Behavioral economics may sound like an oxymoron, but it has everything to do with success in everything from benefit design to sales success.
Jeremy Pincus, Principle at Forbes Consulting Group, studies the topic and believes that it is crucial to more productivity and happier clients. Jeremy explains what that useful offshoot of economics and psychology is all about and why “there’s a factor of emotion all the way going back to policy design, it isn’t just at point of sale.”
In our conversation, we learn the science that explains why giving prospects and clients fewer choices is key to successful sales. Jeremy explains the concept of “focalism” and how it plays into the sales equation. We also gain insights into the paradox of choice and the hidden forces behind every decision our clients make.
We wrap up the conversation by addressing the importance of storytelling and how it can minimize the biases that often make it challenging for clients to complete their plans.
What You’ll Learn From this Episode:
- What behavioral economics is all about.
- What emotional policy design is.
- What the “number of choices” effect is.
- The concept of “focalism” and how it plays into the sales equation.
- Whether storytelling is effective in behavioral economics.
Featured on the Show:
- The Paradox of Choice by Barry Schwartz
- Nudge: Improving Decisions About Health, Wealth, and Happiness by Richard H. Thaler and Cass R. Sunstein
- Predictably Irrational, Revised and Expanded Edition: The Hidden Forces That Shape Our Decisions by Dan Ariely
- Article: Sympathy and Callousness
- Thinking, Fast and Slow by Daniel Kahneman
Listen to the Full Interview:
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