This Vital Tip Will Make Your Voice Mails More Effective
The experiment: In a trial conducted for the sales and marketing consultancy Corporate Visions, researchers monitored two subtly different types of pitches from a bank. The pitch to one group of potential customers began like this: “You need to know that 40 percent of companies that take a bank loan still fail.” The pitch to the other group began by focusing on the benefits of the credit line.
Pexels
The result: Sales to the first group -- the one that heard that 40 percent stat before anything else -- were 10 percent higher than sales to the other group. Why? Humans feel the pain of loss twice as much as they’re pleased by gain, according to Nobel Prize winner Daniel Kahneman. Loss aversion plays a major role in the decisions we make, particularly anything that involves a change from the status quo; this makes it a powerful lever for sales.
Continue reading this article - and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.
Entrepreneur Editors' Picks
-
These Co-Founders Are Using 'Quiet Confidence' to Flip the Script on Cutthroat Startup Culture and Make Their Mark on a $46 Billion Industry
-
My 7-Year-Old Daughter Started Selling Eggs. Here's What She Taught Me About Running a Startup.
-
Why You Need to Become an Inclusive Leader (and How to Do It)
-
Career Transitions You Can Make in Your 40s and 50s
-
Billionaire Naveen Jain Is an Expert at Disrupting Fields He Has No Experience In. His Secret Sauce for Building Multi-Million Dollar Companies? 'You Have to Come as Naive.'
-
4 Principles to Develop Next-Level Leadership at Your Company
-
This Filipino American Founder Is Disrupting the Beverage Aisle by Introducing New Flavors to the Crowded Bubbly Water Market
