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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?

406. Why We Buy w/ Patrick Fagan (Refreshed Episode)

In episode 406 of The Brainy Business podcast, behavioral scientist Patrick Fagan shares insights on the psychology of effective messaging in marketing, drawing from his extensive research and book “Hooked.” Fagan’s expertise lies in understanding and influencing consumer behavior, utilizing behavioral science to uncover the impact of environmental cues, social media, and psychological segmentation on decision-making processes. 

Through his studies on background noises, Facebook psychology, and segmentation for a supplements brand, Fagan demonstrates the practical applications of behavioral science in marketing. His framework for effective messaging, encompassing attention-grabbing, engagement, and behavior nudges, offers actionable strategies for businesses to tailor messages to different audience segments. By listening to this episode, small business owners and marketers can gain valuable insights into consumer behavior, environmental cues, and ethical messaging strategies, empowering them to enhance consumer engagement and influence purchasing decisions effectively.

In this episode:

  • Understand the psychology of online shopping to optimize your e-commerce strategy.
  • Boost self-esteem with insights into the impact of social media on mental well-being.
  • Utilize behavioral science to craft compelling marketing campaigns that resonate with consumers.
  • Harness the influence of background noise to enhance consumer decision-making processes.
  • Implement effective message engagement strategies to maximize advertising impact.
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HERE'S A 2 MINUTE TIP.

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SHOW NOTES:

00:00:00 – Introduction
Melina introduces Patrick Fagan, author of #Hooked, and discusses the intentionality of marketing messaging in the book.

00:02:13 – Patrick’s Background in Behavioral Science
Patrick shares his background in behavioral science, including his research on music priming for online shopping and the effects of background noises on purchasing behavior.

00:07:15 – Facebook Psychology and Facial Expressions
Patrick discusses his research on Facebook psychology, which found that the platform can impact self-esteem and loneliness. He also shares insights on using facial expressions to measure engagement and boredom.

00:10:23 – Current Projects and Interests
Patrick shares his current interest in understanding behavior and influence, focusing on psychology and behavior segmentation. He highlights a recent segmentation project for a supplements brand, which identified five different types of people with respect to health and nutrition.

00:14:43 – Conclusion and Future Focus
Patrick emphasizes his passion for understanding people’s behavior and motivation, highlighting the importance of psychology and behavior segmentation over traditional demographics and attitudes. He expresses excitement for future projects in this area.

00:15:13 – Understanding Different Motivations
Patrick discusses the different motivations people have for health and fitness, including diet, appearance, achievement, and reassurance. He highlights the importance of tailoring messages to different groups based on their motivations.

00:21:43 – The Power of Habits
Patrick and Melina delve into the influence of habits on behavior, particularly in the context of fitness. They discuss how habits can impact people’s reasons for exercising and how triggers can influence their decision to engage in physical activity.

00:24:44 – Traditionalism and Progressivism
Patrick shares his research on traditionalism and progressivism, revealing that a significant proportion of people are motivated by a desire to return to the past rather than just conserving or progressing. He discusses the implications of this finding for businesses in terms of messaging and branding.

00:27:53 – Applying Psychology to Marketing
Patrick and Melina explore how businesses can utilize psychological insights to tailor their marketing strategies. They discuss the importance of understanding customer mindsets and motivations, and how businesses can use this knowledge to communicate effectively with their target audience.

00:29:45 – The Three Steps of Effective Messaging
Patrick outlines the three crucial steps for creating effective messages: grabbing attention, engaging the audience, and nudging behavior. He emphasizes the significance of understanding the brain’s response to certain stimuli and leveraging this knowledge in crafting compelling messages.

00:30:14 – Attention-Grabbing Factors
Patrick discusses the importance of paying attention to things like kids, faces, emotions, surprise, and personal elements in grabbing attention.

00:31:58 – Engaging Emotionally
Engaging people through curiosity, stories, and fluency is discussed. Using puzzles, riddles, and stories can help people engage and remember information more effectively.

00:34:06 – Nudging Behavior
Patrick talks about the use of priming, memory, motivation, and relevance to nudge behavior. Emotions and relevance play a significant role in motivating people to act.

00:36:45 – Conclusion
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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