Fellow growth marketer Rustin Nethercott at Appcues just wrote a great article on cognitive biases and growth marketing - check it out here on the Appcues blog.
Rustin and the Boston Appcues team are doing some really cool things with a great product. If you want to know about high-volume growth experimentation for a fast-growing B2B product, talk to him and Ty, who heads up marketing at Appcues!
Adding one more cognitive bias that affects growth marketers - of the many types of cognitive biases out there - is the bias of Loss Aversion. In other words, it's better to not lose $100 than to find $100. Or, you don't run an important experiment because you worry it might lose to the control. This bias stifles experimentation, especially when you start losing and can't seem to find a win.
It's natural for key company stakeholders to take an interest in what growth marketers do - it's probably one of the more exciting areas of marketing out there. High growth, quick tests, and near-constant output - what's not to love? But once the attention is focused on growth, stakeholders sometimes expect the wins to keep coming.
That's not how growth marketing works, though. The outcome doesn't matter anywhere near as much as what you learn from the outcome. That's why you created a strong hypothesis for the experiment in the first place, right? You should be ready to use the result - whatever it might be - to influence the next test.
Communicating this concept to stakeholders as your influence grows is key to keeping a growth program successful.