Neuroscience of Sales and Leadership Training Speaker

Conservatism Cognitive Bias – Why We Fear Change

The brain likes novelty because something new and exciting is very rewarding. The brain also likes familiarity because it represents safety and comfort. The perfect blend of novelty and familiarity drives consumers to try new products or services.

While establishing long-held reputations for brands can maintain sales figures, it can also backfire. Chrysler Corporation once had multiple brands, including Plymouth and Desoto. Each make had a loyal following. Over time, though, first Desoto and then Plymouth became associated with older drivers.

Conservatism Bias Neuromarketing

Despite efforts to update those brands to attract a younger demographic, that association kept new owners from buying them. Now, both are long gone.

Established Brands Rely on the Conservatism Bias

Every year, 9 out of 10 new products fail. Consumers love and hate new things at the same time. They are attracted to novelty, but at the same time, they prefer something they are familiar with. For example, shopping for a new car is a major decision. A bewildering variety of makes, models, and dealers is available. Oddly enough, people tend to buy the same brand of car repeatedly. Sometimes several generations in a family have always bought cars by Ford or Chevrolet.

When new products and new services become available, people are very slow or refuse to adopt them.

While that’s a good thing for established automakers, it makes it tough for new brands to compete. Overcoming people’s tendency to stick with past choices can be an almost insurmountable problem.

Overcoming Conservatism Bias to Sell More

How can Neuromarketing present new information to replace old habits? Neuroscience research shows that people have deeply-embedded beliefs. The brain relies on these beliefs when making decisions. When a new situation arises that requires a decision, our fast-thinking intuitive brain defaults to comparing it to similar past decisions. However, that same tendency toward conservatism also keep us from taking advantage of new opportunities.

Outsmart Your Competition with Neuromarketing

Traditional marketing generally ignores the cognitive errors that affect sales. Instead, typical marketing efforts stick with old-fashioned guesswork. Neuromarketing, on the other hand, understands how the emotional, unconscious brain makes decisions. It applies insights from Neuroscience, Social Psychology and Behavioral Economics when reaching out to customers. The result is more effective marketing that can increase sales conversion rates as much as 500%.

How Neuromarketing Helps Political Candidates – Can you change voters’ beliefs? Are their decisions based on candidates’ viewpoints? Find out what influences their votes.
How Confirmation Bias Impacts Marketing – How do old information and habits affect consumer decisions? How can you change consumers’ long-held beliefs?
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