The Psychology of Pricing with Leigh Caldwell

Here's a departure from the usual Brainfluence format: Are you ready for AI podcasts? Roger does a solo introduction and explanation of NotebookLM, and then turns the show over to two AI hosts, AI Greg and AI Eva, who talk about pricing psychology. Their discussion is based on the pricing section in Roger's book, Brainfluence. Show notes, videos, resources: https://www.rogerdooley.com/ai-podcasts-notebooklm/  

Discover how the airline industry is transforming and how airlines are beginning to reverse a long decline in customer experience. In this wide ranging interview, customer experience expert Mario Matulich reveals the impact of new government regulations, AI advancements, and evolving call center strategies on your future travel experiences. Learn about: New airline refund policies and what they mean for you How AI is revolutionizing customer service interactions The changing role of human agents in call centers Surprising ways airlines may compete for your loyalty Whether you're a frequent flyer or a leader focused on customer experience and call centers, this discussion offers valuable insights into the future of air travel and customer service across industries. Show notes, video, transcript, resources: https://www.rogerdooley.com/airline-cx-matulich/  As President and Managing Director, Mario Matulich oversees overall business operations and strategic growth initiatives for CMP, a leader in delivering market research, events, and communities to organizations that value customer centricity. With 17+ years of experience, Mario has helped transform an events company into a leading provider of market analysis and industry connections by developing a winning culture built on confidence, innovation, poise, collaboration, and “customer first” quality standards.

In this episode of Brainfluence, host Roger Dooley welcomes back Richard Shotton, a marketing expert with 23 years of experience working with major brands like Google and Mondelez. Shotton specializes in applying behavioral science to marketing and is the author of two books, including his latest, "The Illusion of Choice: 16.5 Psychological Biases That Influence What We Buy." LIsteners will learn about the reliability of behavioral science findings in marketing, the power of precise numbers in advertising, and how to use psychological principles like the "generation effect" to make marketing messages more memorable. Shotton also discusses the importance of reducing friction in customer experiences while explaining when a little friction can actually enhance perceptions of quality. Throughout the conversation, he provides practical examples and insights that marketers can apply to improve their strategies and better understand consumer behavior. Show Notes, Audio, Text, Resources: https://www.rogerdooley.com/richard-shotton-illusion-choice/ "Illusion of Choice" on Amazon: https://amzn.to/3WWgD2a Richard Shotton specializes in applying behavioral science to marketing. He has worked in marketing for 23 years and helps brands such as Google, Mondelez and BrewDog with their challenges. He is the author of The Choice Factory, a best-selling book available in 15 languages, which explains how behavioural science can solve business challenges. His latest book, The Illusion of Choice came out in March 2023. He's the founder of Astroten, a behavioral science consultancy. In 2021 he became an associate of the Moller Institute, Churchill College, Cambridge University.

In this Brainfluence episode, we discuss some surprising customer experience findings from a Harvard Business Review study. Our guest, Mauro Carobene, VP and Global Head of Customer Interaction Suite at Tata Communications, sponsor of the study, joins me to share insights on how enterprises are managing and improving customer interactions today. Mauro notes that despite the high priority placed on improving customer interactions—emphasized by 94-97% of global CXOs and decision-makers—only a minority feel they are doing enough. Tune in as we explore the challenges posed by data silos, the evolving landscape of AI in customer service, and how businesses can leverage technology to provide faster, more useful interactions for their customers. He discusses the important role employee experience plays in creating positive customer interactions and highlights the transformative potential of AI and chatbots in enhancing efficiency and effectiveness. Show notes, resources, links: https://www.rogerdooley.com/customer-interactions-hbr/  HBR Study: https://www.tatacommunications.com/press-release/nearly-6-10-say-their-businesses-arent-very-successful-at-consistently-delivering-positive-customer-experiences-finds-new-cx-survey/ Playlist - Full episodes: https://www.youtube.com/playlist?list=PLWpwOpolJGdKD3qDnQ6SPuXcGSI-WBo_4 Mauro Carobene is Vice President of Customer Interactions Suite at Tata Communications. He joined Tata Communications as part of the Company’s Kaleyra acquisition, where he was the Chief Business Officer. In the last 25+ years, Mauro has held a number of executive roles in the Software/Telecom Industry in companies like DigitalRoute, Comptel and Nokia. Mauro has also served on multiple boards/advisory boards as a telecom software industry expert.

