How Loss Motivates More than Gain
We’ve talked a lot about benefits, and they are very important. However, here’s a little secret that’s emerged from psychology research, and it directly relates to scarcity: Customers desire benefits, but they are even more motivated by the prospect of losing something. That “something” could be any number of things:
• The winning bid itself.
• Freedom of choice. (For example, a lot of people buy different kinds of athletic shoes for different sports and exercise routines. They want the flexibility and the freedom of wearing the best shoe for the right occasion.)
• An opportunity. (For example, a bargain, a chance to make more money, a shot at personal improvement, or a chance to acquire some rare, coveted object.)
• An experience. (For example, tickets to sporting events, plays, and other activities.)
• An insight or educational experience. (For example, instructional CD-ROMs, classes, seminars, or “Webinars.”)
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