Jerome Ribot – Hello Behavioural Economics
All Barista Camp 'coffeetalks' - by speakers such as Rachael Power, Shaun Barber and Mette-Marie Hansen - were recorded by our media partner European Coffee Trip. We'll be releasing the videos of these talks over the next months so we keep fuelling discussion and building an inventory of knowledge. Don't hesitate to add your comments here, or on our Youtube channel.
This talk begins with an introduction in to the theory of Homo Economicas and the rational man – we think we’re making rational decisions of our own volition but are we?!
Ribot then dives into his key principles or biases of behavioural economics which can be applied to your coffee business. The key biases that have arisen from Ribot’s research include defaults, scarcity, risk aversion and choice paradox. We learn how to streamline the customer process through default choices, managing expectations through anchors and refrain from giving our customers too much choice.
This is a fascinating and insightful talk into the world of behavioural economics and how we as humans respond to a range of retail situations. You’ll finish watching this talk with a great sense of how to make small adjustments to the way in which you try to market and sell your products.
For the last 10 years, Jerome Ribot has been co-founder and chief design officer of ribot, an award-winning design studio in the UK that creates digital products for companies like Google, Channel 4 and Tesco. His new company is coglode.com, a resource that distills the latest behavioural research into bite-size advice for businesses.