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When we make judgments and decisions about the world around us, we like to think that we’re objective, logical, and capable of taking in and evaluating all the information that is available to us. Unfortunately, these biases sometimes trip us up, leading to poor decisions and bad judgments.
Consider Kodak, once the Apple of its day, famously known for pioneering technology and innovative marketing, owning 90% of the market for film and cameras. Yet by 2012 Kodak announced bankruptcy. So, what happened? In short, Kodak failed to accommodate current trends in the marketplace and thus became obsolete; the movement towards a more digital age made Kodak's technology outdated in the minds of the modern consumer. Kodak even developed and built one of the first digital cameras, but the product was dropped for fear that the camera would cannibalize their existing photography market share! In other words, despite overwhelming evidence, Kodak convinced themselves that their market share was untouchable and that digital photography was not going to become mainstream. The result was a slow, incremental demise that began when the digital market flourished.
Kodak failed to overcome the decision making barrier we call confirmation bias, the over-confidence effect whereby we systematically over-estimate our knowledge and ability to predict.
By understanding why humans make irrational decisions, we have created a little book of cognitive biases in plain, non-academic language with easy to read (we hope) simple examples.
Our gift to you to help understand cognitive biases, and helping to read peoples minds to design your engagement, strategy and business.
To dive deeper into the human biases and understand how to use them in design practices for products, services and experiences that will help growth, we'd love to start a conversation.