Jan 13, 2019
Are You a Risk Taker?
We all have varying levels of risk tolerance. When we shy away from risk, we call that risk-aversion. This episode of The Intuitive Customer discusses the concept of risk aversion and how it affects customers’ behavior in your Customer Experience.
People like sure bets better that come with less significant gains over risky ventures, even when the risky venture proposes a substantial benefit. We hate losing things. Losing things makes us much more upset than gaining things makes us happy.
So, if we are risk-averse by nature then we must always be risk-averse, right? Not so fast. Human behavior is rarely predictable, and our behavior regarding risk is no different. There are exceptions and variables that can change our risk preferences. We discussed the four influences on our tolerance for risk in this episode.
Four Influences on Our Tolerance for Risk:
To find out how you can apply these concepts in you Customer Experience, please listen to this episode.
The Intuitive Customer podcasts are designed to explain the psychological concepts behind customer behavior. As customer experience consultants, we see risk aversion show up in Customer Experience all the time. Listen in to hear how you can recognize risk aversion in your customers’ behavior and address it in your Customer Experience. If you would like to find out from one of our CX consultants how you can implement the concepts we discussed in your organization’s marketing to improve customer loyalty and retention, contact us at www.beyondphilosophy.com.
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Follow Colin on Twitter @ColinShaw_CX.