In this episode of Brainfluence, Roger Dooley sits down with Scott Rick, author of "Tightwads and Spendthrifts," to delve into the psychological forces that shape our spending behaviors. Are you a tightwad who feels pain with every purchase or a spendthrift who can't resist a good deal? Scott Rick explains how these financial tendencies are formed, their impact on our happiness, and how they affect our relationships. Listeners will learn about the "tightwad-spendthrift scale" and the psychological mechanisms driving these behaviors. Scott discusses the concept of "categorical thinking" and its influence on spending decisions, as well as the difference between frugality and tightwaddism. The conversation also covers demographic trends, the role of opportunity costs, and strategies to find a balanced approach to spending. Tune in to discover where you fall on the spectrum and gain practical tips to manage your financial habits better. Whether you're looking to understand your own spending patterns or seeking advice on achieving financial harmony, this episode offers valuable insights for everyone. Show notes, resources, links: https://www.rogerdooley.com/tightwad-spendthrift-scott-rick/ Book at Amazon: https://amzn.to/3z7Ep31 Scott Rick is a renowned author and behavioral scientist specializing in consumer financial decision-making. He is the author of "Tightwads and Spendthrifts," a book that delves into the psychological drivers behind different spending behaviors. Scott holds a Ph.D. in Behavioral Science and Marketing from Carnegie Mellon University and is a faculty member at the University of Michigan's Ross School of Business. His research focuses on the emotional and cognitive factors that influence consumer behavior, offering valuable insights for both individuals and businesses.

In this episode of Brainfluence we dive into the psychological triggers that influence decisions with negotiation guru Keld Jensen. Keld brings a wealth of expertise with 25 books to his credit and a career advising top organizations worldwide. In this episode, we explore not only business negotiations but also everyday scenarios where negotiation plays a crucial role—from family life to professional interactions. Today, Keld will share his insights on the pivotal role of trust in negotiations, explaining why it's not just about the deal, but how you make the other party feel. Expect to learn how even your wardrobe can impact negotiations and why mirroring your counterpart might just build that crucial rapport. Keld also introduces us to his negotiation ethics code, emphasizing honesty and transparency—values that he believes should anchor every negotiation. Keld discusses the complexities of virtual negotiations in today's digital world, like the challenges of engagement without physical cues, and how AI tools like chat GPT can revolutionize preparation and execution in negotiations. Keld's latest book is Negotiation Essentials: The Tools You Need to Find Common Ground and Walk Away a Winner Show notes, text, audio, resources: https://www.rogerdooley.com/negotiation-keld-jensen/ Negotiation Essentials: https://amzn.to/44WA6TT  Keld Jensen is an internationally recognized business and negotiation expert, advising governments and major corporations on optimized solutions for complex problems. With a background in sales and marketing and experience as a CEO of a publicly traded Scandinavian company, he teaches at top universities, including Baltic Management School, Aalborg University, and Thunderbird School of Global Management. Jensen has appeared on international TV over 200 times, contributed to major publications like Forbes, and founded MarketWatch Center for Negotiation Ltd. He has consulted for clients such as Vestas, Novo Nordisk, Johnson & Johnson, and UNICEF. A prolific author of 23 books available in 35 countries, he has over 2.8 million readers. In 2016, he was named one of the world's Top 100 Thought Leaders on Trust.

In this engaging episode of Brainfluence, we dive deep into the psychology of persuasion with Michael McQueen, an acclaimed speaker and author from Sydney, Australia. Michael shares invaluable insights from his latest book, "Mindstuck," exploring how we can master the art of changing minds in an ever-evolving world. He delves into why our instinctive reactions often override our rational thought, the impact of emotional and narrative-driven decision-making, and practical strategies for overcoming resistance to change. Whether you're looking to influence customer behavior, shift organizational culture, or simply understand the complexities of human psychology, this conversation will equip you with the tools to make a real impact. Tune in to learn how to navigate and reshape the way we think about change and persuasion. Resources, text, video: https://www.rogerdooley.com/mindstuck-michael-mcqueen/ Amazon: https://amzn.to/3QkrxMF YouTube: https://youtu.be/3W3OaLcJ9BQ  

