The Value Multiplier: Scarcity
The more scarce or unavailable the item is to most people, the more valuable it becomes even if none of the product’s qualities change. Being aware of its limited quantity or availability is enough. We all hate to lose our freedom of choice. That’s why the more restricted our freedom to choose is on a particular object, the more we want to possess it. So beware! Never tell someone he can’t have something you really don’t want him to have. It will just fire up his desire!
You may have seen stories of how couples defend their love to the death when their parents actually forbid their relationship to continue. The degree to which something is banned or limited is directly related to its attractiveness and value.
Selling Strategies Using Scarcity
Scarcity creates urgency. When using scarcity as a selling tactic, you should structure your offer in such a way that it creates a sense of pressure for getting your product or service now! This sense of urgency compels them to eliminate distractions and focus on your message, or they’ll lose out. Let them be aware that you have a strict deadline. Highlight the best thing that can happen if they do what you want, and the worst thing that may occur if they don’t. Here are 3 ways to make scarcity a powerful selling arsenal.
- Limit quantities.
- Make it time-sensitive.
- Set up a rivalry.
Sales people take advantage of this knowledge by scheduling a speciﬁc time when all interested prospects come at the same time to view a sales presentation for a scarce item or by simply informing them that there are other people on the “waiting list” who are eager to buy it if the initial prospects don’t get it now.
How to Increase Your Value Using Scarcity
Scarcity is not only applicable to products. You could also use it to increase your value as a person by making people aware of how precious or limited your time is. You could imply that you’re being paid a certain amount per hour, or that you can only devote 10 minutes of your time to talk to them because you have other important projects to attend to. If you’re always available to do something for someone, it is time to re-evaluate the time you are spending and see if you can limit it to increase your perceived value in their eyes.
Align with love and tap into abundance… 😉
January 15, 2019
Day #9 — Steady as she goes!
“Before you point out a glitch, brainstorm a fix.” — Marie Forleo
Not many personal things I can report on today… up early to make breakfast. A bit cooler today, so it was “nice” to send Caryl off to work with a hot meal. My sister-in-law (Esme) sent Caryl and I each unique 2019 Calendar customized with holiday snaps. Very nice surprise as a lot of good memories returned!
Still got a few things I can do around home, before I must run to Tim’s for a coffee! “Everyone knows coffee isn’t important … it’s essential.” 😉
January 15, 2018
A shared opinion Why Your Portfolio Needs More Fiber
When I was young, I didn’t understand why old folks didn’t want to keep up with the times.
Back in the early ’90s, I was a voracious consumer of media. And I assumed I would always be in touch with the latest trends.
Now that I’m in my early forties, I’m proudly ignorant of most pop culture.
In fact, my wife recently had a good laugh when I assumed Taylor Swift was a man. Sorry, I just don’t care anymore!
I’ve also got a bad attitude about adapting to new technology.
Sure, I love my smartphone. But I hate the never-ending upgrades-and the feeling of perpetual obsolescence.
But as an investor, I would love to profit from the trends I despise.
Unfortunately, the very companies that are foisting these changes upon us are having a hard time keeping up with what they’ve wrought.
While the stock market is up nearly 18% so far this year, the telecom sector has fallen 12%. That’s a performance gap of around 30%!
Another great question: Marijuana
January 15, 2017
Very strange to be home on a weekend, and for three straight days … I could really learn to love it!
“Nobody likes it when someone else gets over the wall.” Nobody really wants you “to get, to have, or to be” something they’re not. People generally hope for the “worst” for you … and the “best” for themselves. Wouldn’t it be a lot easier if we all just helped each other?
I was not intending to use this medium to post quotes, however, I didn’t want this one to slip away.
Economics Professor Walter Wilson says, “Take out a dollar bill and look at it. Now pat yourself on the back because you are looking at a certificate of performance. If you did not rob or steal from anyone to obtain that dollar, if you neither defrauded anyone nor persuaded your government to seize it from a fellow citizen and give it to you, then you could only have obtained that dollar in one other way — you must have pleased someone.”