We love 100% certainty even if it’s counter productive
Description
Zero risk bias relates to our preference for absolute certainty.
It's peoples' tendency to eliminate all current possibilities of risks even when options that could in fact eliminate more risks and could end up with better results.
Research:
Researchers investigated financial investment decisions during the 2008 economic crisis. During that time, investors were much more likely to choose ""safe bets"" such as governmental investments, rather than private investments that could've been riskier–even though the payouts could've been much higher.
Application
Overemphasis on Familiarity
Digital marketers might prioritize promoting products or services that are perceived as completely safe or familiar to the audience, even if they aren't the most innovative or beneficial options available.
Avoidance of Novel Approaches
Marketers may shy away from experimenting with new digital marketing channels or strategies that carry even a slight risk of failure, sticking instead to traditional methods that have proven safe but might not yield optimal results.
Conservative Messaging
Campaigns might focus heavily on reassuring customers about the absence of risk associated with a product or service, potentially neglecting to highlight its unique selling points or value proposition.
Preference for Established Platforms
Marketers may allocate a disproportionate amount of their budget towards well-established digital platforms with a proven track record, rather than exploring emerging platforms or technologies that could offer greater opportunities for growth.
