7 (powerful) mental models every marketer must be aware of:
1. Loss aversion
We prefer NOT losing something rather than winning an equivalent thing.
Weβre more upset about losing $100 than weβre happy about finding $100.
We prefer NOT losing something rather than winning an equivalent thing.
Weβre more upset about losing $100 than weβre happy about finding $100.
2. Status quo bias
We tend to prefer our current state to change.
Our current state serves as our reference point.
Any deviation from it is often perceived as a loss.
We tend to prefer our current state to change.
Our current state serves as our reference point.
Any deviation from it is often perceived as a loss.
3. Hyperbolic discounting
Given two similar rewards, we prefer one that arrives sooner rather than later.
Speed of delivery matters.
Especially in business.
Given two similar rewards, we prefer one that arrives sooner rather than later.
Speed of delivery matters.
Especially in business.
4. Tribalism
People are loyal to their social group above all else.
It serves us as a defensive mechanism.
But it can work against us.
People are loyal to their social group above all else.
It serves us as a defensive mechanism.
But it can work against us.
5. Anchoring
Anchoring happens when we rely too heavily on an initial piece of information.
That acts as an βanchorβ when we make decisions.
Anchoring happens when we rely too heavily on an initial piece of information.
That acts as an βanchorβ when we make decisions.
6. Backward chaining
Given a complex problem backward chaining serves as a way to work backward from our goal.
Given a complex problem backward chaining serves as a way to work backward from our goal.
7. Consistency bias
We tend to want to be consistent with our past actions.
We tend to want to be consistent with our past actions.
Thatβs a warp. If you enjoyed this thread:
1. Make sure to drop me a follow @houstongolden
2. Share this with your audience
1. Make sure to drop me a follow @houstongolden
2. Share this with your audience
Loading suggestions...