How Pricing and Behavioral Economics Impacts Business with Melina Palmer - Ep 171

The Chemical Show: Executive Interviews on Leadership, Sustainability, Supply Chain, Digitization, Customer Centricity and more and key trends

Behavioral economics is revolutionizing the business world with Melina Palmer, CEO of The Brainy Business, and Victoria Meyer on The Chemical Show®. Melina delves into the importance of social proof in influencing consumer decisions, showcasing how psychological principles can dramatically shape pricing strategies. Highlighting examples from luxury goods like the Birkin bag to New York City's $214 grilled cheese sandwich, she explains how scarcity, identity, and well-framed messaging can alter purchasing behavior irrespective of functionality.

Melina will be a speaker at The Chemical Summit on October 8-9, 2024 in Spring, Texas. For details and tickets, visit thechemicalsummit.com.

Victoria and Melina discuss the profound impact language and framing have on decision-making, emphasizing the value of thoughtful communication in reducing stress and improving organizational efficiency. They share actionable insights on leveraging behavioral economics principles in B2B settings, experimenting with small focused tests, and leading teams with an openness to change and human-centric strategies.

Tune in to hear Victoria and Eric discuss the following topics:

• Life as a series of micro moments and micro decisions
• Communicating with customers and getting them to buy your products
• The Truth About Pricing and the rest of the story
• Applying behavioral economics to B2B markets
• Linguistics as a part of value, pricing, and negotiations
• Aligning your business' communication and messaging
• Effective leadership in turning the tide more toward behavior centricity

Killer Quote: "Pricing is not just about the numbers; it's about the psychology and the framing of the message. The way you present your product's value can turn a simple sandwich into an exclusive, $214 experience." — Melina Palmer, The Brainy Business

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