Use Loss Aversion to Close Large Deals and beat the status quo

Описание: Why do companies decide to make large purchases and change what they are doing today?

A major reason companies change is to avoid losing something valuable that they have today, stop the bleeding from current losses, or mitigate the risk of future losses.

In fact, the preference to avoid losing something valuable is significantly stronger than going after an equivalent gain.

This principle is known as Loss Aversion, aka “Prospect Theory”, and is extremely important to understand and leverage in order to win big deals.

Here are two valuable questions you can ask during discovery to uncover losses associated with remaining in the status quo:

1. What is the current situation costing you which is requiring you to make this change?

2. What do you stand to lose if you do nothing?

In todays video, I break down Loss Aversion and share examples of how you can use this principle to close large deals whenever you are competing with Status Quo.
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