Subscribe to Entrepreneur for $5
Subscribe

This Vital Tip Will Make Your Voice Mails More Effective

By
This story appears in the February 2016 issue of Entrepreneur. Subscribe »

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