Availability Bias for B2B Marketing – A Digital Agency’s perspective
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Availability Bias – What is it?
Availability Bias is a psychological concept referring to our tendency, when making decisions, to rely most heavily on information that’s readily available to us – Typically information that’s recent and memorable.
A demonstration is easy – What’s the first carbonated beverage that comes to your mind?
Got it? Great! Skip to the end of this article, to see if I guessed your choice correctly…
Availability Bias – A Brief History
Availability bias is one of the psychological heuristics hypothesized by Dr.s Amos Tversky and Daniel Kahenman in the late 1960s, as part of their research into human decision making. Tversy and Kahenman proved we don’t always act in our own best interest, and are likely to make predictable errors in judgment, in particular circumstances.
While this may seem obvious to us today, at the time it was revolutionary because it countered Adam Smith’s foundational assumptions for the entire field of Economics – Namely, that humans are “Rational Agents” that always act to optimize outcomes for their own best interests.
Although controversial to this day, Tversy and Kahenman’s work established the field of Behavioral Economics, and earned them the 2002 Nobel Prize in Economics.
Applying Availability Bias in B2B Marketing
In the context of B2B marketing and sales, particularly in the industrial and manufacturing sector, understanding availability bias is crucial. As our little Coke experiment clearly proves, your prospects are more likely to favor or remember your company if they frequently come across your information, such as in the form of compelling marketing materials, engaging webinars, vivid case studies, or informative newsletters.
Here are a few pointers on how to effectively and responsibly leverage this bias to your advantage –
Content Marketing
Creating memorable, emotionally engaging, and relatable content exploits the availability bias by ensuring our company comes to mind readily whenever potential clients are making purchasing decisions. Be sure your team, or the digital agency that services you, use case studies, testimonials, impactful visuals, etc. to serve this purpose effectively.
Recency Effect
Regularly updating content and maintaining consistent communication with stakeholders ensures your brand remains ‘available’ in their minds. Sending regular newsletters, posting regular blog updates, and being active on social media are methods towards this end.
Sales Conversations
Sales teams can leverage availability bias to their advantage by mentioning relevant case studies and clients that prospects are likely to associate with positively. For example by mentioning projects, solutions and benefits that have recently received positive media coverage.
Risk Management
Be mindful that availability bias can also lead clients to overestimate the likelihood of rare but dramatic risks associated with your product or process, especially if such events have recently been in the news. Addressing these concerns proactively and providing accurate information can help correct such biases.
Availability Bias in B2B Marketing for Collaborative Societies
In culturally collaborative societies, like Thailand and other Southeast Asian countries, the key to leveraging Availability Bias in B2B marketing is highlighting shared success, teamwork, and group achievements, as these societies value community and collective success. Case studies or testimonials should ideally spotlight how our product or service facilitates collaboration, benefits groups and communities, and contributes to collective goals. Showcasing communal narratives and emphasizing group values in marketing efforts make our solutions more memorable and attractive to stakeholders who identify culturally with collaborative societies.
Regular engagement in community activities and collaborative projects also helps keep our brand at the forefront of potential customers’ minds. For instance, hosting or sponsoring events that promote collaboration, conducting webinars or training sessions that educate and bring people together, or even fostering partnerships with other businesses for shared benefits can serve as regular reminders of our brand’s commitment to collective success.
Availability Bias in B2B Marketing for Individualistic Societies
In culturally individualistic societies, like the US and Western Europe, where autonomy, personal achievement, and individual success are highly valued, we should focus on how our solutions help our clients stand out, achieve their unique goals, and gain competitive advantages. Emphasizing personalized solutions and showcasing how our offerings can be customized to meet unique needs makes a stronger impression on stakeholders from these cultures.
In this context, frequent, targeted marketing communications tailored to the specific needs and goals of individual stakeholders helps keep our brand top-of-mind. Offering personalized consultations, conducting one-on-one demos, and tailoring our solutions to cater to unique client needs are tactics that fit well within this cultural context.
Availability Bias B2B Case Studies
The following case studies demonstrate how multinational industrial and supply chain behemoths leverage availability bias by making their solutions more prominent in their customers’ minds, so that they’re readily accessible during purchase decision-making processes.
Maersk’s Real-Time Updates (Denmark 2021)
Shipping behemoth Maersk, headquartered in Denmark, started providing real-time updates and personalized notifications to its B2B customers in 2021. This contributed to customers’ views of Maersk as the most immediate and reliable shipping service, due to the continuous availability of information.
Siemens’ Digital Twin Technology (Germany, 2022)
German multinational tech giant Siemens, leveraged availability bias in 2022 to promote their Digital Twin technology for the manufacturing industry. By constantly showcasing success stories from early adopters in their marketing material, Siemens ensured stakeholders perceived Siemens’ Digital Twin technology as the most successful and viable solution for manufacturing challenges.
