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An Important Tool to Design Your Business

Use the sense of missing out on your customer to grow your sales

So the other day, I was listening to a podcast, where a psychology professor was lecturing about the different aspects of perceived happiness. I’d love to discuss the topic someday else, for now, I want to share some really interesting stuff that I came across while listening to the lecture.

While I was searching around the podcast menu, several times there was a pop-up telling that ‘You can skip this lecture if you like and continue to the next lecture.’ Actually, they were offering me two options:

Option 1: listen to a lecture and learn something new

Option 2: Skip this lecture, move to the next one, and you MISS OUT!

That’s a pretty important message. You never want to miss out. And I am certain that most of the people didn’t skip the lecture in the fear of missing out!

I noticed the topic of this article from a podcast show!

I have discussed in another article that how the fear of missing out dictates our lives. It’s pretty cool to understand that this feeling actually can be a strong powerful tool for designing your business. Think about a grocery store. If you want to sell your customer a toothbrush, what offer do you think would generate most of the sales in practice?

Offer 1: Buy a pair of toothbrushes for $1.5

Offer 2: Buy a pair of toothbrushes for $2 and get a 25% discount

Offer 3: Buy a toothbrush for $1.5 and get one free

Offer 4: Buy toothpaste for $5, and get a pair of toothbrushes free

Here, offer 2, 3, and 4 are more likely to create missing-out appeal in your customers’ minds as they come up with the sense of ‘Grab or you lose’ appeal. Most of today’s successful salesmen and business entities create a sense of missing out while dealing with clients. As a well-informed customer, try not to cloud your decisive conscience while lured by the offers and discounts in the marketplace. Yes, sometimes those offers are authentic and run for promotional purposes, which bring a win-win situation for both the customer and marketer. But at the same time, remember, the discount you are getting is probably charging you in another way. As the famous adage goes on-

Win or lose, It was your bet!

The house never loses!

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Location: Dhaka, Bangladesh

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