36. Volume: Michael Fox: The Consumer Psyche

Have you ever wondered why you choose one product over another? When it comes to decision making, your subconscious is far more powerful than your conscious mind. That concept plays a huge role in how businesses should be marketing their products.  But, tapping into the psychology of consumer behaviour isn't as scientific as you may think. 

This is The Psychology of Entrepreneurship,

a highly produced audio documentary style, revealing series that follows Ronsley Vaz and his guests, as they strive to go inside & unravel the inner workings of the mind of an entrepreneur, artist, athlete, academic; to decipher what is the psychology of our decisions.

If you are an entrepreneur (BTW we consider that mothers are the original entrepreneurs) and would like to understand why we do certain things in certain situations, and if small changes in thinking can deliver massive amounts of results in success and happiness, then this podcast is for you.

In 2009, Michael Fox started the world's first custom women's shoe company, Shoes of Prey. It was such a revolutionary idea that they managed to raise nearly $35 million while also partnering with leading companies like Nordstrom. 

Then, as 2018 rolled in, everything changed. The business folded. Investors were out of pocket and hundreds of employees were sent packing, all because they fluffed up their marketing strategy by naively asking their customers, “So, what do you want?” 

Today, Michael is the proud founder of a heart-centred business in the alternative meat space, Fable Food Co. Michael and his team strive to put an end to mass industrial agriculture by transforming the way we view our culinary choices. And he does this by harnessing the power of the humble mushroom.

This start-up has already taken Australia by storm, and with partners such as the world-renowned chef Heston Blumenthal, Woolworth's, Marley Spoon and Meal Kit Company getting on board, the only way is up. 

In today's volume, Ronsley and Michael are going deep into the psychology of consumer behaviour, while also highlighting some of the most significant issues around industrial animal agriculture and how it impacts the planet. Michael also explains how business owners can effectively approach their market research strategies to get the answers they need. 

 

Also featured within this volume
  • What healthy looks like to Micheal
  • The market research story behind Shoes of Prey
  • How would Michael start again?
  • Why you need to ask more profound questions when you're designing your business idea
  • The reasoning behind Fables processing scale- from banana to Oreo
  • The Psychology of Behaviour and the lessons learned from Shoes of Prey
  • The facts and figures surrounding meat production
  • Is capitalism the answer?

 

Links & Resources

Fable Website 

Michael Fox Twitter

Michael Fox LinkedIn

Startmate Website

National Online Retail Association of Australia

Get your Fable products here

RethinkX Website

Jacy Reese Anthis TEDx: Why We Should End Animal Agriculture

Forbes Article: Why Factory Farming isnt What You Think

Author: Kaili Bonnyman

Kaili is the Queen of Audio at Must Amplify.

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