Conversions Go Up When People Don't Want Overdraft Protection

Today’s episode is all about confirmation bias. My oh my, what an important topic when it comes to applying behavioral science to life and work. You have likely heard the term “confirmation bias” before, whether you heard this episode when it first aired back in May of 2020 or not, as this is one of those concepts that gets thrown around a bit. It is easy to understand on the surface, but the depth of its importance and impact isn’t always realized. 

Because our brains function largely on predictability and a love for the status quo, confirmation bias is part of our lives and work constantly. Did you know that whether or not you believe someone is difficult or easy to work with, can determine whether or not they are easy or difficult to work with? Kids' performance in school has been found to be tied to the way a teacher was told about them more than on their starting academic ability. Your view of your team or a project or a process can all be a filter that your confirmation bias either uses for good or to keep you stuck. 

Now, in case you are wondering why I chose to refresh this episode today, it is because of the interview coming up on Friday with Wendy Smith about her book Both/And Thinking which will change your life. It is so good and fantastic. Because of that conversation, it felt like the best thing we could talk about today to set the stage is confirmation bias. As you listen today, think about what your biases are and where you have an “either/or” mindset. Our world is not one of binary choices. There are many opportunities in the both/and space that businesses can benefit from embracing and updating your filters to be set up for them is going to make such a difference. So, keep that in mind as you listen today.

• [00:39] Today’s episode is all about confirmation bias.
• [01:16] Confirmation bias is part of our lives and work constantly.
• [03:25] In its most basic form confirmation bias comes down to our brain’s desire to be correct and the subconscious filter deciding what gets through and stored and what gets ignored. 
• [03:59] The subconscious brain can do 11 million bits of information per second. The conscious brain can only do 40 bits. 
• [05:44] Stereotypes do go hand and hand with confirmation bias and many of these are taught to us intentionally or not when we are very young.
• [07:28] The four main ways you will see confirmation bias are: 1) not seeking out objective facts, 2) interpreting information to support your existing belief, 3) only remembering details that upheld your belief, and 4) ignoring information that challenges your belief. 
• [10:33] Studies have shown that seeing facts from an opposing side that contradicts what you believed going in actually has the opposite effect of what they should and can make people double down on their previous beliefs. (This is known as the backfire effect.)
• [11:18] You are going to seek out information that supports your beliefs and be more likely to believe, remember, and share those items that support your belief. You are also likely to attribute things to beliefs that aren’t necessarily true. 
• [14:01] This reinforcing tendency is because of illusory correlation which is when we overestimate the relationship between two items to reinforce our biases even when little or no relationship exists. 
• [15:49] We humans are pretty bad listeners by nature because our brains are processing so much information at any given time. 
• [18:42] It is important to not start the conversation with a predetermined recommendation before they have had a chance to tell you about their situation. Most everyone should have at least two options. 
• [21:35] We can inadvertently talk people out of something they have chosen to get if we aren’t careful.  
• [23:24] Confirmation bias doesn’t have to be a bad thing and it can very much work to your advantage in life and business. 
• [24:07] Your conscious brain has limited capacity and you can’t do everything so don’t waste the effort on little unimportant beliefs. 
• [27:17] People who have been injured will often see themselves as victims, especially while they are dealing with all the legal stuff. Many people have a big improvement when their cases are settled because they are able to get out of that victim mindset. This is confirmation bias in action.
• [28:24] You can change the belief that has been holding you back if you are willing to put in a little effort. 
• [29:46] Melina’s closing thoughts
• [30:40] You need to change YOU before trying to change them.
• [33:19] Try and find a real human connection point that can help you to get away from just seeing them as “that difficult team member.” 

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

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Get the Books Mentioned on (or related to) this Episode:

• A More Just Future, by Dolly Chugh
• Both/And Thinking, by Wendy Smith and Marianne Lewis
• What Your Employees Need and Can't Tell You, by Melina Palmer
• Influence, by Robert Cialdini
• You Have More Influence Than You Think, by Vanessa Bohns

Top Recommended Next Episode: Vulnerability Loops (ep 229)

Already Heard That One? Try These: 

• Framing (ep 16)
• A More Just Future, with Dr. Dolly Chugh (ep 247)
• IKEA Effect (ep 112)
• Reciprocity: The Amazing Power of Giving (ep 238)
• Priming (episode 18)
• Unity (ep 216)
• Dr. Robert Cialdini and the (Now!) 7 Principles of Persuasion (ep 157)
• The Power of Us with Dr. Dominic Packer (ep 178)
• The Most Important Step in Applying Behavioral Economics: Understanding the Problem (ep 126)
• Focusing Illusion (ep 89)
• Get Your D.O.S.E. of Brain Chemicals (ep 123)
• Decision Fatigue (ep 132)

Other Important Links: 

• Brainy Bites - Melina’s LinkedIn Newsletter 
• How to Effectively Combat Confirmation Bias with Melina Palmer
• Texas A&M Certificate program
• Check out the Master Your Mindset Mini-Course