cognitive biases for marketers
TRANSCRIPT
PowerPoint Presentation
Ads Have No Effect On Me: How marketers can leverage cognitive biasesPresented by Annie Pettit, PhD FMRIA
Buy for AnnieBuy for AnnieBuy for AnnieAnnie is awesomeThis is the best presentation of the day
@LoveStats
1
Ads have no effect on me
@LoveStatsClick on button to see live comments2
BIAS
@LoveStats
3
Process fasterJudge fasterShop faster
@LoveStats
4
When you are aware of them, you can use themBut you can bring them into consciousnessUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousvUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconsciousUnconscious
@LoveStats
5
Social Biases
Memory Biases
Constituency biasHyperbolic discountingHindsight biasEgocentric biasHawthorne effectReminiscence bumpOutcome biasDecision making BiasesInterloper effectInterloper effectOmission biasIllusory correlationProbability BiasesReminiscence bumpConstituency biasIrrational escalationHalo effectIrrational escalationFalse memorySuggestibilityHerd instinctGamblers fallacyBarnum effectHindsight biasInterloper effectSelf serving bias
Normalcy biasNeglect of probabilityHyperbolic discountingObserver expectancy effectFalse memoryHawthorne effectMemory BiasesTelescoping effectOmission biasFalse consensus effectNeglect of probabilityNeglect of probabilitySelf serving biasIrrational escalationHindsightSelection biasSocial Bias effectMere exposure effectSelf serving bias
@LoveStats
6
@LoveStats
7
@LoveStats
8
@LoveStats
9
HAEFFLOECTBias: Associate traits of one thing to an aspect of other thingsLesson: Run with the beliefs, dont fight the opposition
@LoveStats
10
@LoveStats
11
@LoveStats
12
@LoveStats
13
@LoveStats
14
BANDWEFFAGONECT
Bias: Tendency to do something because everyone else is
Lesson: If its your best feature, point out everyone else
@LoveStats
15
C$5000
A$30B$50
@LoveStats
16
A$8C$14B$10
@LoveStats
17
A$8C$14B$12
Cost: $6Profit: $2Cost: $12Profit: $2Cost: $8Profit: $4
@LoveStats
18
@LoveStats
19
Bias: Avoid extreme choices because they attract risk
Lesson: Increase the profit on the middle item
COMPEFFROMISEECT
@LoveStats
20
@LoveStats
21
@LoveStats
22
@LoveStats
23
Bugatti Veyron Jean Bugatti Edition ~$3 million
Only three available
@LoveStats
24
@LoveStats
25
LOAVERSSSIONBias: People prefer to avoid loss over acquiring gainsLesson: Create FOMO
@LoveStats
26
Your Horoscope:
@LoveStats
27
CUSTOM FIT!
1234
@LoveStats
28
@LoveStatsBias: Tendency to accept vague statements as descriptive of themLesson: Always have a little something for everyone
BARNEFFUMECT
@LoveStats
30
@LoveStats
@LoveStats
@LoveStats
IKEFFEAECThigh value onssemblee qualityBias: People place. objects they a regardless of th
Lesson: Create investment of time or effort
@LoveStats
34
ONLY 2% FAT
@LoveStats
.ONLY 1% FAT
.99% FAT FREE
@LoveStats
.99% FAT FREE$$$
@LoveStatsAvoid risk of 1% fatSeek risk f 99% fatfree37
I got 80% right!I got 20% wrong!
@LoveStats
38
Bias: Avoid risk with a positive frame and seek risk with a negative frameLesson: Switch the negative to find the positiveFRAMING
@LoveStats
39
@LoveStats
@LoveStats
Audiomason speakers are20,000% more eco-friendly than yours
@LoveStats
PooPourri https://www.youtube.com/watch?v=qFI_-kJ95vc
@LoveStatsBIZAREFFRENESSECTBias: Bizarre is better remembered than commonLesson: Diagnosticate or actualize a grody corporeality
@LoveStats
44
limit 6
@LoveStats
@LoveStats
@LoveStats
Bias: Overly influenced by the first piece of informationLesson: Normalize high usageANCHBIORINGASLimit 12 per person
@LoveStats
48
@LoveStats
49
@LoveStats
@LoveStatsINGRBIOUPASBias: Preferential treatment tomembers of their own group
Lesson: Capitalize on your similarities
IMarketing
@LoveStats
52
Bad!
When you dont know its happeningWhen it leads to the wrong decisionBIAS
@LoveStatsGood!
When you understand itWhen it makes your decision easierBIAS
@LoveStatsThank you!@LoveStats/AnniePettitca.linkedin.com/in/anniepettit
@LoveStats