Anchoring bias is a researched phenomenon about how humans make decisions. Turns out, people’s judgement can be systematically skewed by providing them with an arbitrary number before their judgement.
A good illustration of the anchoring bias at work is if groups of people are asked the question, “What is the population of Milwaukee?”, there are likely to be 2 different answers depending on where the person is from. If they are from a bigger city, like Chicago, then that group will overestimate the size of Milwaukee. However, if you ask someone the same question, and that person is from a smaller city, like Green Bay, then they will underestimate the size of Milwaukee.
In short, we all have our unique perception of reality based on our previous experiences, and that drives how we view related items, and ultimately plays a big role in how and why we make decisions.
Harnessing the anchoring bias can do wonders for you if you are in consumer insights, marketing, branding and strategy.
Also, worth noting, the term, “Data Science” is rather a ubiquitous and all encompassing term, let’s get a little more specific. After all, to excel at Consumer Insights, one needs to know the Consumer intimately. And the only way to do that is understand the Consumer at the Human level. “Social Data Science” (or as we nerdily call it, “Collective Human Dynamics”) uses advanced intelligent tools (NLP, AI, ML, etc) to help you understand humans at their very core.
About Lelex Prime
Lelex Prime helps brands make products that people love, and marketing that motivates.
Rooted in the science of Collective Human Dynamics and leveraging the power of A.I., Machine Learning, NLP and Agent Based Modeling, Lelex Prime empowers brands with the knowledge of a population’s human experience so they can make smarter product and marketing decisions.