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

Sep 27, 2019

Motivation is definitely a key piece of the mindset puzzle, so it’s no wonder its been taking up brain space for me recently. My Instagram followers already know I’ve been working on getting back into running. In this episode, I get vulnerable and share with you my very personal relationship with running. It revolves around a limiting belief that was created in my mind, as well as mindset and motivation issues. 

I also talk about the two types of motivation. Motivation can either be intrinsic or extrinsic. Essentially, that means it either comes from your own self (intrinsic) or from an outside source (extrinsic). I also talk about apps and other things that can help you with motivation (or you can use to motivate employees or customers in your business). In fact, this is where today’s topic came from. While on a run I was thinking about the apps I use and how their pricing could be better aligned with motivation and the way the brain actually works. Hopefully, you’ll walk away with motivation inspiration and pricing insights for your business.


Show Notes:

  • [04:03] Motivation is definitely a key piece of the mindset puzzle.
  • [05:01] I'm going to get vulnerable and share a story about my relationship with running.
  • [06:14] Unfortunately, words from a misguided ballet teacher helped cement a limiting belief in my mind that I couldn't run.
  • [08:27] I wanted to run again and tried, but I still had mindset blocks. In 2013, an executive coach helped me to break through my mindset blocks. 
  • [10:36] I had overcome my running mental demons, but was then hit by two cars on the freeway. This led to new mindset and motivation struggles.
  • [12:09] In August, I decided to apply all of my mindset learning and make a change. I started Couch to 5k all over again from the beginning.
  • [13:30] Running gives me clarity. The spark for this episode came from my thoughts around the running apps that I used and how their pricing could be better aligned with motivation and the way the brain actually works.
  • [13:59] Motivation can either be intrinsic or extrinsic. Essentially, that means it either comes from your own self (intrinsic) or from an outside source (extrinsic).
  • [15:12] Thinking about something from a fresh, new angle will allow you to shake off the cobwebs and old rules to refresh your motivation.
  • [16:16] A lot of people get hung up on is sales calls or some other version of drumming up new business.
  • [16:28] the act of making the call is scary – that’s fear talking. You are intrinsically dwelling and keeping the whole conversation inside your own head.
  • [17:02] You could make a commitment to a friend that you will both make a certain number of sales calls by the end of the week.
  • [18:10] Loss aversion and other brain motivators can help you get over the mindset block and into motivation territory. 
  • [18:29] When you are feeling a lack of motivation or want to motivate yourself, think about the mindset block that is keeping you stuck.
  • [19:25] Understanding your priorities so you can say no to things that are outside the goals is key to getting (and staying) motivated.
  • [20:37] Couch to 5k is a free app, but you have to pay to upgrade to get some bonus features.
  • [22:19] One thing I think this app really lacks is it stops tracking when their prescribed course is done.
  • [22:42] They are conditioning me to not want to put in any extra effort or push myself beyond their 30 minutes because there is no benefit to doing so.
  • [25:04] Also, I am pushed outside the app to get my pace, which decreases the value of the sell and makes me less likely to pay.
  • [26:56] If ZenLabs and Couch to 5k was my client, I would recommend that the monthly payment include access to all the apps and benefits. 
  • [27:34] If it does not include all the apps, I recommend the extrinsic motivation / loss aversion model.
  • [29:30] If you don’t plan (which conditions for the importance of mental preparation around fitness) you pay if you miss. Lazy Jar does exactly this.
  • [30:10] This is like stickK which I believe was the first app to use brain science for motivation in this way. This app was created by behavioral economists and has helped people reach all sorts of goals.
  • [31:18] Runkeeper allows you to store your running data. You get tons of free stats. You also get badges, and it does gps tracking.
  • [33:31] I can pay up to track how similar runs get better or worse. 
  • [34:32] Little pulls from an account on a regular basis could be a motivational tactic as well.
  • [34:53] Runkeeper is definitely catered to the one time annual payment (which I believe is opposite of Couch to 5k).
  • [35:33] Isn’t it funny how the big price disparity makes one thing look like a better value?  How one small shift makes it look completely different?
  • [36:10] If you have a business with subscription models that depend on regular usage and enjoyment…the goal is really to keep motivation up.
  • [37:55] My 3 tips: 1) Limit your goals. Having too many goals is a recipe for motivation failure. Get your total goals down to 3 max.
  • [38:18] 2) Flip the script (reframe). Look at the mind block and ask if its intrinsic or extrinsic and then switch to the other.
  • [39:11] 3) Look at the small steps. Start by thinking big and then putting together small action steps to get there.
  • [40:00] If social media is a priority, you can break it up into small steps. Once something becomes a habit, you can incorporate more things.
  • [40:55] Keeping motivated doesn’t have to be as elusive as it might seem. It’s all about understanding the brain and how to work with its rules around mindset to achieve your big dreams.
  • [42:11] Sign up for the free Master Your Mindset mini-course to get a jump on conquering your mindset AND get on the waiting list for the full mindset course.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

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