Graeme Newell

Loss Aversion

Want to seriously up your close rate? Then stop being so darned positive. We love talking to prospects about the BENEFITS of our products, simply because it’s a more pleasant conversation. It’s just more fun to endlessly blather on about the rosy future our product empowers.

But brain research tells us that, roughly speaking, losses hurt about twice as much, as gains make us feel good. Most of us like to believe we play to WIN, but brain science reveals that’s usually not the case. We usually play not to lose. Sure, winning is pleasant, but our brain absolutely abhors a loss (Kahneman & Taversky, 1979).

So the key to being more persuasive is to go through each of your product features and carefully craft a LOSS AVOIDANCE sell that still maintains a very POSITIVE tone:

Job Application: “Escape your dead-end career.” vs “Change to an exciting new job.”

New Product: “Our product cuts losses.” vs “Our product increases revenue.”
Gym Membership: “Stop the weight gain.” vs “Get thinner.”

Don’t sell a future that will be better SOMEDAY. Sell immediate relief from the pain they’re feeling RIGHT NOW.