The Power of Loss Aversion

This chapter explores the psychological difference between offering a bonus beforehand versus promising a bonus afterwards as a way to motivate people. It discusses how people are more likely to take action and work hard to avoid losing something rather than working for the promise of gaining that same thing.

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Episode notes

IN THIS EPISODE YOU’LL LEARN:

03:08 - What influence is and why there is so much psychology in persuasion.
07:37 - What the levers of influence are.
28:36 - How the world of digital business is impacted by influence.
32:06 - What makes our cell phones addicting?
36:12 - How do we spot phony online reviews and why this is important?
39:49 - Why personalizing gifts increases the returns of gifts.
47:13 - Which psychological principle Coca-Cola missed that led to a disastrous marketing decision.
48:50 - Why Amazon offers to pay each of its fulfillment employees up to $5,000 if they quit.
54:56 - The question can job candidates ask at the start of an interview to increase their chance of success.
57:49 - What the unity principle of influence is.
And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Robert and Clay’s tool for picking stock winners and managing our portfolios: TIP Finance.
Robert Cialdini’s Book Influence, New and Expanded: The Psychology of Persuasion.
John Rulin’s Book Giftology.
Gary John Bishop’s book Do the Work.

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