What is it?
If you’ve ever not done something because of a potential negative consequence that was very unlikely to happen, then you’ve succumbed to outlier fear. Outlier fear occurs when you consider an extremely unlikely consequence and let that stop you from doing something positive for your business.
Why does it work?
It works because fear is a powerful thing.
In business, your buyers are looking for confidence, certainty and expertise and if you aren’t making confident claims, talking about the results you get and projecting a reassuring message of certainty, then your buyers may flinch.
Outlier fear holds so many people back because they are worried about the very unlikely outlier circumstances that may happen. For example, giving people a money back guarantee will attract new buyers to your offer, but you may not want to make the offer as you are concerned that what if people ask for their money back.
The reality is that refund rates on money back offers are very low and the influence it can have on conversion is high, but the fear or “what if” scenarios may hold you back from ever doing it.
How can you use it?
Take a moment and a deep breath and consider where might you be holding yourself back for fear of being “found out” or not being able to deliver on your promises because of unlikely circumstances that haven’t happened or may never happen.
Some common instances are: