How can you use cognitive biases to sway customers?

It sounds odd to say this but the best training to be a good advertising person is to understand economics. Not the dull craft taught in most schools, but the living, breathing study of how people behave and how they buy, as featured in books from Freakonomics to Thinking Fast and Slow. There's a benefit in understanding every kind of mental bias - from why $29.99 sounds so much lower than $30.00 to why Costco makes a living from selling more toilet paper to people than what they can possibly use, every month. The opportunity is not just in using the bias to frame your brand's argument - but also in shining a light on and denying the bias to make the point that works for your brand. Advertising is just applied behavioural economics.

Here is a story of 2 leaders, trying to sell a brilliant idea to the CEO. One of them, say Mr. Persuader, a master of persuasion, and the other was me Ms. Straightforward, a straightforward and honest leader…and I really took pride in being so. Mr. Persduader knew the power of framing all too well. He had a solution on his lot that he wanted to gather buy-in for quickly, but it had a minor issue with the scaling and deployment of the program. Instead of mentioning the issue outright, he framed it differently. He called it a "limited edition pilot project" and emphasized how unique and rare it was. He made it sound like a special feature.

On the other hand Ms. Straightforward had a similar idea for a brilliant program with the same scaling and deployment issues. She decided to be straightforward about it. She told the CEO, "This program does not have the potential yet to sacled and the deployment is very time consuming, but can deliver one session, make it a great deal, while we use they time to create a version that is leaner." The CEO invited 2 other business leaders into the meeting on the same day, each looking for a leadership program for the finest leaders in their team. Both the leaders, caught onto the Mr. Persuader’s positive framing and signed him to deliver the program.

The story illustrates the power of framing in decision-making. It highlights that how information is presented can greatly influence people's perceptions and choices. Whether in business or life, framing can be a valuable tool, but it should be used ethically and honestly, ensuring that the framing aligns with the actual facts. PS: Several months later the CEO returned to me…Ms. Straightforward indicating that he is willing to work with me to see how to make the program scalable as Mr. Persuader’s program seemed impossible to scale up.

I happened to put out a LinkedIn post and Tweet yesterday that got about 35,000 views on one and over 200,000 on the other. But it was not the views that mattered, as much as the the fact that there were several hundreds likes on each. I could see the views accelerate the more they were 'liked'. A 'like' is a simple social proof that someone seems to agree with what you're saying. This in turn drives more people to see it and like it. Social proof ranges from the relative frequency of getting liked, commented on and shared (how engagement should be truly measured) all the way to blurbs on covers of books by someone you might respect other than the author. It's necessary to grow organically. Though not sufficient.

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While the use of cognitive biases is valuable, coupling this with AI boosts their effectiveness. For scarcity bias, AI can analyze real-time inventory to prompt scarcity messages. In social proof, AI algorithms can provide real-time social proof elements, enhancing credibility. AI-enabled personalization enhances the framing effect by tailoring messages based on customer preferences. Anchoring bias can be optimized with AI determining the impactful information based on past behaviors. With reciprocity bias, automation through AI can deliver personalized 'favors'. Finally, AI helps reinforce confirmation bias by presenting information aligning with customers' pre-existing beliefs.