Do you know that it costs five times more to acquire a new customer than it costs to retain an existing one? Or that getting your customer churn rate to reduce by just 5 percent can increase your profitability by up to 125 percent? If you’re struggling to attain profitability with your business, or if […]
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The following is an excerpt from Kris Shaffer’s book, Data Versus Democracy: How Big Data Algorithms Shape Opinions and Alter the Course of History. It is part of TPM Cafe, TPM’s home for opinion and news analysis. Much of the media we engage with today is selected for us by algorithms. This is true on social platforms like
How Algorithms Amplify Our Own Biases And Shape What We See Online Read More »
Most of us like to believe that we’re inherently logical people, especially when it comes to purchasing decisions. However, we’re not computers. No matter how logical we try to be, emotion always influences our decisions to some extent. Psychologists refer to these emotional factors in our decision-making processes as “cognitive biases.” Without even realizing it,
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A large majority of marketers wouldn’t consider themselves psychologists. Yet understanding the growing field of marketing psychology can help persuade and influence audiences in powerful ways online. Great campaigns happen at the intersection of marketing and psychology. The sweet spot where your content and messaging connects with your audience on a deep, human level. Which,
As human beings, we tend to think we are perfectly rational beings. We aren’t – at least that’s what decades of cognitive research has shown. Research has shown that simple, seemingly innocent tweaks can significantly influence the choices that consumers make. These simple tweaks can significantly influence decisions thanks to cognitive biases, which are common
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Did you know that adding a strawberry to the top of a cake can make people think that it has fewer calories than it actually does? As consumers, we desperately want to believe that we have freedom of choice and the ability to make informed decisions. However, this is rarely, if ever, the case. Despite
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