The Power of Loss Aversion

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In marketing, we're all about the gains, the benefits, the advantages. A little well-placed loss aversion can go a long way because people are more motivated to avoid pain. Pointing out what you stand to lose can actually be more powerful than only pointing out what you can gain.

When you understand your customers’ motivations, then you can start using your marketing tactics way more effectively.

Nancy Harhut is the Co-founder and Chief Creative Officer at HBT Marketing. She’s also an expert in behavioral science and its intersection with marketing.

Daniel and Nancy discuss why you don’t just need to get the right message to the right person - you need to do it in the right way, how the powerful Endowment Effect can influence sales people, and why autonomy bias is a practical tactic all marketers can put to use.

And thanks to our episode sponsor, Retention. What do brands like Warby Parker, Dr. Squatch, Vital Proteins, and Blendjet all have in common? Retention.com is their highest performing ROAS channel by far. Visit Retention.com to book a demo today.

Follow Nancy:

LinkedIn: https://www.linkedin.com/in/nancyharhut/

Twitter: https://twitter.com/nharhut

Follow Daniel on Twitter: twitter.com/Dmurr68

LinkedIn: linkedin.com/in/daniel-murray-marketing

Daniel is a Workweek friend, working to produce amazing podcasts. Find out more, visit: www.workweek.com