Ben Raphael is the Co-founder of Stake Something, an app designed to help people achieve their goals using the concept of “staking”. Staking is a method to motivate and hold people accountable for taking the necessary actions designed to help that person succeed.
In this episode, Ben discusses the behavioural economics of loss aversion and present bias. He also talks about the neuroscience of taking action that leads to building a customer experience where individuals and their coaches (or healthcare providers) can define goals and actions to hold themselves accountable.
Key takeaways:
- Stake Something stops you procrastinating by encouraging you to set goals each week and then ‘putting something at stake’ (usually money). The app then asks you if you’ve achieved that goal, and if ‘yes’, you keep the money; if ‘no’, the money goes to your chosen charity.
- The research behind Stake Something is based on a new branch of psychology known as ‘behavioural economics’, which shows that people are more motivated by keeping what they already have, rather than attaining a goal.
- The app has an average 80% success rate in encouraging people in meeting their goals. Healthcare providers, which are often plagued by patient adherence challenges, could potentially use this methodology as a way of overcoming those issues.
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