Loss aversion is one of the most powerful tools for reducing churn. This hack demonstrates how Canva prevents users from unsubscribing.
Loss aversion plays huge role in our hunter-gatherer brains. We are scared losing something. Any companies who can leverage this will win easily!
It does! If it's used correctly it's a game changer for conversion rates.
Solid advice to lead on benefit reminders and retain existing customers at intact profitability levels, rather than jumping straight into discounted deal when someone wants to cancel.
Never liked the discounted deal approach... feels way too needy.
Loss aversion plays huge role in our hunter-gatherer brains. We are scared losing something. Any companies who can leverage this will win easily!
It does! If it's used correctly it's a game changer for conversion rates.
Solid advice to lead on benefit reminders and retain existing customers at intact profitability levels, rather than jumping straight into discounted deal when someone wants to cancel.
Never liked the discounted deal approach... feels way too needy.