Understanding Cognitive Biases in Performance Marketing

Introduction:

As a performance marketer beginner, it's likely that you spend countless hours crafting messaging, crafting campaigns, and analyzing data so you can make smart decisions. But have you ever considered how the way you process information might be impacting those decisions? Cognitive biases, or the ways in which our brains naturally interpret and filter information, can be incredibly impactful on decision-making and have significant implications for the success of your marketing campaigns. In this blog post, we'll explore some of the key cognitive biases that are particularly relevant to performance marketing and explore ways in which understanding these biases can help you craft more effective marketing campaigns.

Confirmation bias:

Confirmation bias refers to the tendency to seek out and interpret information in a way that confirms your existing beliefs.

In performance marketing, this can manifest in a number of ways - for example, you may be more likely to favor metrics that are in line with your existing beliefs, or you may be more likely to interpret customer feedback in a way that confirms your assumptions. To combat confirmation bias, it's important to approach your data with an open mind and be willing to challenge your assumptions.

Availability bias:

Availability bias means that we are more likely to remember and prioritize information that is more easily accessible in our minds.

In performance marketing, this can mean that we focus on metrics that are easy to track or prioritize messaging that is more top of mind. However, by doing this, we may be missing out on valuable insights or opportunities. For example, if we only focus on clicks or conversions, we may be overlooking the importance of engagement or psychographic data. By being aware of availability bias, you can challenge yourself to think more deeply about the data available to you and uncover new insights.

Anchoring bias:

Anchoring bias refers to the tendency to rely too heavily on the first piece of information we receive when making a decision.

In performance marketing, this can mean that we rely too heavily on initial metrics or prioritize certain messaging because it was the first idea we had. To avoid anchoring bias, it's important to consider multiple sources of information and continually challenge assumptions. For example, try brainstorming multiple ideas before settling on a particular campaign approach.

Examples of incorporating cognitive biases in performance marketing strategies:

There are many ways in which performance marketers can incorporate cognitive biases into their campaigns. For example:

• Running A/B tests that focus on different messaging approaches can provide valuable insights into what messaging resonates with customers.
• Leveraging social proof, or emphasizing the popularity or acceptance of a particular product or service, can also be an effective way to appeal to customers' desire for validation.

The key is to be aware of the cognitive biases that impact decision-making and incorporate them thoughtfully into our campaigns so we can speak to our customers' natural inclinations.