January 5th, 2021 Posted by Social

Behavioral economics proves that we are more afraid of losses than we are excited by gains. This “loss aversion” heuristic means we are less open to new opportunities when afraid. Many of your customers are probably afraid in this environment. They may be facing staff layoffs or the possibility of their business closing. Before a customer will be open to a new opportunity, their emotions need to be grounded in something other than fear.

A Le Moyne college study found that “nostalgic yearning for the past is especially likely to occur during periods of transition.” You’ve likely seen this in TV spots that play off anticipation for a return to “normal.” Your sales team can shift a customer’s mindset from fear of loss to appreciation of success by creating “Success Nostalgia.” How do you create this? Try sharing stories of prior business-driving sales and small updates on success of current sales.

Did you know we’re sending helpful tips like this straight to your inbox? Sign up for our Directives and Selectives now.