- Darjan Hren
As ecommerce store owners, designers, and marketers, we’re constantly looking for ways to improve the customer experience and ultimately boost our conversion rate.
One powerful tool that can help us do this is hindsight bias and cognitive bias. In this article, we’ll explain how these two concepts work, how they relate to each other, and how you can use them to your advantage when it comes to improving conversions.
What is Hindsight Bias?
Hindsight bias is a cognitive distortion which causes us to mistakenly believe that our current knowledge was predictable in the past — even when it wasn’t. It’s essentially a form of “hindsight thinking” where we look back on a past event and think that it was obvious or predictable all along.
We may even feel embarrassed that we didn’t recognize it before or dismiss it as something unimportant at the time — when in fact, our lack of foresight was likely due to incomplete information or limited experience.
How Does Hindsight Bias Affect Conversion Rate?
Hindsight bias can have a significant effect on conversion rate because it allows us to see potential problems or opportunities after-the-fact which we may have otherwise ignored before.
This helps us identify potential solutions quickly and efficiently since we already know what worked (or didn't work) in the past. We can also use hindsight bias to better understand our customers' behavior by reflecting on what led them to take (or not take) an action previously — helping us make better decisions going forward.
What is Cognitive Bias?
Cognitive bias refers to any systematic error in thinking which can lead us astray from making an accurate judgment or decision.
It's caused by our mental shortcuts which allow us to quickly process information — but sometimes lead us astray if we don't double-check ourselves and ensure accuracy.
There are many different types of cognitive biases such as anchoring, confirmation bias, overconfidence bias, and availability heuristic; but most share the same goal: reducing the amount of time needed for processing information while still achieving desired results (even if those results may be inaccurate).
How Does Cognitive Bias Affect Conversion Rate?
Cognitive biases can have a negative impact on conversion rate because they can lead us astray from making accurate judgments about customer behavior or preferences — resulting in ineffective design choices or marketing campaigns which don't appeal to target customers.
However, understanding cognitive biases also gives us insight into why people behave the way they do — allowing us to create more effective designs and marketing campaigns tailored specifically for customer needs/interests instead of relying solely on guesswork or outdated data points from previous campaigns.
How Can You Use Hindsight Bias & Cognitive Bias To Improve Conversion Rates?
There are several things you can do to take advantage of hindsight bias and cognitive bias when trying to improve conversion rates:
Take note of any insights gained during post-campaign analysis so you can apply them going forward
After running a campaign, be sure analyze both its successes and failures so you know what worked (and more importantly, what didn't work).
This will help you gain valuable insights into customer preferences which you can apply moving forward — helping ensure future campaigns are more successful than the last one!
Consider implementing A/B testing
A/B testing is an effective way to test different versions of your page design or copy against each other in order to determine which one resonates better with customers (and thus has higher conversion rates).
Be sure consider factors like user intent when creating test variations so you get an accurate picture of why people are responding positively (or negatively) towards certain elements within your page design/copywriting efforts!
Monitor customer feedback regularly
Another great way leverage both hindsight bias & cognitive biases simultaneously is by monitoring customer feedback regularly throughout product development cycles—this will help ensure any changes made reflect actual user needs & interests instead of assumptions made without verifying first with key stakeholders!
Takeaways on hindsight bias for conversion rates
In conclusion, leveraging both hindsight bias & cognitive biases when designing pages/copywriting campaigns for ecommerce stores can help improve overall conversion rates significantly over time.
It's important though that marketers understand how these two concepts work together—as well as the various methods available for taking advantage them—so they're able optimize their efforts accordingly moving forward!