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So if you're serious about leveling up, go to livemomentus.com and use code gen for 20% off. First act now, start today, gen for 20% off, livemomentus.com. Hi everybody, and welcome to another solo of habits in hustle with my foil. Whoo, Shawnee. Hello, everyone.
So nice to see you. I know it. You know what, Denise?
Well, she goes, I haven't seen you in so long.
Well, she hasn't. You've been very busy trying to save the world. Yeah, I don't think she's really at the time. Hi, if it's the last thing I do, piece of the Middle East will come.
“Yes, I mean, that's what we all want, but that's where you've been, I haven't seen”
you for so long. Yeah. All right. So I want to talk to you guys today about something that I kind of was doing some work on something, I guess, a week or so ago, and I wrote a little note to myself.
I jotted a note down because I really wanted to have a podcast talking about something. We had a physical written note with something I was in a meeting and I was talking about this whole concept. And then I'm like, you know, this would make a really interesting podcast episode. I want to talk about it and I want to bring it up with you.
And what the topic is and what it is, it's a psychological marketing technique. And it's the loss of version technique. Have you ever heard of this? I have heard of this. Okay.
I have heard of this years ago. Okay. Interesting concept. It's a great concept. It's a concept consciously use it a lot, but I don't know the depth of it too well.
Okay.
Well, this is what it's basically what it basically is.
I wrote down some notes that basically as human beings, people are twice as sensitive to loss than they are to gain. So if I give you a hundred dollars, you'll be happy. But if you had to lose a hundred dollars, you'd be twice as unhappy. Yes.
Right. That makes sense. So that what marketing people do when they're creating a campaign or what sales people do is that they want you to know basically what you will lose if you don't do something versus what you will gain.
Because that psychologically what the loss in your head is so much more severe than whatever ever that gain is. So now that we're in 2024 and we are all talking about New Year's resolutions and what to do, you know, all these things we want to like, we want to accomplish and do.
“If you really want to get someone to do what you want, if you want to try to persuade somebody”
to do something that you want them to do, you would tweak your technique based on this idea of loss of version. So for example, if I said to you, Shawnee, come to the gym, you're going to get really fit. Actually, it would be way more persuasive if I said to you, Shawnee, come to the gym. Or else you're going to get really fat.
If I would get me to do gym so much faster, if I said to you, Shawnee, come to the gym. Or else you're going to get really fat by not doing this thing. But psychologically, we'll make you do that thing so much easier and quicker than me talking about, oh, Shawnee, if you come to the gym, you're going to get really strong. You're going to get really fit, you know, and you are going to feel great.
Okay. Yeah, you like that. You may go, but you won't go as consistently and as quickly as if I told you of all the stuff, like if I said, what you're going to get fat, you're not going to look as good. You're going to get fat, you're going to get fat, you're not going to get your mood.
You're going to get depressed, you're not going to have a great mood.
If I focus on all those things, you'll go away quicker.
You'll be alone forever. You'll be alone forever. I didn't say that. But that would get me there. Like, okay.
“And that's why that I was going through all these like negotiation techniques.”
Like, it says here like, in negotiation, individuals may be more motivated to make concessions to avoid perceived losses rather than gain something. So when negotiating, emphasizing what the other party may lose by not agreeing to the terms can be a much more powerful persuasion or customer retention, that's why subscription models crush.
Do you see how everybody now are now doing subscription every company, every business, or basically creating their businesses around these subscription models? And this is for the same reason, because they basically employ loss of version by offering discounted rates for continued membership or reminding customers about the benefits, they'll lose if they cancel.
That's so interesting. And it's true.
Like, if I think about all the subscriptions that I have, that I have, I never use, by the way,
I never use any, I use Netflix, I use what also I use for what else would I use. I don't know what you're describing. I mean, very few do I actually use in subscription, right? But the idea of like me not having it, and then I would be missing out on something that they have, and then I won't have it, it's like kind of like, FOMO.
It's FOMO, I was the entire time you've been talking, I'm thinking, like, this is literally Genzy FOMO marketing. That's the whole idea is like getting people to see that like, they might miss out. Right. Because I see, it is, it's basically loss of version technique is equivalent to FOMO, because
a lot of times when I don't go to an event or a party or something that I was invited to or should go do, the reason what makes me go is because of what I would be missing, not based on what I would be gaining. Like, I never think, oh, well, I'll see a lot of people that I haven't seen. I'll, I will talk to some great people, I'll socialize, you know, I'll have a couple
of non-alcoholic drinks because I don't drink.
“I would think, oh my god, who would be there that I would not get a chance to meet?”
Or like, what am I missing? What's going to happen? What drama will happen? Or what am I going to be missing out on versus what I would be gaining? And if you really think about like, why you do the things that you do, you notice that
that's kind of what, why you're doing what you're doing a lot at the times. Yeah. So like, these subscription models, like, I was going through a bunch of them, like, all these like, I don't know, even like, white supplement companies, I'm like, what if I run out of this thing and I'm not going to get it or I don't want to spend the $4 or it's
going to cost me to buy them singularly. I'd rather pay for it all year and save 67 cents on each bottle. Like, that's really what I think. Yeah. Yeah.
