What will your customers lose if they don’t buy your product or service?

If we are doing it right you will often talk about the benefits your product brings to your customers in your marketing

Whilst this is powerful, there is an even more effective tool in your marketing arsenal in the form of loss aversion

It’s been proven in repeated tests that people respond more readily to the thought of missing out / losing something than they do to the thought of gaining something

Think about products like insurance, virus protection even specialist mens shampoos, they all exclusively revolve around the idea of avoiding losing something

With your own product maybe it’s time to include some loss aversion in your marketing strategy

One caution is to avoid over using this element within your marketing as it could negatively affect the trust and rapport you want to maintain with your target customers

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