Scarcity is a major selling point for products and services. Scarcity itself drives us to buy because there is a shortage. It triggers the human’s impulse of buying even if they don’t need it. The illusion of shortage is a powerful marketing tool. By marketing what you sell as a limited release, you are guaranteed to make some sales.
Scarcity is a psychological influence to the human mind. It makes us want something even more if there isn’t enough to go around. The demand of a certain product or service will skyrocket through scarcity. Some make a comfortable living just reselling items that are scarce.
Scarcity is so powerful that people are willing to spend a lot just to get it. The reason is that not many can have access to them. Scarcity itself is a price manipulation, and taking advantage of it will make your business wealthy. By creating demands with limited quantities, you determine the price of your products and services.
Many companies had used scarcity to raise the price of their products and services. Mostly, they are famous companies that produce products that are the most luxurious and of the highest qualities. You can do it too if you use scarcity to your advantage. You will be able to determine the pricing of your products and services.
2 Comments
Good points. It makes me think of Christmas shoppers that fight other shoppers to get the last of whatever the hot toy is for the year. Sometimes you just know that the manufacturer could produce more, but they’re taking advantage of the buzz and publicity.
Yep! Especially limited releases of luxurious cars or watches! I still remember the Emo incident during a certain Christmas.. is a good example =).
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