What can you Gain from Loss……
Coke made the marketing fiasco of century in 1985, by offering “New Coke.”
They cut out regular coke and by doing so, alienated thousands of their loyal customers.
1000’s demanded old coke back.
People started wearing anti-coke buttons. There were tee-shirts making vitriolic comments about Coca-Cola. People even went as far as starting a class action law-suit.
Interestingly when Coke had done Blind tastes, before launching New Coke, people had preferred the new drink.
Now here’s the kicker – What people liked more, was less valuable to them, than the thing they felt they were losing.
This is called the Scarcity Principle.
People have a tendency to be more sensitive to possible losses than to possible gains. This is one of the best supported findings in social science.
Loss Aversion
We often frame our messages in terms of what prospective clients have to gain. We may be wasting an opportunity to present our message in an entirely more persuasive way by focusing on what audience stands to lose!
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