Monday, September 19, 2005

Loss Aversion Sells Better Than Benefits -- eBay Sales/Marketing Strategy

Here’s a good article about “loss aversion.”

We tend to focus on benefits so much, but loss aversion is a more potent driver of purchasing and motivation.

Cialdini has studied this concept exhaustively and the numbers don’t lie.

When you’re creating new eBay listings or updating old ones, keep this fundamental marketing concept in mind. Remind prospects of how much money and time they stand to lose if they don’t use your product or services. Maybe you have a product that is a smart/safe choice. If so, remind them that they won’t lose face by going with the safe buy or respected brand.

Of course, always remind bidders that they’re in a competitive situation. The main thing they stand to lose in an auction is the item itself – to some other similarly motivated shopper. This is particularly significant in collector bidding situations. The collector is a rare breed that loves having unique items and loves being the only one that has them. They also like having multiples of the same thing. Make sure you remind these collectors what they stand to lose by losing the auction.

Phrase your description copy in those terms and you’ll get more bids and see your final gavel bids increase.

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