Team Sage Blog

A book review – Behavioral Economics for Business by Bri Williams

Coffee with Jody - Episode #12

Transcript:
Today, I want to give you another great insight that I’ve gotten, actually knowledge that I’ve gotten or application of knowledge that I’ve gotten. I just finished reading a book by Bri Williams called ‘Behavioral Economics,” and, in the book, she talks about how we have really two heads.

She says, you know, one and two. And, how you can think of your primary brain, your subconscious brain, as like a giant elephant. And then, there’s a rider on top of this elephant, with a little whip, and that is your conscious mind, your prefrontal cortex. And, we think that we’re the rider, who’s going to tell the elephant what to do. Well, guess what, the elephant is walking down it’s habitual path, going towards the food that it knows is over there, and it’s allowing you to ride on top of it. But, if it decides it’s going to go run after something, there’s not a lot you, as the driver, is going to be able to do.

The analogy of that struck me, because it does occur like that, and I know, even from my own self, and certainly when I look around at business owners that I work with, but just people, that they’ll say one thing, and intend one thing, and do something completely different! And, we beat ourselves up, that we don’t have a strong enough will and all this stuff. Why don’t we do what we know we ought to do, and that sort of thing. The truth of the matter is that, as Buckminster Fuller said, the environment is strong than the will.

We have to setup structures to support us in being our own word, and in making sure that we follow through on the things that we say that we want to do, rather than self-sabotage of this unconscious brain, that processes, in her book she says, it processes 11 million bits of information per second compared to your conscious mind that processes 40 to 50 bits per second. 40 to 50 bits! You couldn’t even get the analogy in. Like the analogy of the rider and the element isn’t even big enough of a gap.

So, when it comes to what will people actually do, the study of behavioral economics is a critical component for us, as business leaders, to understand, and as marketers to understand, and as salespeople to understand, so that we don’t inadvertently turn someone away from taking an action toward us. Because it’s something that we did, or failed to do, or say, or failed to say in our marketing, or marketing collateral.

So, I just want to share that with you. Bri Williams – ‘Behavioral Economics.’ And, in that book she talks about a number of different authors and people that she studied with to get more information on that. What a great little book to go: “Oh Wow.” And, I wanted to make sure you all know about that.

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Jody JohnsonA book review – Behavioral Economics for Business by Bri Williams

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