Chapter
The Principle of Scarcity in Human Psychology and Digital World
1:12:21 - 1:19:05 (06:43)
Loss aversion is a more powerful motivator in human psychology than gaining the same thing, making rare, scarce, or limited items more desirable. In the digital world, people with unlimited access to digital goods still fall prey to scarcity tactics.
Clips
Loss is a more powerful motivator in human psychology than gaining the same thing, making scarce items more desirable.
1:12:21 - 1:17:27 (05:05)
Summary
Loss is a more powerful motivator in human psychology than gaining the same thing, making scarce items more desirable. In the digital world, scarcity can be created with limited editions, exclusive content and time-sensitive offers.
ChapterThe Principle of Scarcity in Human Psychology and Digital World
EpisodeHow To BUILD INFLUENCE & Understand The Psychology of Persuasion w/ Robert Cialdini, Ph.D EP 1164
PodcastThe School of Greatness
By changing the headline from "new features" to "hear what you've been missing," Bose saw a 45% increase in sales for their wave music system.
1:17:27 - 1:19:05 (01:38)
Summary
By changing the headline from "new features" to "hear what you've been missing," Bose saw a 45% increase in sales for their wave music system. Additionally, a study of 6,700 online commercial sites revealed that certain site features, including free delivery and a strong call to action, led to increased conversions.