At the MarketingProfs B2B Forum earlier this month, keynote Barry Schwartz, a psychologist and author, explained the concept of Practical Wisdom: the idea that individuals can (and should) hone their judgment to "do the right thing."

Interestingly, the idea of Practical Wisdom holds lessons for the business world as well. It can be a tool to empower employees and help them develop, as well as be a guiding principle for how companies might approach the development of products and services that best meet the needs of their customers.

As a business tool, Practical Wisdom might be leveraged by those who want to manipulate others, Schwartz says in an interview here with Kyla Cullinane of MarketingProfs. That's because it offers "a refined sense of how to talk to people to get what you want."

But those who use it best will find that leveraging Practical Wisdom is more effective, ultimately, when they use it to help others develop judgment, and (as a business tool) use it to treat customers well, "so that they come back," Schwartz says.

Watch the full interview with Barry Schwartz here: