The first Monday Mindhacks: discover the psychological triggers that create demand for your company & products.
Why is it so dang hard to get buyers to change their behavior? I mean, my product is way better. It’s more cost-effective, their lives will be easier, what gives?
Well, there’s a psychological trigger about that – it’s called STATUS QUO BIAS.
People don’t like change. They’ve done things a certain way for a while. Change is scary. Consumers? They might not trust you. Businesses? Why go to bat for your product, when what they’re using now is fine. Why buy your product (or company)?
They’re afraid of losing what they already have. So what’s the strategy?
It’s about positioning – positioning their current situation as a loss that’s already happening. That by NOT making a change, they’re continuing to dig a deeper hole.
That will nudge them more than if they feel their current situation is fine.
Pair that with positioning your product not a radical change, but just an option. An alternative, not a replacement. Alternatives are less scary than something wholly new.
And, it can work in an acquisition context with strategic buyers.
So … There’s your first Monday Mindhack. Take a beat and think – how could you use it?