Chapter
Creating Scarcity in Sales
1:19:05 - 1:25:42 (06:36)
A discussion on implementing scarcity tactics in sales to increase demand and urgency to purchase. Examples include the limited release of products such as iPhones, exclusive shoe releases, and limited edition trading cards.
Clips
The principle of scarcity, which creates a sense of urgency by limiting the availability of a product, is the most effective in increasing sales.
1:19:05 - 1:20:26 (01:20)
Summary
The principle of scarcity, which creates a sense of urgency by limiting the availability of a product, is the most effective in increasing sales. It is more powerful than a limited time offer because limited quantity creates competition, whereas limited time does not.
ChapterCreating Scarcity in Sales
EpisodeHow To BUILD INFLUENCE & Understand The Psychology of Persuasion w/ Robert Cialdini, Ph.D EP 1164
PodcastThe School of Greatness
In order to increase sales, businesses can use psychological tactics such as scarcity, social proof, limited time offers, and personalized welcome letters.
1:20:26 - 1:23:09 (02:43)
Summary
In order to increase sales, businesses can use psychological tactics such as scarcity, social proof, limited time offers, and personalized welcome letters.
ChapterCreating Scarcity in Sales
EpisodeHow To BUILD INFLUENCE & Understand The Psychology of Persuasion w/ Robert Cialdini, Ph.D EP 1164
PodcastThe School of Greatness
The trading card industry has seen a surge in popularity in recent years, with some cards selling for millions of dollars due to their rarity.
1:23:09 - 1:24:22 (01:12)
Summary
The trading card industry has seen a surge in popularity in recent years, with some cards selling for millions of dollars due to their rarity. This trend has also been observed in the tech industry, as seen in the release of iPhone 5 where people camped outside the store for days in anticipation of the product's release.
ChapterCreating Scarcity in Sales
EpisodeHow To BUILD INFLUENCE & Understand The Psychology of Persuasion w/ Robert Cialdini, Ph.D EP 1164
PodcastThe School of Greatness
A woman traded her $2,800 Louis Vuitton shoulder bag for a higher spot in line while waiting to enter a store with limited stock, proving the power of scarcity and loss.
1:24:22 - 1:25:42 (01:20)
Summary
A woman traded her $2,800 Louis Vuitton shoulder bag for a higher spot in line while waiting to enter a store with limited stock, proving the power of scarcity and loss.