Use Loss Aversion to Close Big Deals and beat the Status Quo
Why do companies decide to make large purchases and change what they are doing?
A major motivation is to avoid losing something valuable that they have today.
In fact, the preference to avoid losing something valuable is significantly stronger than going after a gain of equivalent value.
This principle is known as Loss Aversion, aka “Prospect Theory”, and is extremely important to understand and leverage in order to win big deals.
In todays video, I break down Loss Aversion and share examples of how you can use this principle to close large deals where you are competing with Status Quo.