Those who spun a higher number gave higher estimates, and vice versa for lower spins. There are some interesting stories from their studies: in one example, participants spun a wheel labelled between 0 and 100, and were then asked to adjust the result up or down to indicate how many African countries were part of the U.N. Tversky & Kahneman found that the first piece of information that a person finds during their decision-making process massively influences their choices. The anchoring bias comes into effect when someone is trying to make a decision. Let’s narrow back down and have a look at the Anchoring Bias. The Dunning-Kruger Effect: when people can’t recognize their own incompetence and believe themselves more capable than they truly are - this often goes hand-in-hand with the Actor-observer Bias, which is the tendency to attribute your behaviours to external causes outside of your control, and other people’s behaviours vice-versa.īut I’m not too interested in any of those today.False Consensus: the tendency to overestimate how much others agree with you.Confirmation Bias: only paying attention to news that confirms your opinions.Those researchers found that everyone exhibits cognitive bias to some degree - there’s an ever-growing list of them that you can learn to spot in yourself and others with enough practice. There’s been an absolute mountain of research done into cognitive and behavioural science over the last six decades (the most famous researchers were Kahneman & Tversky - look them up if you like this stuff!). That probably doesn’t sound very good, but a lot of cognitive biases exist to keep us safe, or to help us speed up our brain’s processing times for a more efficient life, and greatly help in industries like medicine and law. Anchoring bias is part of this group, so if we don’t understand what a cognitive bias is, we can’t understand how this specific one works.Ī cognitive bias is when a human being’s thought patterns deviate away from rationality in response to particular sensory evidence, deep emotional responses, inaccuracies of memory, lack of attention, or an outside pressure like time, danger, or social situation. To understand the anchoring bias, we first need to step back and take a broader look at the group of mental tricks we play on ourselves known as cognitive biases. Let’s take a dive into what the anchoring bias is, how it works, and how you can use it to drive sales in your own marketing. Or maybe… you’re susceptible to it yourself? I’m talking about the Anchoring Bias: the whole reason behind things like discounts, sales, negotiations, and showrooms. Seriously, it’s become so ingrained in our societies that many of you reading this probably gloss right over it whenever you see it in action. This week I’m going to talk about a topic that I see everywhere. Welcome back! I liked writing last week’s article on the Curiosity Gap so much that I’ve decided to do a whole series on the bits of consumer psychology that I think drive marketers the most.
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