2020 due to the pandemic and the success of the event, as well as the long-term impact and growth of the event.

00:11:32 – Evolutionary Ideas Book Inspiration
Sam shares the inspiration behind his book, Evolutionary Ideas, including his keynote talk and the concept of borrowing from the natural world to solve human challenges, as seen in biomimicry.

00:14:30 – Biomimicry and Applied Behavioral Science
Sam explains the concept of biomimicry and how it can be used to explore the realm of possibility in applied behavioral science, drawing parallels between adapted solutions in nature and adapted psychological solutions for human challenges.

00:16:06 – Reciprocity and Adaptation
Sam discusses the concept of reciprocity and adaptation by using the example of vampire bats. He emphasizes the importance of understanding and appreciating these behaviors on a continuum, highlighting their positive role in survival.

00:17:18 – Trust and Solutions
Sam delves into the role of trust in social well-being and its connection to reciprocity. He explores the idea that understanding concrete concepts, such as the behavior of vampire bats, can pave the way for identifying psychological solutions.

00:19:25 – Language and Perception
The conversation shifts to the power of language in shaping perception and categorization of concepts. Sam highlights the significance of having a rich vernacular to diagnose and apply solutions systematically, drawing parallels with the concept of asymmetric decoy.

00:21:44 – Shared Solutions and Innovation
Sam discusses the shared nature of problems and solutions, emphasizing the evolutionary and adaptive processes that have led to the emergence of common patterns of solutions.

00:30:43 – Applying Behavioral Science in Business
Melina prompts Sam to provide practical advice for applying behavioral science in business. Sam emphasizes the opportunities for employing behavioral science in various business contexts, encouraging listeners to leverage shared psychological principles to drive innovation and problem-solving.

00:32:41 – Learning and applying the notes and chords of psychology
Sam emphasizes the importance of learning the basics of psychology and behavioral science, comparing it to learning notes and chords in music, and how once mastered, they can be creatively applied.

00:34:39 – Reframing problems through a human lens
Sam discusses the importance of reframing problems through a human lens, rather than categorizing them based on industry-specific challenges, and how solutions can be found by recategorizing the nature of the problem.

00:39:26 –  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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