Here are some common cognitive biases that top salespeople may use:
- Anchoring Bias The tendency to rely too heavily on the first piece of information we receive when making decisions.
- Availability Heuristic The tendency to rely on readily available examples and information, rather than seeking out more comprehensive or representative data.
- Bandwagon Effect The tendency to adopt the beliefs or behaviors of a group or society, often without much critical evaluation.
- Confirmation Bias The tendency to seek out information that confirms our existing beliefs and ignore information that contradicts them.
- Endowment effect The endowment effect is a cognitive bias in which people tend to overvalue things they own or possess, simply because they own or possess them.
- Framing Effect The influence that the way information is presented (framed) can have on our decisions.
- Hindsight Bias The tendency to believe, after an event has occurred, that we would have predicted or expected the outcome.
- Negativity Bias The tendency to give more weight to negative experiences or information than to positive ones.
- Overconfidence Bias The tendency to overestimate our own abilities, knowledge, or control over events.
- Self-Serving Bias The tendency to attribute positive outcomes to our own actions or characteristics, and negative outcomes to external factors.
- Sunk Cost Fallacy The tendency to continue investing in a project or decision, even if it is no longer rational, because we have already invested time, effort, or resources into it.
It’s important to note that using cognitive biases in an unethical or manipulative way can damage the relationship between the salesperson and customer in the long term.