{"id":8889,"date":"2022-08-16T17:00:05","date_gmt":"2022-08-16T15:00:05","guid":{"rendered":"https:\/\/ofxegypt.com\/?p=8889"},"modified":"2022-08-30T16:32:43","modified_gmt":"2022-08-30T14:32:43","slug":"what-is-scarcity-marketing-principles","status":"publish","type":"post","link":"https:\/\/ofxegypt.com\/en\/what-is-scarcity-marketing-principles\/","title":{"rendered":"What is SCARCITY MARKETING PRINCIPLES ?"},"content":{"rendered":"
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

<\/p>\n

The <\/strong>law of supply and demand<\/strong> states that a low supply and high demand for a product will typically increase its price.<\/strong><\/h5>\n
Why am I telling you about basic economic rules? Because changes in the supply and demand of products can result in the scarcity principle coming into play.<\/strong><\/h5>\n
In this post, we’ll learn what the scarcity principle is and how you can use it to create high demand.<\/strong><\/h5>\n

<\/p>\n

Have you ever noticed things in limited quantities are strangely appealing?<\/strong><\/h5>\n
You\u2019ve probably experienced this in your own life: You always want what you can\u2019t have. <\/strong><\/h5>\n
Turns out, scarcity makes people perceive limited quantities as more precious and valuable<\/strong>. And, with the help of today\u2019s guide, you can use this exact tactic to boost your sales too.<\/strong><\/h5>\n

*THE RESEARCH BEHIND SCARCITY<\/h4>\n

<\/p>\n

Researchers asked some participants to rate two jars of cookies. Initially, both jars contained 10 of the exact same cookie.
<\/strong>Then from one jar, eight cookies were removed (making them scarcer)<\/em>. 
<\/strong>Now participants had to choose between the jar with 10 cookies and the jar with only two left.
<\/strong>Which one do you think people chose from more often?
<\/strong>The jar with only two cookies.<\/strong><\/em><\/h5>\n

 
<\/strong>Why scarcity increases desirability<\/strong> ?<\/h3>\n

Scarce items feel exclusive<\/strong>:<\/h4>\n
Those who have scarce items have exclusive access, which is not openly available to others. This, in itself, makes a scarce item more desirable. This is why clubs have VIP areas; airlines have special membership lounges, etc.<\/h5>\n

Scarce items appear more valuable:<\/strong><\/h3>\n
According to the law of supply and demand, items in low supply often cost more, and therefore scare items are expensive items that act as status symbols.
 Example: To get one of the few products produced by luxury brand, you\u2019ll probably be waitlisted for years…just to pay huge cost for piece.<\/h5>\n

<\/p>\n

Scarce items make people feel powerful<\/strong>:<\/h3>\n
Snagging a scarce item means you have access to something other people want but can\u2019t have–which gives the owner power.
 
<\/strong>At one point, only the royals and leaders had access to clean water, abundant food, and comfortable living quarters. Because of this, these scarce essentials became even more powerful.
But that\u2019s not all. Scarcity, as a driver of desirability, is further proven in research conducted in a virtual context. It\u2019s not an effect that only works in a real-life context.<\/h5>\n

A study on product scarcity confirmed:<\/strong><\/h3>\n

<\/p>\n

Limited supply in a virtual shopping environment lead participants to believe scarce items were more popular.<\/b><\/h5>\n
They believed supply was limited because demand for these items was higher than other items. 
With this belief in mind, more shoppers chose the scarce item over the non-scarce one when told to select an item of their own.
In this setting, the cause of scarcity didn\u2019t matter, either. Items that were scarce as a result of increased demand or limited supply both had higher consumer preference over non-scarce items.<\/h5>\n

 <\/span><\/p>\n

Brands That Used the Scarcity Principle to promote and Sell Products<\/span><\/p>\n

<\/p>\n

Amazon\u2019s Deal of the Day
<\/em>Booking.com Scarcity-Driven Offers 
Starbucks\u2019s Unicorn Frappuccino
Examples on how to use Scarcity marketing principle
<\/strong>*<\/strong>Words for time scarcity<\/strong><\/h4>\n
  • Deal ends today<\/li><\/ul>
    • Only 12 hours left<\/li><\/ul>
      • Prices go up in 1 day<\/strong><\/li><\/ul>
        • Today only<\/li><\/ul>
          • Offer expires today<\/li><\/ul><\/h5>\n\n\n\n\n


            <\/strong>*<\/strong>Words for stock scarcity<\/strong><\/h1>\n

             <\/h3>\n
              \n
            • \n

              First 50 people get a free coaching call<\/h3>\n<\/li>\n
            • \n

              Nearly sold out<\/h3>\n<\/li>\n
            • \n

              Limited edition<\/h3>\n<\/li>\n
            • \n

              Only available to members<\/h3>\n<\/li>\n
            • \n

              Get them while they last<\/h3>\n<\/li>\n<\/ul>\n

              Scarcity marketing also works because brands are able to position their product or service as a commodity. Such tactics increase the perceived value of what they are offering. That makes it easier for retailers to charge a premium price. Businesses tip the equilibrium in their favor, by creating a sense of urgency or scarcity,<\/strong> and make their brand appear unique.<\/h5>\n

              Sometimes, Less Is More<\/h1>\n

              Invoking the scarcity principle to promote and sell a product can be an effective persuasion strategy, but you have to do it correctly.<\/h5>\n

              <\/p>\n

               If you phrase the product scarcity as if there used to be a large supply, but due to increased demand, only a few products were left, consumers will be more receptive.<\/h5>\n
              But if you phrase the product scarcity as if only a few units of product were ever available, the principle of scarcity won’t be as effective at generating sales.<\/h5>\n

              <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

              The law of supply and demand states that a low supply and high demand for a product will typically increase its price. Why am I telling you about basic economic rules? Because changes in the supply and demand of products can result in the scarcity principle coming into play. In this post, we’ll learn what the scarcity […]<\/p>\n","protected":false},"author":9,"featured_media":8890,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"single-fullwidth.php","format":"standard","meta":{"postBodyCss":"","postBodyMargin":[],"postBodyPadding":[],"postBodyBackground":{"backgroundType":"classic","gradient":""},"footnotes":""},"categories":[12],"tags":[],"class_list":["post-8889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/ofxegypt.com\/en\/wp-json\/wp\/v2\/posts\/8889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ofxegypt.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ofxegypt.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ofxegypt.com\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/ofxegypt.com\/en\/wp-json\/wp\/v2\/comments?post=8889"}],"version-history":[{"count":0,"href":"https:\/\/ofxegypt.com\/en\/wp-json\/wp\/v2\/posts\/8889\/revisions"}],"wp:attachment":[{"href":"https:\/\/ofxegypt.com\/en\/wp-json\/wp\/v2\/media?parent=8889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ofxegypt.com\/en\/wp-json\/wp\/v2\/categories?post=8889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ofxegypt.com\/en\/wp-json\/wp\/v2\/tags?post=8889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}