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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

Apr 9, 2021

I can hardly believe the topic of this episode! It has been such a long time in the making and I’m so honored and overjoyed to be able to share this with you. My first book, What Your Customer Wants and Can’t Tell You, is coming out and will be available in the world starting May 11, 2021 in the US and shortly thereafter around the world. This book has been a labor of love and I am so unbelievably ready for it to be out in your hands! 

In this episode, I will let you know what to expect when you get your copy of the book, why I wrote it, and some behind-the-scenes details from the process. 

Show Notes:

  • [00:08] Today’s episode is a sneak peek at my brand new book, What Your Customer Wants and Can’t Tell You.
  • [02:29] I’ve known for a long time that I want to write a book (many books if I’m expect more in the future!). I would say that I have been pretty actively pursuing the process of getting an agent and a publisher since late 2018 when the podcast was really gaining some good traction.
  • [04:04] A behind the scenes look of how I found my publisher.
  • [04:47] The next step was to finalize the best approach to my first book, and it was determined that going with a format that is very much in line with what you have come to know and love here on the podcast: what behavioral economics is, why it matters, and how to start applying it in business.
  • [06:29] Smart brands work with the subconscious mind of the customer, and can uncover things people didn’t even know how to articulate for themselves. These are our favorite brands, the ones that change the world because they are so perfect people can’t help but fall in love with them.
  • [07:30] Now with the power of behavioral economics we can understand the science of why people buy. There are business case studies and academic research among many fields and two Nobel prizes paving the way for businesses to use a recipe of sorts to begin applying this themselves.
  • [09:08] Existing books from the field were either too mainstream or too focused for people in business to use for application. I saw this space in the middle (and knew it existed from the thousands of you around the world who love The Brainy Business podcast).
  • [10:04] There was a gap, and so I have filled it with this book. That’s why I wrote What Your Customer Wants and Can’t Tell You. To give a practical how-to guide that you can actually use to start applying behavioral economics in business and uplevel your career. It is backed by tons of research, interviews, and my own experience over the years as an applied behavioral economist.
  • [11:31] It is conversational and fun to read so you will retain what you learn and keep going through the material while giving you the insights you need to start using the information. 
  • [11:50] This book is not meant to sit on a shelf collecting dust. It isn’t a one and done. It is created to make it really easy for you to use again and again, project after project. 
  • [12:03] There is a free PDF workbook that goes along with the book you can download off my website (which will come out when the book does in May) with all sorts of tactics and ways to use the insights beyond what could fit in the book.
  • [13:05] It matters to me that everyone around the world has access to the awesomeness that is behavioral economics AND that they can start using it in a way that will get them results.
  • [13:54] This book was carefully curated into four parts, which are intentionally presented in a specific order. 
  • [14:01] Part one helps you see your brain differently, to know how it really works, and be open to learning. 
  • [14:33] Part two is dedicated to the concepts that are most applicable in business.
  • [15:34] At the end of each of these chapters you will find some tips and a prompt to start applying the information yourself. There is also information on the corresponding episodes of the podcast so you can go learn more about each concept, AND there is a section letting you know where you will see that particular concept come up again in part three of the book.
  • [16:14] The concepts you will find in part two of the book are framing, priming, anchoring & adjustment, relativity, loss aversion, scarcity, herding, social proof, nudges and choice architecture, the paradox of choice, partitioning, the pain of paying, surprise and delight, the peak-end rule, habits, and reciprocity.
  • [17:38] Part three builds upon the foundations (concepts) from the previous section and shows how they can be combined in various ways to get incredible results for businesses.
  • [19:00] Similar to the experience in part two, each chapter ends with a list of the concepts that were included within the stories or information in that chapter, so you can easily reference back to them as you begin the application process using the prompts provided.
  • [20:30] Part four is what helps this book be more than an interesting read. It shares some of your brain’s biases and tricks that are there to keep you feeling safe but keep you stuck when you actually want to change.
  • [21:22] Melina’s first book, What Your Customer Wants and Can’t Tell You is officially on presale and available on AmazonBookshop, Barnes & Noble, Book Depository, and Booktopia. Buy today and be one of the first to receive a copy when it officially launches May 11, 2021.
  • [23:02] Thank you so much to everyone who has already preordered. It has been awesome to see traction already. The book has hit #1 new release status in multiple categories on Amazon including market research business books and business encyclopedias, many weeks before it is even available which is so cool. At one point so far it was in the top 25,000 books selling on Amazon of the nearly 50 million they have there, which is amazing.
  • [23:39] Thank you to the early readers and supporters. 
  • [24:11] What an amazing ride it’s been getting this book ready. I can’t wait for you to receive yours and to hear what you think!

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