Zhanna Goranskaya’s Post

👂Have you heard of Status Quo Bias? (we have!) Consumers may stick with a current product or service to avoid the potential loss associated with switching, even if a new option offers clear benefits. MDRG looks for this and other behavioral science principles that may be impacting your consumers' decision-making processes. Contact us about how we can help you understand your customers' journey more clearly! https://hubs.la/Q02NSD5l0

We all have biases. But you can actively minimise your biases and thereby reduce your decision errors. One way is to question your thoughts: 👉 Is what you're thinking really true? 👉 Are you making any assumptions? If yes, which ones and are they true? 👉 Do you possess all the necessary data or information? If not, how can you obtain it? 👉 What other perspectives can you consider? 👉 Are you okay with the worst-case scenario of your decision? Write down your answers and then look at the situation again. See something different?

Learn about WS' new research: What We Value: The Primacy of Personal with Susan Howe + Robyn Adelson!

When drawing conclusions from statistics our confidence should always be tempered by circumspection. Statistics can reveal general trends relating to some aspects of some things in some situations, but only in limited ways. Statistics give us clues about trends within populations, but no specific dot within a population perfectly matches those trends. We often need personal experience to help us figure out how exactly to make use of those clues in our own lives and work. --- The GRIT example is illustrative. In her famous TED talk, Angela Duckworth states that GRIT explains 4% of the variance between the rates of success of people within a population. A four percent variance is statistically significant from the perspective of positive psychology research. Still, it doesn't seem to justify the popular stories arguing that it is passion and perseverance that determine whether or not each and every one of us will be successful in attaining our goals. The statistics provide clues about how to think about a complex problem, but we have to be careful not to allow our desire for a simple story to lure us into exaggerating the significance of those clues. GRIT matters, AND other things also matter. Although I have not looked for statistics to back it up, my personal experience tells me that passion and perseverance are not primary so much as secondary inputs. They emerge and enhance my drive for success when I am pursuing a goal that gives me a strong sense of purpose, but they are less likely to keep me moving forward when that sense of purpose is less compelling. My experience of GRIT as something that is driven by a compelling sense of purpose may or not be similar to that of other people. Nonetheless, the insight I've gained from my experience of GRIT is more useful to me than the general trends revealed in statistics about GRIT.

Stop pretending like you are average. Founders/CEOs/owners/operators have a natural tendency to think we know the answers. Then, because sh*t rolls down hill, our teams also think they have the answers based on their own emotional response, or magic, or whatever. Instead of pretending like we think like the consumers of our products, implement structure (namely around testing via scientific method) that allows for single variables to be tested by the consumer and let the data speak. Then listen.

Worth a read interesting insights

⚠️ Availability bias can lead us to make poor decisions because we tend to rely on information that is readily available, rather than seeking out all relevant data. This can result in overlooking important details or making choices based on limited information. To combat availability bias, it's important to actively seek out diverse sources of information and consider all perspectives before making a decision. By being aware of this bias and taking steps to mitigate its effects, we can make more informed and rational choices in our personal and professional lives. Read more here➡️ https://lnkd.in/dTw2ypNv #decisionmaking #cognitivebias #criticalthinking

Quantitative does the counting while Qualitative speaks the mind. Who doesn't want powers to read their consumers' mind 🤷♀️ ? Please don't get me wrong, both approach (Qualitative&Quantitative) have their usefulness depending on your study objectives. In some cases you even need the two to achieve a robust and excellent actionable insights.

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Quite a searing insight: