YESTERDAY’S SONGS
AVAILABILITY BIAS - RECENCY
Attributing greater importance to information that is easy to recall because the memory is recent.
We heavily weigh our judgment on information we’ve come across more recently because that info is closer to surface level in our brains. Thus, when purchasing we prioritize based on experiences that are top of mind instead of our experiences in their entirety (“what have you done for me lately?”).
This mental shortcut also causes humans to overestimate the likelihood of recent events to reoccur. For example, news about a lottery winner will sway consumers to believe they have a higher probability of winning than they actually do.
SO WHAT
When making decisions, consumers do not consider all available information equally - the last message matters most (and it may not be yours!).
NOW WHAT
Don’t assume the last touchpoint was favorable; consistently check consumer sentiment.
Highly publicized events inordinately influence consumer mindset and preference; measure and react quickly.
MARKETING IMPLICATION
What agile systems and surveys do you have in place to identify, acknowledge, and act upon fluctuations in consumer mindset?
Sometimes you will never know the value of a moment until it becomes a memory.
- Dr. Seuss
Sources & Additional Reading
https://shahmm.medium.com/marketing-mind-games-how-brands-use-the-availability-heuristic-to-persuade-consumers-ddc9c3b9254c
https://www.choicehacking.com/2022/03/18/what-is-availability-bias/
https://mumbrella.com.au/marketings-least-loved-availability-bias-705449