A core way to add value to your organization if you are a marketing leader in the knowledge economy is to use data to make informed decisions. Data-derived insights guide marketers to make intelligent decisions, such as which markets to enter and what products to produce.
Basing decisions on data is so critical, that psychologists such as Daniel Kahneman, a Nobel Prize winner in economics, have dedicated significant research to understand how we make decisions. Kahneman's book, Thinking, Fast and Slow, is a great way to start unpacking the complexities inherent in any decision.
Cognitive Biases: The Enemies of Good Decisions
Data-driven decisions and a data-driven mindset are admirable qualities in a person—and advantageous qualities in an organization. They are a great start to good decision-making, but they are not enough.
Cognitive biases are the enemy of rational decisions. Those biases are the pesky thought traps that cause humans to do irrational things. Business Insider published an extensive list of cognitive biases in 2015 that illustrates 58 ways our biases can trip up our decision-making.
Here are some of the more prominent biases you should start addressing right away.
Anchoring bias: an overreliance on the first piece of information you're presented.
That first bit of data becomes the reference point against which all other options are compared. Clearly, if the data is way off the mark, its use as a reference point could be incredibly detrimental.