Many marketers ignore learning about human psychology, not knowing that the two fields are strongly intertwined. However, the fact is, by understanding how purchase decisions depend highly on human behaviour, marketers can turn their strategies to their advantage. Therefore, knowing about these six cognitive biases is very essential.
These biases are the cause of unpredictable human behaviour. When utilized correctly, these can help businesses succeed exponentially.
Please note that there are around 100 cognitive biases. However, using each one of these for fabricating your marketing strategies will only make things complex. Hence, we will stick with the major biases.
What Are Cognitive Biases?
Cognitive biases are the reasoning mistakes that people do when making decisions. Instead of focusing on the real factors, people involve their past experiences, social boundaries, preconceptions, and other influences to conclude their decisions.
The good news is, based on these top six cognitive biases, it becomes easy to manipulate your buyers’ buying priorities.
All you must do is, find out what these biases are and use them to build the most effective marketing campaigns.
Six Cognitive Biases – What Are These?
Driven by human A/B testing, scientists came up with some very strong cognitive biases to help marketers with their campaigns.
I have curated the six cognitive biases that are highly active within consumers.
1. Availability cascade
“Repeat something multiple times and see it come true”
If you know about this phrase, you will easily understand what the Availability cascade means. Precisely, the more we hear about a belief and the more it keeps getting popular among people, it starts becoming more plausible.
Hence, in marketing terms, when you keep repeating yourself, everyone starts thinking it as true, irrespective of the information authenticity.
Let’s take a simple example. We have all heard stories of haunted houses when we were young. However, going to that same place now will still make you uncomfortable, isn’t it?
It is because your brains are wired to that truth – the house is haunted!
Marketers can use this bias in remarketing campaigns. Showing the same ad multiple times does nudge the buyers to make a prompt decision.
2. Confirmation Bias
This happens when someone goes to any length to confirm their belief by researching and interpreting information.
For instance, when we support a candidate during elections, we often ignore their negative feedback while sticking to only positive ones. Even when the negative emotions overweigh the positive opinions, that does not change our views.
Marketers can use this bias to their advantage. The most suitable way to do this is by keeping consistency between your landing page and the ad that redirects to it. The bias is also useful for making remarketing strategies.
3. Herd Mentality
This bias stops people from using their independent analysis to make an informed decision. On the other hand, they follow what maximum people believe.
To utilize this bias for your interest, use testimonials and reviews to back your product or service.
4. Loss Aversion
People do not like to lose things they already own. Even when you offer something of the same value or even greater in exchange.
Marketers can cleverly use this bias by offering customers free samples. And losing on these products would feel like a huge loss afterwards.
You can also offer discounts for a short period of time to influence buyers to make quick buying decisions.
5. Framing Effect
The simpler and more straightforward the information is, the higher its probability of being accepted.
Let’s look at these two examples:
A – The product worth INR 1000 is available at a discounted price of INR 850.
B – Buy a product for INR 1000 and get it at one-third of its price.
Among these two options, consumers will often click on offer A. This is because of the simplicity of its design.
That said, you must now know how to use this bias for your campaign’s success.
6. The IKEA Effect
According to this bias, people value products if they feel their involvement in them in any way possible. Even if the product does not entice them at first.
As a marketer, you can help your customers feel a part of the product’s journey. You can ask for their feedback, and input when coming up with new features.
Or, asking them for their preferences during product creation. These steps can significantly help improve sales.
Marketers must find out which among these six cognitive biases will suit best their campaign goals. Hence, you must consider the objectives of your marketing strategies and the target audience before leveraging on these biases.