I'm trying to think of like how close gets marketed to me because I'm a big shopper when it comes to close. Mm-hmm. By the way, in lieu of our last podcast before, my system, not resolution, is to purchase higher quality items unless cheap items.
Mm-hmm. Doing that is limiting myself to like one to two items a month that are actually good quality. Mm-hmm. Instead of like a lot of shopping.
But I'm thinking when I'm being sold those things, I'm not necessarily buying it because I love the outfit. I'm buying it because I don't not want to look like the person wearing the outfit that I'm seeing wearing. I'm like, I have to, I can't, I can't miss out on looking like that for a day.
Do you know what I mean? Or for like a time. Like it's just such a, right. It's like a thing of, it's crazy. It's a scarcity.
It's so crazy. It's a scarcity or lack of. Yeah.
That is basically motivating your behavior versus what you're gained from that behavior.
100%.
“Like when a sales person, and I, and that's what that was what the meeting was really”
about. Like I was saying like when someone sells me something, a really good sales person, what they do really well, is they embed in me, all the things that I will lose or lose out on if I don't do the thing, versus play up the positives. And that's when they get me every time.
Right? Yeah. Like, oh, you know, like right now, the membership, even at the fitness at, you know. Oh, no, it's no initiation fee. Let's just say.
I was like, it's a number of like, pat, like, class things that I wanted to like, I was like, oh, if I, and the deal, and I had to stop myself, because I thought, okay, it's saved $10 or $15 a month, but if I signed up in four months, like, does that matter or $15? And I signed up now for $15?
It's like crazy. I'm gonna give you a great example. I actually thought that. I thought that one. So this is a really good example.
And Noah, my husband makes fun of me all the time about this. He says it's, it's girl math. Yeah. Oh, yeah, girl math. Okay.
It's all the time. Okay. All the time. For an example, Rakuten. Rakuten.
Right? Like, it's that app that, you know, you get back a percentage of money for every dollar
You spend.
Okay.
“So like, and it changes all the time based on the day, right?”
So like, for an example, if I'm gonna blew me deals, or if I'm shopping online, at blew me deals, you know, one day, I could say 2% on Rakuten, or I get, all right, get 2% of my money back, or I'll get some days, 10%. Something in my brain must be like flashing when I see the number going to 10% or 3% or 3% or 3%.
Oh, my God. I'll be making so much money. So I'll buy a bunch of stuff that I don't even need. Spend hundreds and hundreds of dollars on crap I don't need, because I'm saving. Technically, even though I'm not saving, I'm making back 10% when really I'm not making
a damn thing back. I'm just spending a lot of money and then I'll get a check in the mail for like 10% with it. It's just like so ridiculous.
“And that's what those companies are so good and they get you every time.”
They really do. Yeah. They're marketing.
I always knew marketing did wonders on me, but even as a kid, my dad had an attitude
and he grew up learning about marketing tactics and not to be sold and yet hearing him sitting, buying everything. I'm like, oh, that's, that's great. That's nice. That works.
You know? A hundred percent. I mean, seven touch points with me. You could just get me on like one one.
I had no one's a hundred percent like people who are amazing marketers are really good at
understanding human psychology and what makes a brain tick. So to me, like those to me, like marketers are the best psychologists in the world, bar none because they know how to get your brain to act, to react, what you're going to react to. They know what you're going to do 20 steps before you even do it. And so, you know, I just want, I guess the purpose of me talking about this is number one,
if you are a marketer or if you are someone starting a business, understand with this loss of version technique is, I think it's really helpful when you're trying to acquire customers. And if you're a customer and not someone who's starting a business, be mindful and cognizant
“that this is a really brilliant technique of what works and what you should be very aware of.”
So you don't make, you know, silly decisions and choices. That's it. A hundred percent. And also use this as motivation, understand, like if you're not motivating yourself with the positive that you're going to get from something, then motivate yourself with the negatives.
You're not going to get by not doing that and think or you're going to get by not doing that thing. So if getting to, if being fit doesn't get you to the gym, but potentially getting out of shape gets you to the gym, then use that, use that fuel. If it's not making the money that gets you to your job or like inspires you, then maybe
it's not having any money that gets you motivated, you know? Well, I think everything is about that, right? It's about thinking of what will happen if you don't do it, versus what happens if you do it. I think that all that motivates, it works for me every time, obviously it works on you.
We're doing a lot of people, just keep that idea in your head, that technique in your head. And let us know, comment, let, you know what? That's a great thing. Like if you guys, whoever's watching this listening to this, give me in comments, some
examples of where this action, this tactic worked on you, where or where you had used this tactic to help in your situation.
I think I'm always fascinated by this, this to me is super fascinating.
So let me know, leave a comment, and let me know.
