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I’ve studied Psychology, Neuroscience and Human Behavior for 10+ Years. AMA.

jcvlds

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What are the most useful things you’ve learned from psychology that are practical and applicable for business?


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The Abundant Man

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What are the most useful things you’ve learned from psychology that are practical and applicable for business?


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The Ben Franklin effect is a proposed psychological phenomenon: a person who has already performed a favor for another is more likely to do another favor for the other than if they had received a favor from that person.
 

ChrisV

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What are the most useful things you’ve learned from psychology that are practical and applicable for business?


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I touched on it earlier in this thread but the work of skinner has been helpful

Human action boils down to a simple formula

Action = expected benefits - expected costs

In other words, humans will take action if the believe the action will be a net gain for them. A lion will chase a gazelle if he believes he will gain more energy from the meat than he expends on the chase. If someone believes a hamburger has more value than the $1 in their pocket, they will act. Notice I said believe though because that’s an important caveat. People are swindled all the time because they believe an action will benefit them, but doesn’t. MJ talks about perceived value. Like.. I had a friend who bough a very expensive camera in Italy for $100. He got the camera, opened the box when he got home, and it was filed with rocks. He believed it would be a net gain. The opposite is also true. I see companies with amazing products fail all the time because they poorly market it. The people don’t believe it will be a net gain.

In other words, people can believe there’s a new gain when there isn’t, and they can miss a net gain when there is.

I wrote more about it in this thread: The master key to changing habits and behavior for good.
 

ChrisV

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jcvlds

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I touched on it earlier in this thread but the work of skinner has been helpful

Human action boils down to a simple formula

Action = expected benefits - expected costs

In other words, humans will take action if the believe the action will be a net gain for them. A lion will chase a gazelle if he believes he will gain more energy from the meat than he expends on the chase. If someone believes a hamburger has more value than the $1 in their pocket, they will act. Notice I said believe though because that’s an important caveat. People are swindled all the time because they believe an action will benefit them, but doesn’t. MJ talks about perceived value. Like.. I had a friend who bough a very expensive camera in Italy for $100. He got the camera, opened the box when he got home, and it was filed with rocks. He believed it would be a net gain. The opposite is also true. I see companies with amazing products fail all the time because they poorly market it. The people don’t believe it will be a net gain.

In other words, people can believe there’s a new gain when there isn’t, and they can miss a net gain when there is.

I wrote more about it in this thread: The master key to changing habits and behavior for good.

Thanks for the reply.

I think that insight can help somewhat in business.. but not so very much as it can apply to many different things.

Perhaps I can hone in my question to get some further psychology insights that can be readily applied to business.

Have you come across any great psychological findings that can aid a business in Marketing their products to customers and hitting psychological points or frame it in a way that will make consumers choose it over competing products, etc.?


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ChrisV

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Thanks for the reply.

I think that insight can help somewhat in business.. but not so very much as it can apply to many different things.

Perhaps I can hone in my question to get some further psychology insights that can be readily applied to business.

Have you come across any great psychological findings that can aid a business in Marketing their products to customers and hitting psychological points or frame it in a way that will make consumers choose it over competing products, etc.?


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Yea, there’s an entire field on that:

Evidence-Based Marketing

But a favorite around here is Robert Cialdini’s “Influence: The Psychology of Persuasion” and his other book "Pre-Suasion: A Revolutionary Way to Influence and Persuade"

If you hang around here you’re probably familiar, but if not this is a good place to start.

This isn’t a psychological finding, but perhaps you’ll find this other thread I posted useful: The single most important entrepreneurial lesson: People buy emotions.

If you have a more specific questions I’d be happy to answer too.
 

NuclearPuma

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Have you read the book "Psycho-Cybernetics" written in the 60s?

What are your thoughts on it?
 

Gepi

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I know what a women wants. They want "What do you want?"
Okay, I'll answer that as I don't find this question so incredibly difficult: a lot of fun, a lot of free time, and a lot of money. Not so hard at all ;)
And yes, "what do you want" is a good question, and one I have found men and women are equally pleased to hear...
 
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