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Motivate Clients and Prospects with the Fear of Loss

One commonly overlooked motivator is the fear of loss. Remember this rule: The fear of loss is greater than the desire for gain.

HERE’S AN EXAMPLE:
To illustrate the desire for gain, let’s say I’ll give you $20 if you do something for me. Depending on how much you value $20, you may or may not do what I request.
To illustrate the fear of loss, let’s say that you must take a certain action or you have to pay me $20. Did you notice how much differently you felt when I said you might lose $20?
As a rule, people think much more seriously about what they stand to lose than what they stand to gain. Although, both can be powerful motivators.

HOW DOES THIS WORK FOR YOU?
When you explain to prospects how they will benefit from hiring your services, also make sure you point out what they will lose if they don’t hire you.
Fear of loss also includes staying in your present circumstances and not improving your situation. “Mr. Prospect, if you decide to hire me, I’ll work hard to bring you the positive results you want. But if you decide to wait and see what happens, you can expect your situation to continue and, perhaps, grow even worse.” The more specifics you include in your explanation, the more persuasive it will be.
In all aspects of your marketing message, tell prospects the positive reasons they should hire your services. And tell them what they stand to lose if they allow their present circumstances to continue—because the fear of loss is greater than the desire for gain. Fear is one of the most powerful motivators we know, and yet one that is often overlooked.

Trey Ryder

Trey Ryder specializes in Education-Based Marketing for lawyers. He offers three free articles by e-mail: 11 Brochure Mistakes Lawyers Make, Marketing Moves Most Lawyers Miss, and 13 Marketing Misconceptions That Cost Lawyers a Fortune. To receive these articles, send your name and e-mail address to trey@treyryder.com and ask for his free packet of marketing articles.

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Filed Under: Featured StoriesPractice Management

About the Author: Trey Ryder specializes in Education-Based Marketing for lawyers. He offers three free articles by e-mail: 11 Brochure Mistakes Lawyers Make, Marketing Moves Most Lawyers Miss, and 13 Marketing Misconceptions That Cost Lawyers a Fortune. To receive these articles, send your name and e-mail address to trey@treyryder.com and ask for his free packet of marketing articles.

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