Neuroscience of Sales and Leadership Training Speaker

Availability Bias – The Stories in Our Brains

When we make decisions, we rely on information that is easily recalled, like recent memories. We ignore important information simply because it is not immediately accessible. This tendency often leads to misjudgments because what we can easily recall doesn’t tell the whole story.

Are you more likely to be killed by a shark attack or by parts falling from an airplane? Your answer depends on what you hear in the news. Shark attacks get intensive news coverage. Falling plane parts do not.

Availability Bias Neuromarketing Sales

Most people worry more about shark attacks, while more actually die from falling airplane parts. Similarly, extensive news coverage about child abductions causes parents to overestimate that risk. Emotional stories have the most impact.

We Estimate Answers to Complex Problems

Cognitive biases affect our predictions of outcomes. We like to think that we take all factors into consideration before making choices. Neuroscience and psychological research shows that our predictions and choices are often based on faulty information.

People typically act based on the information they have IMMEDIATELY available.

Our fast-thinking emotional brain doesn’t consider all possible options. Instead, it decides quickly and often makes errors.

We Give More Weight to Widely Available Information

Nobel Prize winner Daniel Kahneman, with Amos Tversky, conducted research on how people predict outcomes. In one study, they asked subjects to solve 2 multiplication problems in 5 seconds. They presented a series of numbers to be multiplied.

Availability Cognitive Bias

The answers are the same. Few people can do those calculations in their heads. Those who saw the series beginning with 1 predicted much lower totals than the subjects who saw the series that began with 8. Estimates were based on multiplying the first two or three numbers. An easy partial solution affected their guesses.

We make many decisions based on the information that is most easily available. In marketing, the availability bias can be used to influence consumer decisions in several ways:

Cognitive Biases Work Together in Most Decisions

The availability bias is just one of the brain anomalies that influence consumer decision-making. Success with Neuromarketing comes through understanding and using a full range of emotional brain tendencies. It’s not enough to simply focus on one technique. Instead, every aspect of your marketing needs to weave together a brain-aware combination. Then you can attract, retain, educate and convert potential customers for revenue-producing sales. As the ONLY Neuromarketing firm in Minnesota, we bring it all together to help you outsmart your competition.

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