Mental trigger for fear of loss: learn how to apply it!
Posted: Tue Dec 03, 2024 8:20 am
The mental trigger of fear of loss is often used in conjunction with urgency and scarcity. After all, the idea is to show that you run the risk of missing out on something really good.
For example, if you observe the financial market, you will notice that a stock often rises a lot at a given moment.
This happens because of the so-called herd effect. In other words, someone bought, the price went up, that person made a profit, and their friends don't want to be left out, so they buy to make a profit too, and so the movement continues until someone sells.
Bringing it to our reality, this trigger is used to create fear in the consumer that they may be left out of a course or have to pay an additional cost if they do not enroll by a certain date.
Want to know more?
In this article, we’ll show you what the fear of loss trigger is, and how you can use it to boost your online course sales. Check it out!
What is the mental trigger for fear of loss?
The loss trigger is one in which a company tries to show the consumer that they are missing out on a great opportunity by not purchasing their products and services at that time.
The idea is to awaken some negative feelings such as envy and fear of exclusion. This means that if someone is winning and you are not, this will bother the customer until they decide to purchase your course.
For example, if someone buys your course, they uk business fax list discover a new technique for writing an essay. Then they become more productive, attract more projects and earn more.
Soon, other writers will see this person standing out and feel uncomfortable. What will they do? Buy your course so they can become more productive too.
FOMO syndrome and the fear trigger
FOMO is an abbreviation for the words Fear of Missing Out , which is a term coined in 2000 by marketing strategist Dan Herman.
Later, researchers Patrick McGinnis and Andrew Przybylski defined FOMO as someone's desire to be in the know about what others are doing.
As we anticipated, this is often seen in the financial market, because when someone is making money in some way, everyone wants to make money too.
Knowing this, investment advisors make great use of this trigger in order to bring more leads to the business. After all, if everyone is winning and only you are not, are you going to be left out of this?
Read also:
How to sell online training? Everything you need to know!
GUIDE to rapport in sales: everything you need to know to connect with prospects and sell more.
How to apply the fear of loss trigger?
Now that you know how the fear of loss mental trigger works, we'll show you how you can apply sales triggers to your online courses.
1 – Deal well with product shortages
Many people buy a course because they are afraid of missing out. In other words, if they don't buy it, they simply won't have the opportunity to take it anymore.
This can be done in several ways. One is to show that the course will only exist once, and that there will be no other similar courses in the future.
Therefore, if you leave it for later, you run the risk of missing out. So what should you do? Limit the number of places available and the time for registration.
As the registration deadline approaches and the number of places decreases, people's fear of missing out on this opportunity grows.
2 – Additional prices instead of discounts
If I ask you: would you rather have a discount of R$10 or not pay an additional R$10, what would you answer?
Most people will say they prefer not to pay the additional amount. In the first case, it is an advantage to have the discount, while in the second case, there is a fear of losing money.
While the first brought a positive feeling, the second brought a negative feeling. And according to neuromarketing , the pain of loss is more intense than the pleasure of gains.
Therefore, you can work with the following possibility: the course price is R$100 until the 10th, after this period there will be an adjustment to R$120.
Note that the effect of this loss is so negative that most students will close the deal by the stipulated date to avoid paying this extra amount.
Want to know how to charm your customers once and for all? Then watch this video we have put together below
3 – Show the risks of not taking your course
When we talk about risks, we are extolling people's fears. For example, a company that sells insurance has to show you all the risks so that you really see the need to purchase this service.
Therefore, what you have to do is show the risks of the student not taking your course, such as losing their job, becoming out of date on the subject and losing space in the market, etc.
Let's imagine a course on digital marketing . You can use the following headline: thousands of marketers are losing their jobs because they don't understand digital marketing. And you, how is your knowledge?
Note that if the student has never taken a digital marketing course , he will start to feel afraid of losing his job because of it, and will delve deeper into the subject.
4 – Work on exclusivity well
In the past, designer clothing stores worked very well on exclusivity anchored in fear. How? Simple: a customer who paid a lot for these clothes would be terrified of going to a party and seeing someone else wearing the same clothes.
Therefore, the store showed that if she bought a cheaper item, she ran the risk of seeing someone else wearing the same outfit and looking ridiculous.
This can be done in all contexts. By showing that your course is unique and that others will only teach the basics, people may be afraid of making a bad deal if they don't purchase your service.
In short, there are many ways to work on the mental trigger of fear of loss , and they have a huge positive effect on your business's sales.
