Episode 62 Melina Palmer, author of What your Customer Wants and Can't Tell You
In this interview, we catch up with Melina Palmer who has released a new book: The Truth About Pricing. She discusses how brands like Hermes and Costco have applied principles from behavioral science. We cover ideas like scarcity, reciprocity and the importance of in groups.
Episode Highlights
The extreme scarcity strategy behind Hermès’ Birkin
bags creates exclusivity, high demand, and a resale
market more profitable than gold.
Scarcity consistently outperforms other biases in
studies measuring their relative effectiveness in
influencing consumer behavior.
Costco leverages behavioral biases like scarcity,
reciprocity, and value priming to drive loyalty and
sales.
Resources & Useful Links
See below for additional resources from this week's episode.
Keep Listening
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This week's episode explores how behavioral biases apply in B2B marketing. We examine Zoom's use of social proof, the "make it easy" principle, and why behavioral science, despite its effectiveness, is underutilized in B2B marketing.
Ep63 - How Hendrick's distinctive use of nostalgia explains their marketing success
This week's episode explores the success of Hendrick's Gin's through behavioral science principles: distinctiveness, consistency, and nostalgia. MichaelAaron and Richard unpack experiments by Von Restorff, Zajonc, and Sedikides that reveal the psychology behind their growth.
