Psychology of Selling with Psydom

Scarcity

7 min · 22. feb. 2024
episode Scarcity cover

Description

The rarer or more difficult it is to obtain a product, offer, or piece of content is, the more valuable it becomes. Because we think the product will soon be unavailable to us, we're more likely to buy it than if there were no impression of scarcity. The perceived scarcity can inspire a sense of urgency within consumers, and they make purchasing decisions faster than they usually might. People are also more willing to pay more money because a cost-benefit analysis might say that losing out on a product or service is worse than the money it costs to get it.

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