Even when they know they need something?
In this clip, Rich Smith explains one of the most powerful concepts in behavioral science:
Loss aversion.
People tend to feel the pain of a loss far more intensely than the pleasure of an equivalent gain.
For business leaders, that has a major implication.
Your product or service can't just be worth the price.
The perceived value has to significantly outweigh the cost before most people feel comfortable making a decision.
Understanding how people make decisions isn't just valuable for marketers.
It's a competitive advantage for every leader.
Watch the clip.
Listen to the full episode of Capitalist Culture®: https://www.capitalistculture.com/