opportunity 55 of 150 Apart from having the right product at the right price, readily accessible, and delivered with the right service, there is a lot business can do to persuade their target market to buy, repeat buy and refer their product. A potentially powerful strategy is leveraging the fear of loss. It has been […]

opportunity 55 of 150 Apart from having the right product at the right price, readily accessible, and delivered with the right service, there is a lot business can do to persuade their target market to buy, repeat buy and refer their product. A potentially powerful strategy is leveraging the fear of loss. It has been said that there are two primary drivers of human behaviour – love and fear. While a view on this is not offered here, the research has time and again provided empirical evidence that consumers are motivated by the fear of loss. There are a number of studies that have concluded that consumer will: Pay more for a scarce resource Move faster to buy when there is a shortage Stock pile prior to a looming price increase The first of these points is consistent with the laws of supply and demand. All three points have been…