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Podcast: The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
Episode: This Is One of The Most Powerful Marketing Tools: Peoples' Aversion to Loss
Description: When I was unsubscribing to a service online, I encountered some resistance. My unsubscribing experience included a detailed accounting of all the features to which I would no long have access—in bold, red typeface. It also featured a checklist where I had to acknowledge one-by-one all the benefits I was forfeiting. It was a wonderful example of a company that takes advantage of the effects of Loss Aversion. Loss Aversion is part of the bigger concept of Prospect Theory, first introduced nearly 50 years ago by Nobel-prize-winning economist Daniel Kahneman and Amos Tversky. Loss Aversion describes how we...