Is Your Business Running On Bias?

Today, we’re going to talk about how you can improve your marketing strategy by being aware of cognitive biases. Understanding these common lapses in judgment can make or break you in business and in life. Applying this knowledge in a way that is insightful, ethical, and strategic can prove to have some exponential outcomes. We need to think long about our quick decisions. In this episode we explore 7 cognitive biases, how they lead to irrational decision making, and what you can do to turn these lemons into lemonade.

We discuss:

• Anchoring effect: what happens first is a good predictor of what happens last.
• Ambiguity effect: confusion=retreat, less is sometimes more. Anticipate knowledge gaps as marketing collateral.
• Familiarity bias: People do business with people they know, like and trust. Be present with a solution. 
• Bandwagon effect: Talk about what your customers are doing. Provide social proof of value.
• Confirmation bias: When a decision is made, the track is laid. Don’t try to change minds, adapt instead.
• Sunk cost fallacy: An investment of time, money, and energy leads to follow through. Encourage small commitments over time. 
• The IKEA effect: If they build it with you, they will value it more.
• Cognitive bias studies:
  • Harvard Business Review: Outsmart Your Own Biases
  • New York Times: Thinking Fast and Slow

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