We all hate to lose.
Whether it’s losing a game, an argument, or our money.
We’re more upset about losing $20 than we are happy finding $20.
This is called Loss Aversion.
And pain from loss is 2X more powerful than pleasure from gain.
When you sell your product’s features, you’re not lowering LOSS AVERSION.
When you sell benefits, you’re still not lowering LOSS AVERSION.
When you sell the idea that your prospect’s status quo is no longer effective, efficient, or economical… you ARE lowering LOSS AVERSION.
One example of “loss aversion selling”…
“Mr. Prospect, how much are unfilled sales roles costing you in revenue?”
How to make your prospects less loss adverse…
1.) Share images or videos of your product being sampled by prospects at events. Think Apple Store.
2.) Offer a free trial of your product so prospects can interact with it with zero risk. Think Netflix.
3.) Share dozens of testimonials and reviews from your customers to which your prospect will relate. Think Amazon.
4.) Gather your sales reps and marketers in a room with pizza and brainstorm what your prospect is losing by not using your product. Quantify it. Think McKinsey.
Because loss aversion is what prevents your prospects from taking that first step towards working with you.
P.S: Never have another quarter without hitting quota. Check out the stoic sales minds blog – Click Here.
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PLUS: Whenever you’re ready, here are 5 ways I can help boost your revenue or income very quickly…
1. Be a guest on the “Stoic Sales Minds” Podcast
This is where you and I get on a 30 minute call to talk about you, your company, and the business problem you solve. It’s a killer way to position yourself as the industry expert. Then share your quotes with prospects to nurture them from demo to close. To be a guest on the show connect with me on LinkedIn.
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Check out these jobs with companies in Toronto and Vancouver.