Episode 52 Pret a Manger: bouncing back from the pandemic with behavioral science
In this episode, we look at the success of Pret a Manger – especially how they managed to recover so strongly after the pandemic, despite increasing numbers of office workers staying at home. We look at two main biases that they have successfully harnessed: the sunk cost effect and the power of variable rewards
Episode Highlights
the power of variable rewards to surprise customers and motivate staff
how using the sunk cost effect leads to an illogical level of loyalty
Resources & Useful Links
See below for additional resources from this week's episode.
Keep Listening
Ep51 - Interview with Seth Stephens-Davidowitz: author of Everybody Lies
MichaelAaron and Richard sit down with economist and data scientist Seth Stephens-Davidowitz, who reveals why direct questions often don't reveal one's true motivations. They also unpack concepts like the illusion of effort, the curse of knowledge, and how to handle conflicting datasets effectively.
Ep50 - The Replication Crisis: How to Avoid Basing Your Marketing On Bogus Findings
This episode dives into a concept known as "replication crisis" in behavioral science. We explore how repeated attempts to replicate certain studies have yielded results that challenge or contradict the original findings, calling their validity into question. We highlight some well-known studies to be cautious of and share practical advice on how to ensure the findings you apply are reliable.
