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Behavioral Science For Brands: Leveraging behavioral science in brand marketing.
Pret a Manger: bouncing back from the pandemic with behavioral science
Jan 23, 2025
The podcast dives into how Pret a Manger rebounded after the pandemic, leveraging behavioral science to boost success. It explores the sunk cost effect and the allure of variable rewards that bolster customer loyalty. The discussion also highlights the evolution of Pret's loyalty programs and the impact of employee empowerment on enhancing customer experiences. Listeners will discover innovative membership models and pricing strategies that cater to consumer psychology, showcasing how adaptability can drive engagement in challenging times.
23:03
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Quick takeaways
- Pret a Manger effectively utilized the sunk cost effect through its subscription model, motivating customers to frequent their stores more often after paying upfront.
- The company's loyalty scheme, based on variable rewards, leverages unpredictability to foster deeper emotional connections and enhance customer loyalty.
Deep dives
The Evolution of Pret's Business Model
Pret-a, founded in 1986 by Julian Metcalf and Sinclair Bechara, capitalized on the limited food scene in London by providing quick, healthy meals aimed at busy professionals. The brand expanded rapidly, now boasting nearly 700 locations, with a significant presence in London and New York City. However, when the pandemic hit, Pret faced severe challenges due to reduced foot traffic in offices, leading to significant losses and store closures. In response, the company explored innovative strategies to regain lost customers and adapt to changing consumer behaviors.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode