Ouch! That's How to Really Motivate Action
Want to know how to lose an audience quickly?
Give them a lesson in economics.
Want to know how to convert an audience effectively?
Use an economics principle.
In economics and decision theory, there is a concept called "loss aversion." It's pretty simple. Loss aversion states that people would prefer to avoid a loss over acquiring an equivalent gain.
How much more effective is it to showcase loss?
Some studies have proven that loss aversion can be twice as powerful, psychologically, as leveraging potential gains. Wow.
A.K.A. Psychologically, it's better to not lose $5 than to gain $5.
A Look In Your Marketing Mirror, Mirror
When you look at your website, presentations, or even your last emails, is there any concept of loss aversion being used? Not likely. Only the best communicators leverage it effectively. It's an art. And you can master it.
While it's amazingly tempting to share all of the great accolades and benefits that are so often promoted, you must learn to sprinkle in pain. If you don't make a message hurt, you will miss out on a dramatic surge in success! (There's a subtle example of how to incorporate it : )
Look at any piece of communication.
Identify the one call to action.
What would it cost someone to ignore your offer?
Tell that story.
4 Easy Places You Have to Start Incorporating "Loss"
- Call to Action Buttons - In the moment someone is about to make a decision, tease them with the ways they've been forced to settle and why they can't ignore your offer.
- Quotes / Testimonials - Incorporate loss aversion in your quotes / testimonials and encourage your clients to talk about how life was before your solution, or what they didn't realize they were missing.
- Proposals - When adding loss aversion into proposals, work to incorporate this element in subtle ways. Mentioning pain and failure too often can begin to discourage prospects. But with good taste, it is incredibly powerful.
- Cold Emails - Make your audience feel discontent in their current state and capitalize by offering a real solution. Your role is to help them move to a better life.
Huddle works with all types of companies ranging in size and category to help them gain a local voice with their audience. We force ourselves to stay committed to becoming the best we can, so those who have trusted us experience the best themselves.
We hope this tip helps you on your journey to get better and connect to your audience.