In this episode of Brainfluence, we welcome guest Micah Solomon, a renowned customer service expert, to explore the nuances of "Iconic Customer Service." Micah delves into the delicate balance between providing personalized service without crossing into intrusiveness, introducing his "gold touch" method as a way to enrich customer interactions. Throughout the conversation, they tackle various challenges companies face, such as the ones Princess Cruise Lines encounters in delivering personalized service. Importantly, Micah emphasizes the significant impact of language on brand identity and the intricate relationship between customer service agents, AI, and customers. Micah describes the importance of employee happiness in creating a positive customer experience, advocating for fair compensation and thorough empathy training. Furthermore, Solomon discusses the adoption of technology to create anticipatory and seamless customer experiences, insisting on keeping it unobtrusive to maintain human-centric service. Micah Solomon's new book is, "Can Your Customer Service Do This?," which delves deeper into his principles of creating customer service that's not only responsive but also anticipatory, ensuring that loyalty lasts forever. Show notes, resources, audio, text: https://www.rogerdooley.com/micah-solomon-customer-experience/ Book: https://amzn.to/3QdhFo1  

In this Brainfluence episode, we explore pricing psychology with Leigh Caldwell, a seasoned behavioral economist and pricing strategist. Leigh joins us to shed light on the true essence of pricing – it's more than just numbers; it's about crafting positive customer experiences in a profitable way. In our discussion, we delve into the relationship between cost and value, and how businesses often undervalue their offerings. Leigh reveals effective ways to appeal to diverse customer segments through varied pricing strategies. We also dive into the psychology behind discounts and negotiations, examining the trade-offs customers make for a good deal. We also discuss supermarket strategies. We'll analyze how stores like HEB, Trader Joe's and Aldi use product combinations to catch consumer attention and convey value. Leigh introduces innovative concepts in behavioral economics, including "subjectivity as a factor of production" and the "system three approach," which expands on the conventional intuitive versus conscious decision-making models. We even discuss the curious concept of a "chocolate teapot" - a concept familiar in the U.K. but that might mystify our U.S. audience. Show notes and resources: https://www.rogerdooley.com/leigh-caldwell-pricing/ The Psychology of Price: https://amzn.to/3Uivbt9 The Irrational Agency: https://irrationalagency.com/ Leigh Caldwell is a behavioral economist and pricing expert with 10+ years of experience in applying behavioural science commercially. He is the creator of the System 3 methodology, author of The Psychology of Price, and a frequent speaker at academic and industry conferences.

In today's Brainfluence episode, we have the brilliant and hilarious entrepreneur, Mike Michalowicz, as our guest. Mike has built and sold multi-million dollar businesses, experienced the trials and tribulations of losing everything, and has since become a successful author, speaker, and entrepreneur. His latest book, Clockwork: Design Your Business to Run Itself - Revised and Expanded, is all about achieving true entrepreneurial success by creating a business that can operate seamlessly without relying solely on the owner. In this episode, Mike explains the importance of taking a four week vacation as a test for a business's ability to run itself, the concept of the Queen Bee Role, and the 4 Ds of building a successful business. Whether you're an entrepreneur or part of a larger organization, this episode offers valuable insights on how to achieve true entrepreneurial success. Tune in now to learn from the brilliant mind of Mike Michalowicz! Show Notes, Resources, Transcript: https://www.rogerdooley.com/mike-michalowicz-23-clockwork/ Mike Michalowicz is a well-versed expert in business studies. He has immersed himself in studying businesses of all sizes and strongly believes in the principle that these enterprises primarily operate on monthly cycles - from revenue generation and service provision, to employee management and book closing. One interesting theory he posits is the unique ability of a business leader to take a four-week break while ensuring the business runs smoothly in their absence. He suggests that if a business runs successfully during this period, theoretically, it underscores that the leader could step away indefinitely. In Michalowicz's view, this isn't a mark of redundancy but rather an opportunity to elevate oneself to a more strategic thinking role. His business acumen and insightful theories make him a powerful resource for business leaders and owners.