Cognitive biases are regular shortcut of subjective and rational judgment errors. Our brains use these shortcuts to process information quickly, but they frequently lead to predictable errors in perception, logic, and decision-making. As marketers, understanding these biases gives us a valuable insight for creating campaigns that resonate with our target market.
Some Types of Biases:
Anchoring Bias: This bias develops when people make decisions based primarily on the first piece of information they come across. For example, people may judge on Samsun brand as failure brand because of its product Galaxy 7, which the battery was exploding, rather than getting additional information about the reason for these batteries to explode or what other successful product the brand offer. On the other hand, marketers can establish the prices of their products or services by benefiting from the fact that people would judge on the first piece of information. For instance, they may start with a more expensive products/services, which will make later, less expensive options appear more appealing.
Overconfidence Bias: Occurs when people frequently have an excessive and unjustified faith in their own skills, knowledge, opinions, or predictions. In essence, those who exhibit this bias tend to overestimate their abilities and have an excessive amount of self-confidence. For example, if person drives a car at fast speed and never had an accident, they perceive themselves as experts drivers and will become overconfidence with their ability to drive at fast speed. On the other hand, some marketers may think they know their target audience when they aren’t, making assumptions that might not be accurate reflections of actual consumer behavior and preferences.
In conclusion, marketers can’t afford to ignore cognitive biases because they are a critical component of human decision-making. The ability to identify and comprehend biases like overconfidence and anchoring gives marketers a powerful insight for developing more persuasive and effective marketing campaigns. Marketers can more effectively connect with their target audience.