Where Should I Innovate In My Business?

I woke this morning to the rapid fire of a nail gun. Not in my room mind you, a roofer was working on a new house down the road. I...

Avoid Envy At All Costs

If your customers feel someone or something is superior to them, they will envy it. And if you are that "superior" thing, envy is not good. When customers envy something,...

If You Think I'm Great, It's Not Me. It's You.

If you think I'm great, it's not me. It's you. If you think I'm great, it's not me. You don't see me. You see you in me. If you think...

What Street Signs Can Teach You About Advertising

Advertising has changed. A lot. Customer attention spans are nil.  We want what we want, not what you want us to want.  So how do you advertise when people want...

How To Instantly Break Stress

In this episode of On A Roll, Mike Michalowicz explains why drawing an infinity sign (a figure 8 on its side) in the air, instantly breaks stress. It forces you...

How To Prepare For Entrepreneurship

e of the more frequent questions I am asked about entrepreneurship is how to prepare for it. You do it. You just start doing it. Doing is the best way...

Yes To Clarity. No To Excruciating Detail.

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Risk Is The Only Rule

I think bumper stickers are the modern versions of Chinese proverbs. When I see a parked car covered with them, I get butterflies in my stomach. I just stand and...

The Real Bottom Line

Who is more successful? Bill and Melinda Gates or this father and son: Over the past thirty years, Dick Hoyt and his son Rick have completed hundreds of races, including...

How Loss Motivates People To Buy

More people buy my books after I speak, than before.  It's what you would expect, of course.  But why is it? The same number of people are there before and...

How Loss Motivates People To Buy

More people buy my books after I speak, than before.  It’s what you would expect, of course.  But why is it?

The same number of people are there before and after the event.  The books are on display before and after.  Almost all the attendees know who I am already (thanks to the event flier).  So why don’t they buy the books before I speak?  After all, there isn’t a line.

Many selling principles come in to play here.  Social proof, reciprocity, recency effect, scarcity, sampling effect, and the loss effect, to name a few.  Of all these, loss is the strongest motivator triggering the after-event purchases.

If the audience feels that my presentation brought value, they are acutely aware they may lose some of the new found knowledge.  Maybe they missed an important note.  Maybe they misheard something.  To prevent the loss of knowledge, some are compelled to buy a book.

Your audience (prospects) are the same.  They will always take actions to prevent loss.  So stop telling your prospects what they will gain by buying your thing, start telling them what they will lose should they not buy it.  You’ll sell more and they will be better served.