Marketers, what are you afraid of losing in this pandemic?

Fear of Loss

We are living amongst a lot of uncertainties right now, which involve risks and fear. Businesses are losing revenues, people are losing time, opportunities and jobs. As we know, people hate experiencing losses. In behavioural science, it is called ‘loss aversion’ and “zero-risk bias”.

Basically, it means that we like to make decisions to avoid losing. For example, when businesses make the decision to close because it incurs less financial loss than if remaining open; when people choose to work longer hours remotely because of the Fear of Losing their job; even when people protest against wearing masks because of their Fear of Losing their rights … etc. Lots and lots of decisions are influenced by the Fear of Loss.

Not just for businesses, in personal life too, the Fear of Loss can be overwhelming. Anyone who has experienced traumatic losses can vouch for its power in influencing our decision making and sometimes blinds us from seeing other things. Even when you are watching a magician performing, you are afraid of missing something, so they tell you to look closely. However, the closer you think you are, the less you'll actually see.
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