Understanding how people choose what to buy and why is a complex area of study known as the psychology of buying. A person's emotional state, personal values, and the perceived worth of the good or service are just a few of the variables that can affect their purchasing choices. Today I will talk about loss aversion.
Lose Aversion.
There are a number of psychological elements that can affect why we make purchases. The idea of loss aversion, which states that we frequently feel more motivated to avoid losing something than to obtain it, is one contributing cause. This may cause us to purchase goods if we believe we will lose out on a great offer or simply someone else will buy the item. Have you ever been at the grocery store and wanted to buy one individual pint of your favorite ice cream but you bought two pints since they were the last two left? You bought both pints because your brain tricked you into believing that there are only two left and if I don't buy both someone else will! But what you didn't know is there are another 50 pints of that ice cream in the back storage freezer of the store, they just didn't put them out yet.
So how can we use the psychology of loss aversion to help with our online listings?
It's actually quite simple.
If a buyer is considering purchasing an item on Craigslist, they might be more motivated to make an offer if they feel like they will regret not getting the item if they don't act quickly.
There are techniques that Craigslist sellers can employ to capitalize on loss aversion and perhaps raise their chances of closing a deal. A sense of urgency can be created and persuade potential customers that are on the fence, to act more quickly, for instance, by establishing a definite date for when the item will be removed from the website. Here is an example of a comment that you can put in your listing, the goal here is to create loss aversion in your buyers head. Lets pretend you are selling some computer speakers. In your Craigslist listing state, "these speakers will only be on Craigslist for the next five days, so act fast because then I am putting them up on Ebay". Easy right? I can just see the loss aversion panic in the persons face that is in need of computer speakers and is reading your listing. Conveniently yours are available for sale and they are local so there is no shipping cost. But only for a limited time!
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