Did you like it? Then visit the EAD Plataforma blog and check out other articles like this one. And if you need a platform to host your course, check out our solutions.
For example, if you observe the financial market, you will notice that a stock often rises a lot at a given moment.
This happens because of the so-called herd effect. In other words, someone bought, the price went up, that person made a profit, and their friends don't want to be left out, so they buy to make a profit too, and so the movement continues until someone sells.
Bringing it to our reality, this trigger is used to create fear in the consumer that they may be left out of a course or have to pay an additional cost if they do not enroll by a certain date.
Want to know more?
In this article, we’ll show you what the fear of loss trigger is, and how you can use it to boost your online course sales. Check it out!
What is the mental trigger for fear of loss?
The loss trigger is one in which a company tries to show the consumer that they are missing out on a great opportunity by not purchasing their products and services at that time.
The idea is to awaken some negative feelings such as envy and fear of exclusion. This means that if someone is winning and you are not, this will bother the customer until they decide to purchase your course.
For example, if someone buys your course, they uk business fax list discover a new technique for writing an essay. Then they become more productive, attract more projects and earn more.
Soon, other writers will see this person standing out and feel uncomfortable. What will they do? Buy your course so they can become more productive too.
FOMO syndrome and the fear trigger
FOMO is an abbreviation for the words Fear of Missing Out , which is a term coined in 2000 by marketing strategist Dan Herman.
Later, researchers Patrick McGinnis and Andrew Przybylski defined FOMO as someone's desire to be in the know about what others are doing.
As we anticipated, this is often seen in the financial market, because when someone is making money in some way, everyone wants to make money too.
Knowing this, investment advisors make great use of this trigger in order to bring more leads to the business. After all, if everyone is winning and only you are not, are you going to be left out of this?
Read also:
How to sell online training? Everything you need to know!
GUIDE to rapport in sales: everything you need to know to connect with prospects and sell more.
How to apply the fear of loss trigger?
Now that you know how the fear of loss mental trigger works, we'll show you how you can apply sales triggers to your online courses.
1 – Deal well with product shortages
Many people buy a course because they are afraid of missing out. In other words, if they don't buy it, they simply won't have the opportunity to take it anymore.
This can be done in several ways. One is to show that the course will only exist once, and that there will be no other similar courses in the future.
Therefore, if you leave it for later, you run the risk of missing out. So what should you do? Limit the number of places available and the time for registration.
As the registration deadline approaches and the number of places decreases, people's fear of missing out on this opportunity grows.
2 – Additional prices instead of discounts
If I ask you: would you rather have a discount of R$10 or not pay an additional R$10, what would you answer?
Most people will say they prefer not to pay the additional amount. In the first case, it is an advantage to have the discount, while in the second case, there is a fear of losing money.
While the first brought a positive feeling, the second brought a negative feeling. And according to neuromarketing , the pain of loss is more intense than the pleasure of gains.
Therefore, you can work with the following possibility: the course price is R$100 until the 10th, after this period there will be an adjustment to R$120.
Note that the effect of this loss is so negative that most students will close the deal by the stipulated date to avoid paying this extra amount.
Want to know how to charm your customers once and for all? Then watch this video we have put together below
3 – Show the risks of not taking your course
When we talk about risks, we are extolling people's fears. For example, a company that sells insurance has to show you all the risks so that you really see the need to purchase this service.
Therefore, what you have to do is show the risks of the student not taking your course, such as losing their job, becoming out of date on the subject and losing space in the market, etc.
Let's imagine a course on digital marketing . You can use the following headline: thousands of marketers are losing their jobs because they don't understand digital marketing. And you, how is your knowledge?
Note that if the student has never taken a digital marketing course , he will start to feel afraid of losing his job because of it, and will delve deeper into the subject.
4 – Work on exclusivity well
In the past, designer clothing stores worked very well on exclusivity anchored in fear. How? Simple: a customer who paid a lot for these clothes would be terrified of going to a party and seeing someone else wearing the same clothes.
Therefore, the store showed that if she bought a cheaper item, she ran the risk of seeing someone else wearing the same outfit and looking ridiculous.
This can be done in all contexts. By showing that your course is unique and that others will only teach the basics, people may be afraid of making a bad deal if they don't purchase your service.
In short, there are many ways to work on the mental trigger of fear of loss , and they have a huge positive effect on your business's sales.
Did you like it? Then visit the EAD Plataforma blog and check out other articles like this one. And if you need a platform to host your course, check out our solutions.