Scarcity Marketing Toolkit
Limited Edition vs Selling Fast vs Limited Time Deal
Ever wondered why some brands have Limited Edition, Selling Fast or Limited Time Deal?
These three are the main tools in the scarcity marketing playbook of marketers. Scarcity marketing is a practical application of Scarcity Principle famously mentioned by the renowned psychologist Robert Cialdini in his seminal book ‘Influence: The Psychology of Persuasion’, which was published in 1984. It states that “a product becomes more attractive when their perceived availability is limited”.
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CEO @ ICHARS | Helping psychologists and coaches develop advance practitioners skills
1 年The Scarcity Principle, a cornerstone of marketing strategy, leverages our innate fear of missing out. As humans, we highly value items with perceived limited availability, hence the effectiveness of 'Limited Edition', 'Selling Fast', and 'Limited Time Deal' tactics. These strategies not only create urgency but also enhance the perceived value of a product, influencing consumer behavior. This is equally true for both Hedonic goods, purchased for pleasure, and Utilitarian goods, bought for practical use. It's all about the psychology of persuasion. #marketingstrategy #scarcitymarketing #psychologyofpersuasion
Host of 'The Smartest Podcast'
1 年Fascinating insights! Do you implement scarcity marketing in your branding strategies for products?
Growth Strategist | Accelerating Revenue & Market Expansion for SaaS, FinTech, Industrial & B2B Services | Fractional CRO
1 年Exciting insights on scarcity marketing tactics! Can't wait to dive deeper into this topic.
Incremental New Customer Growth for Premium & Luxury Brands | Scale at the Intersection of Finance & AI Powered Advertising | Founder of Odylic Media
1 年Understanding the psychology behind scarcity marketing is key to driving consumer behavior. ??
CXO level Executive | 40 Under 40 | Ex Heraeus Gmbh , Ex Siemens Gamesa , Ex Refex Energy , Ex Polymedicure | P&L , International Sourcing , Strategy , Market Development , Global S&M in Renewable Sector
1 年I was just gifted this book last week ... Your post is motivating me to start reading over this weekend.