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A/B Testing Idea #9 - Appeal to people's fear of loss (Loss Aversion) rather than emphasising potential gains
Description
Loss aversion is the scientific term that explains how the pain of losing is 'felt' about twice as much as the pleasure of gaining.
In general, people will be more motivated to act if they think they are going to lose out on something - or are made aware that they already are loosing out in their current situation - more than if the issue is framed as what they stand to gain.
Therefore, pointing out that your customer may miss out on a deal or might lose out financially by shopping elsewhere will provoke powerful emotions associated with Loss Aversion and will thus be more likely to purchase.
Principles
- Loss Aversion (Tversky & Kahneman, 1984)
The Research
Loss Aversion
Loss Aversion explains our tendency to strongly prefer avoiding losses over acquiring gains.
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