Things that are scarce are perceived as more valuable than things that are plentiful. How can you use this to improve your web marketing and social media?
In the final tenet of Robert Cialdini’s Influence: The Psychology of Persuasion, he examines scarcity.
We have been trained that things that are rarer have more value than things that are common. Therefore, to make things appear to have more value, marketers can promote or even fake the scarcity of an object or information.
Like many people, I subscribe to a number of daily deals, like LivingSocial. I know that if I don’t act now, I’ll miss out on 50% off a massage, food or snow tires. Interestingly, I’ve noticed I’m less compelled to buy a daily deal these days because I know that if I miss this half-off yoga class, there will be another one from a competing studio next week. The deal is still a good one, but the scarcity has been removed.
Scarcity also plays on our fear of loss. In one example from the book, homeowners who were told how much they would lose by not insulating their house bought at a much higher rate than another group that was told how much they would save.