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Overconfidence

Overconfidence

To the glossary

Overconfidence is a psychological phenomenon in which a person tends to overestimate their abilities or knowledge, thereby increasing the risk of errors or misjudgements. In the context of neuromarketing, overconfidence can lead market researchers or marketing experts to overestimate the effectiveness of their strategies or measures and thus make the wrong decisions.

An example of this is when market researchers assume, based on their experience or knowledge, that they are well placed to assess the needs and preferences of consumers without collecting sufficient data or information. This can lead to wrong decisions if the actual needs and preferences of consumers differ from the expectations of the market researchers.

Another effect of overconfidence in neuromarketing can be that organisations may not be able to objectively evaluate the effectiveness of their marketing strategies and improve their performance. This can lead to the continuation of ineffective or ill-conceived strategies as those involved assume they are successful.

To minimise the impact of overconfidence in neuromarketing, it is important to collect and analyse objective data and information to base decisions on a solid foundation. It is also important to be aware that overconfidence is a human behavioural pattern that can impair the ability to make rational decisions, and therefore one should always strive to maintain a critical and self-reflective attitude.