Loss Aversion in Business, Sales & Marketing

Описание: https://www.eastonuniversity.com in this sales training video, Matt Easton founder of Easton University shows you how to get your prospect to take action by leveraging loss aversion in sales.

The possibility of losing what is close to our heart, or wallet, impacts our decision-making process.

Naturally, we avoid going through any losses, but our brains have mysterious ways of averting losses and falling into risky situations.

A bird in the hand is worth two in the bush, old wisdom has taught us. Although that is not always how we process our decisions, especially when cognitive biases come into the picture.

So, the central question is: can you help your customers in making decisions that will keep the bird/dollars in their hands, by minimizing their losses? The answer is in how you frame your offers.

You will take a look as well at loss aversion outperforming other cognitive biases on increasing conversion rates for an e-commerce platform.

And you will also find inspiration in 13 marketing strategies to trigger loss aversion online.

Ready?

Let’s start!

What is Loss Aversion?

As one of our automated responses in behavioral economics, loss aversion facilitates decision-making, by leading us to avoid losses at all costs.

Decision-making is hard business.

Buying a car or committing to a mortgage stand out as major, energy-draining decisions. Not to mention choosing a career.

But we go through millions of tiny decisions as well. On food alone, we overlook, on average, 200 decisions a day. To cope with overflowing choices and prevent decision fatigue, we have ancestral mechanisms to help us reach faster decisions, based on our previous knowledge and interpretations of the world that surround us.

Our decisions may seem to follow a rational, clear, straight-forward process, but that is just our brains deluding us. We adopt a less logical route when evaluating our choices.

For instance, if we had to decide between gaining 10 dollars or avoid losing 10 dollars, we would avoid losing the money we already have. At a first moment, our happiness for a 10-dollar win should have the same intensity of our sorrow for a 10-dollar loss. But no! The feeling of loss is way deeper and more intense than the joy of gaining.

So, we avoid losses at all costs, and make decisions based on this cognitive bias.

The riskier the context, the harder loss aversion plays upon our decision-making. To better understand this correlation, let’s talk over a cup of coffee.

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