Are your members afraid?
People buy for two reasons: Desire for gain or fear of loss. Far too often, companies operate in the “desire for gain” category. They list all the product benefits hoping to drive a purchase. What is often overlooked is the motivation created by the fear of loss. The fear of loss is not only a powerful buying trigger, but a great way to create differentiation in the marketplace.
During the pandemic, my speaking business disappeared. In the span of one week, I had two years of bookings fall off my calendar. As devastating as this was, I eventually realized that I was given the gift of time. I had the opportunity to launch a startup company with my college roommate. We are now two years in and manufacture an eco-friendly herbicide that is safe for people, pets, and wildlife. Because toxic herbicides have been linked to cancer, the need for a safe alternative emerged. Our marketing approach focuses on the “fear of loss”. We don’t talk about how well our product kills weeds, (isn’t that a given?). We talk about how it doesn’t kill your dog or harm your kids. People are not just killing weeds, they are being responsible pet owners and parents.
What are prospective members missing out on by not doing business with your credit union? Can you communicate the opportunity costs of not being a member? When the fear of loss is presented as a part of your value proposition, you will not just drive membership, but also set your credit union apart from traditional financial institutions.
Our product, Lonarch, can be found on Amazon.com, Homedepot.com, tractorsupply.com, and hundreds of stores nationwide.
