What do sharks and the availability heuristic have to do with your marketing?

------=_Part_26938301_564991293.1697213847433 Content-Type: multipart/alternative; boundary="----=_Part_26938303_1458136207.1697213847433" ------=_Part_26938303_1458136207.1697213847433 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: 7bit ============================================================ MarketingProfs DemandGen Today Inside this issue: Find out why awareness advertising most likely won't work for you Read this issue on the Web. Just follow this link: ============================================================ You received this newsletter at this address ({EMAIL}) as part of your subscription to MarketingProfs.com, or because you subscribed to our newsletter. Manage your mail preferences: If you prefer to no longer receive MarketingProfs DemandGen Today, you can always leave this list: ma4aQW/WHJFUjNGOFVMUS9BYmliUHJ1dWhRWVJTekhCcWlrV3N6Z3l3RGU3bTI1b1d2bjFQSVRoYW1VME9QWTZkTUxWUEZVK0ZrZHpyL3ptN3l4MVl4TGt0SWZ4NTdFSDVHQjIxaUVCMmR0bGx1UStTczd5Zm42cDBLZz09S0/OE00VFRKWXZITUp4VU12eGs3ZmxMTDNpejk0bFBORlc0Ym53TERPREwyMWxvWUpxN2MvN01YVHZVdlQ5NXhJaAS2 Copyright 2000-2023 MarketingProfs LLC. All Rights Reserved. 1985 Riviera Dr, Ste 103-17 | Mount Pleasant, SC 29464 | (866) 557-9625 ------=_Part_26938303_1458136207.1697213847433 Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: 7bit Find out why awareness advertising most likely won't work for you [MarketingProfs DemandGen Today] October 2023 [Your monthly issue of DemandGen Today!] The Availability Heuristic, Sharks, and Your Marketing Awareness advertising hacks the brain—and unless you have extremely deep pockets, it won't work for you. What an opening line! Why would I say something so controversial? Because today we're talking all things availability heuristic: - What it is - How it affects you and your marketing - How advertisers use it - What it has to do with sharks - What to do about it (Sharks? Yes, young padawan. Sharks.) But First: What Is the Availability Heuristic? The availability heuristic is a person's likelihood of estimating the frequency of an event, or its occurrence, "by the ease with which the instances or associations come to mind." (Tversky and Kahneman, 1973). In other words, the brain labels information that is more easy to recall as being "more important." A cognitive bias? Not quite. It's a good example of how in pop psychology people conflate heuristics with cognitive bias and how that trickles down to marketing. The availability heuristic is precisely that, a heuristic—a rule set that the brain uses. The rule set can lead to mistakes—which are, themselves, the cognitive biases. But the rule set itself is not a bias. So... to repeat: the availability heuristic is a mechanism used by the brain to recall and label information, and it can cause lots of biases. You may have heard me get on my little soapbox (I need it, I'm short) more than once about the ethics of manipulating biases in marketing. And our topic today is a great case in point for why a little bit of information can be dangerous and can lead to silly mistakes in marketing where you waste a lot of money. The availability heuristic means that easy-to-recall information is overindexed in importance. But what does that actually mean? How the Availability Heuristic Affects Marketing Another definition: "the availability heuristic refers to the tendency to form a judgment on the basis of what is readily brought to mind" (Medin and Ross, 1997). This takes us down a really important path that leads to judgment. When we start to form a judgment and come to a decision, we rarely pull all the information we have from memory; instead, we stop our internal search when we have "enough" information to "make a judgment with subjective certainty" (Schwarz and Vaughn). When we think of options to choose from, how easily we bring examples of each to mind influences what we choose. Big brands can take advantage of that. The likes of Nike, BMW, Mercedes, and Apple are fantastic examples. [Continue reading ►]( [Kenda Macdonald] [Kenda Macdonald] Demand Generation Consulting Practice Lead MarketingProfs [From Choice to Checkout: Insights for Winning the Buyer Journey](jVLS9~L6Lh7/V1Z5QWFCS2VHNmdPbzBEN0F4UGs2eDk5OU5IWXF2RVFRY1owcHRyc09qL1hZZDdQYWRhN01RMjA4MU1QODF4Qk5BS05lNDZucDJtcGhRSGFZU0VkMlk3V1dQM1JIczdmNGRPd3U5bjBaSXpYL29hRDN5Q3FWdz09S0/) From Choice to Checkout: Insights for Winning the Buyer Journey What resonates with today's consumers and buyers? In this webinar, discover what the newest research reveals about your customers' wants and needs so your brand can meet their expectations. [Register here ►](ZKJP4zGzH8/V1Z5QWFCS2VHNmdPbzBEN0F4UGs2eDk5OU5IWXF2RVFRY1owcHRyc09qL1hZZDdQYWRhN01RMjA4MU1QODF4Qk5BS05lNDZucDJtcGhRSGFZU0VkMlk3V1dQM1JIczdmNGRPd3U5bjBaSXpYL29hRDN5Q3FWdz09S0/) [From Choice to Checkout: Insights for Winning the Buyer Journey]( How to Make Paid Social Work for B2B SaaS Social media marketing can be expensive because B2B SaaS companies often struggle to convert those leads into paying customers. But that's only if you rely on third-party data and have a bad offer! In this webinar, discover a framework that lets your SaaS company target and convert dream clients with social media advertising. [Register here ►]( Demand Gen Resources [Guide/Report] [Fallacies and Failures: Ways of Thinking That Doom Start-Ups]( [Article] [Article] [What Do You Expect?]( [Article] [Tutorial] [Biases in Judgment]( [Tutorial] [Article] [What Are Your Biases and Heuristics?]( [Article] [Article] [How to Use Heuristics Marketing to Your Advantage]( [Article] [MarketingProfs] Your DemandGen Team Your team for this issue (in alphabetical order): Megan Cordero, production director; Vahe Habeshian, publications director; Kenda Macdonald, demand generation consulting practice lead. [MarketingProfs]( Copyright © 2000–2023 MarketingProfs, LLC All Rights Reserved This email was sent to {EMAIL} as part of your MarketingProfs subscription. If you prefer to no longer receive MarketingProfs DemandGen Today, you can always [leave this list](. Did someone who cares about you forward this to you? [Subscribe here]( to get your own copy. 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