Overview:
To understand the Survivorship bias concept well you should go through the events of
the second world war (1939 to 1945)
during the war, the American military asked Abraham Wald, a genius mathematician, to
study how they can protect their airplanes from being shot down. They did know that
armor was the best choice, but it would be too heavy to armor the whole plane and fly
well.
So, their plan was to examine the returning planes from combat, to see where they were
hit the worst and then reinforce these areas. But Abraham Wald was very smart that he
realized that they were trapped in the concept of survivorship bias that those areas were
hit bad but didn’t make the plane fall down. so basically, other fallen planes had to be
fallen due to shots in the other areas
So, thanks to Abraham’s great way of thinking the military reinforced the other parts
knowing that these areas that were hit in the plane could be hit and keep flying.
Therefore, understanding this concept can be applied to every industry and business
owners have to keep it in mind to not fall into this trap.
Survivorship bias is the tendency to view the performance of anything the is existing
without studying those that have gone bust and ended up with failure. it occurs when
only the winners are considered and have the whole attention while the losers that have
disappeared are not considered.
Survivorship bias in marketing
According to marketing, Survivorship bias happens when we concentrate on people or
companies that were selected while overlooking those that were not selected
because of their lack of visibility. for example, only focusing on Facebook and Google
as big successful companies to get benefit from observing and not giving any attention
to companies that failed to continue for instant Blackberry and Yahoo is the worst thing
you can do while analyzing the market you are already in because educating from the
past failures may not achieve success but definitely will prevent moving through failures
that were already exposed before.
Tips on how you can use this concept in promoting your company:
Stop listening to Startup Survivors only:
The world of startups is full of stories and paying attention to those who succeed in this
competition is not wrong but it prevents you from obtaining more advantages from the
failed ones that were lack of different things
Unbiased Market Research:
Let’s say you are the owner of a company that produces phones and you want to figure
out if you should implement a flashlight in the front camera or not given that 90% of the
profitable phones in the market don’t include a flashlight in the front camera you
definitely would assume that not including a flashlight would for sure be a better choice
right?
Unfortunately, you have fallen into the survivorship bias trap reality doesn’t work this
way don’t you think that maybe the unprofitable phones were not also included a flashlight? Ignoring the failed scenarios is a great sin in marketing and your market research should not be biased.
Marketing Tactics & Campaigns:
The problem with online marketing tactics is that it’s only showing the successful side of
any campaign and ignore the campaign failures. most of the time, people usually don’t
like to expose the negative side of their business. Following marketing, all tactics
would help if we seek both sides of the situation.
And to sum up, everything that has been stated so far people usually seeks a quick fix to
their issues rather than thoroughly comprehending the situation’s context. it is like a get-
rich-quick scam. It requires far more work, which renders it a less desirable choice in
the short run but it’s a must to stay on track in the long term.
Integrity Corporation is here to help your business thrive online. Get in touch today for personalized strategies tailored to your goals. Let’s unlock your online potential together. You can Contact us now for digital success..
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