Bosch Rexroth’s EasyHandling System (Germany, 2021)
In 2021, Bosch Rexroth, another Germany-based enterprise, used availability bias to market its EasyHandling System. The company focused on sharing stories of successful integration in renowned companies, making these instances readily available in potential customers’ minds.
General Electric’s Predix Platform (USA, 2023)
In 2023, American multinational General Electric (GE) capitalized on availability bias to market their Predix Platform, an industrial IoT software platform. GE consistently presented case studies and testimonials of businesses witnessing significant operational efficiency after implementing Predix, thereby making this the readily available example for other companies when deciding on an industrial IoT platform.
IBM’s Watson for Manufacturing (USA, 2022)
IBM, headquartered in the USA, utilized availability bias in 2022 to effectively market Watson’s AI capabilities for manufacturing. They kept numerous case studies and narratives of businesses achieving significant process optimization and cost reduction with Watson’s integration at the forefront. This strategy ensured Watson remained a top-of-mind solution for other companies seeking improvements in their operations.
Availability Bias FAQs for B2B
How does Availability Bias impact long-term customer relationships in B2B marketing?
Availability Bias significantly shapes long-term customer relationships in B2B marketing. When our company consistently puts forth positive, valuable experiences, and useful information, it creates a strong impression in our customers’ minds. This frequently recalled positive image leads to improved trust, brand loyalty, and a longer-term relationship, as our clients are most likely to turn to those companies that frequently and positively occupy their attention.
How can we best measure the effect of leveraging Availability Bias in our marketing strategy?
The best way for us to directly measure the impact leveraging Availability Bias is having on our marketing is by conducting surveys and interviews with existing and potential customers to understand if our company’s marketing materials and messages come to mind first when they’re considering a specific product or service category. Typically metrics such as brand recall, brand preference, and top-of-mind awareness are the most direct evidence of the effectiveness of leveraging Availability Bias in this context.
What’s the top risk in leveraging Availability Bias in B2B marketing?
The primary risk in leveraging Availability Bias in B2B marketing lies in overexposure or negative perception. If our messaging becomes too repetitive or overwhelming, it may lead to brand fatigue, causing potential customers to tune out or develop a negative association with our brand. Additionally, if the frequent examples or information provided are perceived negatively, it can significantly damage our brand’s reputation and deter potential customers, regardless of the frequency or prominence of marketing efforts.
Conclusion
Availability Bias is a pervasive force, impacting every facet of our decision-making process, especially in the realm of B2B marketing. While we may instinctively see this as a psychological pitfall, shrewd marketers see it as an opportunity to engage their prospects more effectively.
Through memorable storytelling, regular content updates, and a carefully orchestrated repetition of core brand messages, we can ensure our solutions remain at the forefront of our prospects’ minds.
Ultimately, our understanding and application of the Availability Bias, along with other cognitive biases, can play a crucial role in shaping a successful marketing strategy that resonates with our audience, reinforces our brand image, and drives our business to growth.
References
- Tversky, A., & Kahneman, D. (1973). “Availability: A heuristic for judging frequency and probability.” Cognitive Psychology, 5(2), 207-232. Link here This pioneering paper introduces the Availability Heuristic, providing a theoretical foundation for its role in decision-making processes.
- Schwarz, N., Bless, H., Strack, F., Klumpp, G., Rittenauer-Schatka, H., & Simons, A. (1991). “Ease of retrieval as information: Another look at the availability heuristic.” Journal of Personality and Social Psychology, 61(2), 195–202. Link here The research illustrates how the ease of information retrieval, a central component of the Availability Bias, impacts the formation of judgments.
- Carroll, J.S. (1978). “The effect of imagining an event on expectations for the event: An interpretation in terms of the availability heuristic.” Journal of Experimental Social Psychology, 14(1), 88-96. Link here The paper discusses the impact of the Availability Heuristic on expectations and decision-making, which has implications for content marketing strategies.
- Borges, B., Goldstein, D. G., Ortmann, A., & Gigerenzer, G. (1999). “Can Ignorance Beat the Stock Market?” In G. Gigerenzer, P. M. Todd, & the ABC Research Group, Simple heuristics that make us smart. New York: Oxford University Press. Link here This book chapter investigates the influence of Availability Bias on financial decision-making and sheds light on the power of simple, easily available information in influencing complex decisions. This can offer insights into the role of Availability Bias in B2B marketing strategy and decision-making.
Coke
I’m guessing the carbonated beverage that first came to your mind is Coke, because the Coca Cola company spends untold fortunes to ensure its brand is ubiquitously available to us – It’s likely the most recent and memorable soda you’ve encountered either in ads, or as a product.
