Fear Of Loss is one of the most under rated impulse factors. I have made an incredible amount of sales on my ability to convey urgency alone! If you are able to instill a GENUINE Fear Of Loss into your prospects, they will be compelled to buy now. This is a basic psychological fact and to deny it is just absurd. If you want to compete with the big boys then you must master Fear Of Loss in your sales pitch. There's just no way around it.
Have you ever been to a wedding and heard the priest or pastor say.. “Speak now or forever hold your peace…”? That is fear of loss! The preacher is instilling into his listeners the fear that if they don’t speak now they will lose the opportunity to speak on the subject FOREVER! That’s a VERY powerful concept. When we use fear of loss in a sales pitch we are trying to evoke those same emotions in our prospects, but not with those exact words.
The prospect needs to Fear that if they don’t buy NOW they will miss out big time! They must be made to understand that their lack of action now is associated with a devastating loss later.
We best create this feeling by describing an impending, life changing event like the end of a promotion, or the running out of material or a deadline if you will. Or better yet, the complication of their lives in some way that will cause them a loss of time or money.
Sales people tend to use phrases like:
“I only have two left!” “Don’t miss out.” “Take advantage of this promotion before it ends!”
Chances are they have a stockroom full of that item, but they are using fear of loss to get the prospect to buy now instead of putting it off till later.
Info-infomercials and home shopping channels use fear of loss by displaying a count down of the items remaining on the screen. It may be 4:00 AM but those items appear to be flying out the door! Many time’s you hear things like:
“The first 50 callers will receive a free gift!”
Again this is impulse building through the fear that you will lose the gift by not calling immediately. The reality is that ALL orders come with the free gift.
On an internet sales page there are many ways to portray Fear Of Loss. Some marketers even use it in the pre-headline with something like “DO NOT HIT YOUR BACK BUTTON! This is the ONLY time you will see this page.” That statement uses fear of loss AND urgency to captivate the visitor and make them read the entire page.
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