Examples of brands that used the scarcity principle As access to a product is threatened, in other words, the consumer makes a concerted and vigorous effort to possess that product. Whenever freedom of choice is threatened, the need for the consumer to retain their freedom makes them desire the product even more. Fewer options mean less freedom of choice and the risk that as resources become less available, they may not be available at all in the future. This is a survival instinct stemming from the fact that the impact of a loss is more severe than the impact of a comparable gain.Īs a result, consumers are always on the lookout for potential losses and are hardwired to keep their options open. 2 – Scarcity limits opportunities, which reduces the freedom to chooseįor better or worse, humans evolved to react when freedom of choice is limited or reduced. This heuristic is valid most of the time, but in some cases, it is invalid. Rare items that are difficult to obtain are assumed to be worth more than abundant items that are easier to obtain. ![]() Otherwise known as heuristics, these mental-short cuts are used to estimate the value of an item based on its scarcity. 1 – Consumers create mental short-cuts to deal with a complex world Why is the scarcity principle effective?Ĭialdini suggests there are two main drivers of the scarcity principle. Armed with this knowledge, brands use the scarcity principle to manipulate consumers into purchasing their products. Since consumers believe the scarce product will soon become unavailable, they value it more and are more likely to purchase it when compared to a situation where the product is abundant. In the context of consumer purchase behavior, the scarcity principle is a motivator. He noted that “ opportunities seem more valuable to us when their availability is limited.” Cialdini in his acclaimed book Influence: The Psychology of Persuasion. A similar definition was provided by author Robert B. With that said, the scarcity principle states that consumers value something more if it is scarce.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |