To some, it means playing to your strengths. To others, it’s a matter of being self-aware that there are areas one may focus on too much to the detriment of others. Knowing your biases is a reminder to keep all your bases covered.
However, when we talk of cognitive biases, we speak of partiality at a more cerebral, psychological level. Cognitive biases are defined as “systematic errors in thinking that affects the decisions and judgments that people make.”
Simply put, it’s when our brains work against us because of the shortcuts they've developed – shortcuts that are supposedly there to help us process our environment quicker.
Then again, awareness is the first step. Marketing can also be designed to make the most out of our cognitive biases. (Remember how in Mad Men they have psychologists working for ad agencies? How about “subliminal messaging” and neuromarketing?)
If this is the first you’ve heard of cognitive biases, we’ve got you covered. Here are examples of cognitive biases and how you can take advantage of them:
Simply put, the fear of loss is greater than the joy of gain.
People, in general, when faced with two options—even though virtually equivalent to one another—would pick the option that feels safer. Example, if you were given a choice to get $90, or gamble to earn $100 with a 90% chance of winning, you would most likely pick the one with a guarantee.
This speaks to man’s nature of putting a high value on things one already owns. We’d rather not lose than gain.
Marketers can make the most out of this by using language that resonates with people’s need to avoid loss or the want to not miss out on opportunities. Also, marketing messaging can be crafted to appeal to consumers’ high regard for their current possessions.