August 2022
Beginner
288 pages
8h 15m
English
Content preview from Using Behavioral Science in Marketing
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Conveying customer benefits through loss aversion and the endowment effect
Even though marketers know that benefits sell, focusing exclusively on gains may not be the best move. Behavioral science makes the case for loss aversion, because the human drive to avoid the pain of loss is extremely motivating.
Benefits sell. As a marketer, you’ve likely had that idea drummed into your head since the beginning of your career. If you haven’t heard those exact words, you’ve heard variations on the theme:
You’ve been told to always remember “WIIFM”—the acronym for “what’s in it for me?”—because that is what your customers and prospects will be thinking when they encounter your marketing message.
You’ve been admonished to never just list features, ...
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