The life-blood of business marketing and advertising ultimately boils down to human psychology. What factors contribute to our decision to pull out our wallet and spend money on a product or service? The human mind can be the victim of cognitive biases that pressure and ultimately impact the way we think about a particular situation or problem.
You have likely been influenced to buy a product that you ultimately wanted because someone you admire had the same product. This is a very common cognitive bias known as the bandwagon effect and even though you might try to argue for your originality, there is almost no escape from this bias.
Many companies feed into the bandwagon effect by hiring famous influencers to endorse their product, which in turn impacts the buying decision of their fan base. This visual from GetVoIP features 25 cognitive biases and how they are used in business.
You have likely been influenced to buy a product that you ultimately wanted because someone you admire had the same product. This is a very common cognitive bias known as the bandwagon effect and even though you might try to argue for your originality, there is almost no escape from this bias.
Many companies feed into the bandwagon effect by hiring famous influencers to endorse their product, which in turn impacts the buying decision of their fan base. This visual from GetVoIP features 25 cognitive biases and how they are used in business.
Infographic Source: https://getvoip.com/blog/2018/01/29/cognitive-biases/
