Cognitive Biases: Psychology of Decision making(Part-02)
In the last article we talked about what cognitive biases are and we discussed about some of them. This article is a continuation of that. Let dive right in to.
8. Influence From-mere Association Tendency:
Definition: Use something famous or popular to introduce your product.
It can be anything like a celebrity, a famous place, popular character or flag of countries. It should be something people love and care about.
For example: celebrity commercials, YouTube collaborations or Instagram shout outs.
9. Simple pain-avoidence psycological denial:
Definition: The reality is so painful which people's mind starts to block it.
Using peoples pain or drawback to get the sale.
Caution: This bias can be unethical most of the time. Try not to use it. Remember, "with great power comes great responsibility :p "
Example: Weight loss > 30 day pill supplement.
Get Rich > 2X profit in a month scheme.
10. Excessive self regard tendency:
Definition: People see themselves more and better than what they really are.
There was an experiment in Sweden which showed 70% of the people think their driving skill is above average which is not entirely true.
Example: When people go shopping and the sales person tells them how beautiful they look.
So, for using this bias you just have to, "Make people feel good about themselves".
11. Over optimism Tendency:
Definition: Showing a very good image about future, after they buy your product.
Example: 60% of Americans are overweight. > Weight loss pills
Donald Trumps election speech > You will win so much.
Over optimism is something between pain avoidance and reward. Mostly its something that's not going to happen.
12. Social Proof:
Definition: In situations that people dont know what to do, they will look at others.
In association tendency, people look at a popular person or element, but here people will look at majority.
Example:
Horse betting.
Traffic light
Auction
Online shopping - Good reviews, Ratings or likes and Followers.
13. Curiosity Tendency:
Definition: Your business, your ads or website must always create constant amount of curiosity.
In your marketing avoid saying things that people already know. It will kill curiosity.
Your customer must always feel that there is more to come. More on YouTube channel, more on website or subscription.
Why we must have curiosity tendency in our business?
Cost of new customer / Marketing Cost = What they paid for your product / Profit
which means, no profit. Profit is repeatable customers.
Helen Fisher a romance expert said, " There are a lot of things important in relationships, but what keep people attracted to each other is mystery.
14. Stress-influence tendency:
Definition: Keep pressure on the customer till they except the deal.
Example: Car salesman: When they say i have to talk with the manager. They usually go back and drink coffee and leave you there for 20/30 minutes. They will create a stress for the customer waiting in the lobby.
"Paying is easy, refund is hard".
15. Availability-Misweighing tendency
Definition: Anything that you want people to do for you must be available for them from every angle.
1. Websites: Easy content, clear fonts , easy to use
2. Easily accessible , easy to get your products.
Understanding complicated things or doing extra steps need more energy and our brain will block it.
Grandma theory: If an old person doesn't understand your theory, then it is wrong and you must change it.
"A confused mind, doesnt buy"
16. Authority- Misinfluence Tendency
Definition: Convicing people by position, rank , title and etc.
Example: Coach in the Gym.
Online teachers - Experience or degrees. Things that shows that he/she is an expert.
17. Twaddle Tendency:
Definition: People get convinced easier if they get more and more.
Example: Online course, your website, social media etc.
Remember not to make it crowded or complicated. People want to see more and more from your product.
18. Reason-respecting tendency:
Definition: Everybody need a reason to buy your product and you just have to give it to them.
"Even a moronic reason is better than nothing"
Formula for reason respecting tendency:
My doughnuts are more expensive than next door(Your products weakness) + But they are more tasty and healthy(Why to buy from you - reward/punishment bias) + so come and buy your doughnuts from me(call to action).
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