HUNGRY EYES
SCARCITY EFFECT
An inclination to place a higher value on things that are hard to obtain and a lesser value on things that are easy to obtain.
With 4.5 billion pounds of french fries consumed each year, it’s hard to believe the beloved potato was ever out of flavor favor. Thankfully, a guarded field and our innate urge to covet what we cannot have sparked decades of happy meals.
Our brains tell us, “If something is rare, it must be good” – rational or not. And, if we feel our choices becoming more restricted, the desire to maintain control makes us want the item even more.
Turns out, the fastest way to build brand love is by playing hard to get.
SO WHAT
Increase perceived value by limiting quantity, time, or access.
NOW WHAT
Do not fake scarcity of supply for everyday goods (“only 3 left!”); consumers are savvy and skeptical. Use scarcity of time instead (“sale ends tomorrow”).
This impulse is supercharged by FOMO; add limited edition products to your mix – they’re often irresistible.
The Scarcity Effect’s biggest enemy is the consumer’s fear of buyer’s remorse, so remove risk (“no hassle returns!”) and let the bias do your bidding.
MARKETING IMPLICATION
Curate audiences with “early adopter” behavioral signals (such as those who consistently interact with Influencers or move quickly through the funnel); they are prime targets for Scarcity messaging.
Success is getting what you want. Happiness is wanting what you get.
- Dale Carnegie