Melina Palmer is the Founder and CEO of The Brainy Business, a firm specializing in behavioral economics training and consulting. A globally recognized keynote speaker, educator, and expert in sales conversion, Melina’s work centers on helping businesses understand and leverage the principles of behavioral economics to improve customer engagement and employee participation. She hosts the award-winning podcast, The Brainy Business, which has a global listenership across 170 countries. She is an accomplished author of three books, including her latest, The Truth About Pricing.
Here’s a glimpse of what you’ll learn:
- Melina Palmer shares why she wrote about pricing in her third book
- How do behavioral economics and pricing relate with each other?
- The importance of understanding the customer’s psychology and pricing limits
- Pricing hindrances and how to overcome them
- The CFO’s role in pricing strategy and determining market value
- Why business owners must determine if they are a quality or value business
- Psychological factors at play in consumer decision-making
In this episode…
In the intriguing world of behavioral economics, pricing isn’t merely a figure on a label; it’s a sophisticated interplay of psychology and strategy. How can understanding the human brain aid in navigating this complex area and enhance business success?
According to Melina Palmer, a respected authority in applied behavioral economics, the key lies in grasping how the brain processes decisions. She emphasizes the importance of aligning pricing strategies to a business’s identity, distinguishing between quality and value positions. Understanding how factors like context, perception, and psychological influences can significantly influence pricing decisions is also crucial. Melina’s insights challenge traditional pricing notions, revealing that it’s less about the actual cost and more about the perceived value and overall experience.
In this episode of the Financial Clarity podcast, Hannah Smolinski welcomes Melina Palmer, Founder and CEO of The Brainy Business. They discuss how behavioral economics influences pricing strategies, strategies for overcoming personal biases in setting prices, and how to refine your pricing approach in a market driven by complex human behaviors.
Resources Mentioned in this episode
- Hannah Smolinski: LinkedIn | Email
- Clara CFO Group: Website | YouTube
- Financial Clarity podcast: Website | YouTube
- Melina Palmer on LinkedIn
- The Brainy Business
- The Brainy Business Podcast
- “You Only Live Once – Why Not Grow a Business? With Caity Cronkhite” on the Financial Clarity podcast
- “Creating Bestsellers With Sarah Russo” on the Financial Clarity podcast
- Natalie Eckdahl on LinkedIn
- Biz Chix
- “The Art and Process of Niching Down With Natalie Eckdahl” on the Financial Clarity podcast
- The Truth About Pricing: How to Apply Behavioral Economics So Customers Buy (Value Based Pricing, What Your Buyer Values) by Melina Palmer
- “Pricing for small business What your Customer Wants and cant tell you with Melina Palmer” on the Clara CFO Group YouTube channel
- What Your Customer Wants and Can’t Tell You: Unlocking Consumer Decisions with the Science of Behavioral Economics (Marketing Research) by Melina Palmer
- What Your Employees Need and Can’t Tell You: Adapting to Change with the Science of Behavioral Economics (Change Management Book) by Melina Palmer
- A More Beautiful Question: The Power of Inquiry to Spark Breakthrough Ideas by Warren Berger
Sponsor for this episode…
Clara CFO is dedicated to providing financial clarity and profit-maximizing solutions to small businesses. The team at Clara CFO are seasoned accounting professionals with a heart for small business. We help growth-minded entrepreneurs thrive through Fractional CFO services and financial education.
Whether you’re grappling with hiring decisions, profit margin concerns, or ambitious growth plans, Clara CFO provides insights, recommendations, and a clear financial roadmap to achieve your goals.
To learn more about Clara CFO Group and how we can help your business, visit ClaraCFO.com.