Meet the Author

  • Daryll Scott
  • Director of Human Technology

Daryll Scott is an internationally renowned author and developer on the subject of Neuro-Linguistic Programming.  One of only four accredited NLP Developers in the UK, Daryll has a prestigious career as both an agency founder and leadership consultant. He has built several businesses and worked with brands like Deloitte, Barclays, Pret-a-Manger, Microsoft and Apple. Get in touch with Darylll on Twitter @DaryllScott. Catch up with Lab at http://lab.co.uk or on Twitter @LabDigitalUK.

 


Takeaways

  • Using a simple copywriting neuromarketing tweak, marketers can tangibly influence the performance of their content.

Don’t take my stuff


13 March 2018
Thought Leadership
3 mins

Loss hurts us more than gain gives us pleasure

Humans are possessive creatures, aren’t they? From a very early age, we learn the word that soon begins to permeate our psychology: ‘mine’. From kindergarten toys to clothes and later on properties and even people, we seem to have an innate need to own and possess. When it comes to understanding why this is from a behavioural economics point of view, things get very interesting, very quickly…


Using our mind’s eye to go back a few millennia, we can see our beautifully evolved ancestors switching from being hunter-gatherers to establishing their homes in specific areas. This change of behaviour also translates into a change of psychology; the sense of possession extends from the clothes, the food, the tools we owned to asserting ownership of a physical space, an establishment and the household objects that come with it. In a visceral sense, possession means insurance of survival.


So it’s only natural that today we still have remnants of that world-view in our own psychology - from the point of view of behavioural economics, we are averse to losing our possessions even in situations in which statistically we are more likely to gain if we do. We ran an interesting experiment about this a Christmas or two ago…

 

 

 

This pattern of behaviour is, indeed, quite irrational - much like most of our decision-making, but we won’t go into that right now… We are all about quick and effective applications of neuromarketing principles, so here’s all you need to know:

 

The main way in which marketers can use loss aversion in their messaging is to realise when there is an opportunity to flip the framing of their proposition.


When talking about your offering, sometimes it is much more effective to suggest to potential customers what they are losing if they don’t get onboard rather than what they would gain if they do.

 

The second episode of our brand new neuromarketing series called “When Push Comes to Nudge” is all about Loss Aversion - watch it above and get all the insights from Daryll, our Director of Human Technology.

 

To unlock more insights from an expert neuromarketing agency, download our whitepaper below and get intrigued...

 

 


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Takeaways

  • Using a simple copywriting neuromarketing tweak, marketers can tangibly influence the performance of their content.

Meet the Author

  • Daryll Scott
  • Director of Human Technology

Daryll Scott is an internationally renowned author and developer on the subject of Neuro-Linguistic Programming.  One of only four accredited NLP Developers in the UK, Daryll has a prestigious career as both an agency founder and leadership consultant. He has built several businesses and worked with brands like Deloitte, Barclays, Pret-a-Manger, Microsoft and Apple. Get in touch with Darylll on Twitter @DaryllScott. Catch up with Lab at http://lab.co.uk or on Twitter @LabDigitalUK.