Loss aversion is also a great marketing tool,

[muniyaakter]

It is not rational: it is an unconscious mechanism over which we have no control.

especially applicable to freemium products.

Marketers advice: unlock the free version of a product or service for a certain period of time to the customer, let him get used to its advantages and then ask him to activate the actual subscription.

If your service is truly valuable, you will have r singapore business email list eached a new customer who will no longer want to lose what he is gaining.

Now, loss aversion can have different weights depending on what we are “losing.”

In fact, according to research by Jennifer Aaker , General Atlantic Professor of Marketing at the Stanford Graduate School of Business , time is the currency we most like to spend.

The result is confirmed by this experiment with three lemonade carts:

The first one's sign says: “Spend some time with us and enjoy our lemonade” ;
The second one says: “Spend some money here and enjoy our lemonade”;
The third one says: “Enjoy our lemonade . ”
The first cart achieved the best results (attracting twice as many people willing to pay double the price).

Remember : an “expense of time” is more advantageous to the human brain than an “expense of money”.

To use this bias to your advantage, test “time expenditure” as a sales angle for your product, especially with an audience that doesn’t know you yet.

Or use it as an angle to ask for strategic feedback from your satisfied customers (highlighting the time invested in your product instead of money will encourage them to give you an even better review).