Are usually Cognitive Biases Causing You to Make Poor Marketing Decisions?

A core way to add worth to your organization if you are a marketing and advertising leader in the knowledge economy is by using data to make informed decisions. Data-derived insights guide marketers to make smart decisions, such as which markets in order to enter and what products to produce.

Basing decisions on information is so critical, that psychologists for example Daniel Kahneman , a Nobel Reward winner in economics, have devoted significant research to understand how we create decisions. Kahneman’s book, Thinking, Fast plus Slow , is a great way to begin unpacking the complexities inherent in a decision.

Intellectual Biases: The Enemies of Good Choices

Data-driven choices and a data-driven mindset are remarkable qualities in a person— and beneficial qualities in an organization. They are an excellent start to good decision-making, but they are certainly not enough.

Cognitive biases are the enemy of rational choices. Those biases are the pesky believed traps that cause humans to accomplish irrational things. Business Insider released a comprehensive list of cognitive biases in 2015 that illustrates fifty eight ways our biases can vacation up our decision-making.

Here are some of the more prominent biases you should start addressing right away.

Anchoring bias: an overreliance on the very first piece of information you’re presented.

That first bit of information becomes the reference point towards which all other options are in comparison. Clearly, if the data is method off the mark, its use as being a reference point could be incredibly harmful.

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