Using the Law of Scarcity

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Today I want to talk to you about something called the law of scarcity. This is a subject that will definitely save you some money as a buyer, and if you are selling online it will also help you to increase sales/opt-ins also.

If you, like me, have fallen victim to those sales pages that tell you…

  • Only limited copies are available!
  • You will never see this offer at such a low price again!
  • Price increases with each new buyer!

You need to take a breath and ask yourself if/when this is REALLY likely to be the truth. I have an experiment for you to try out in this vein but I don’t want you to get too excited about that yet…

First I want to tell you a little about what is known as ‘the law of scarcity’ in hypnosis circles.

Think of Christmas time for this example, there is always that one toy that all the kids want right?

And guess what, they also can’t produce enough in time for Christmas, can they? (Yeah… Right!)

Can you remember seeing this create a buying frenzy where parents have actually come to blows in stores over the last few ‘super toys’ of the festive season?

Prices get driven up on sites such as eBay, and parents who are desperate to get their little darling/horror the flavor of the month toy will pay 2,5,10 and more times the true value knowing that they may not get another chance.

Hmm, there’s a hidden tip in there for you eBay sellers out there! 😉

This Covert Marketing Strategy is Used Online Either Against YOU, or by YOU

If you haven’t realized that these tactics are being used against you by now, here are some things to take into account next time you are faced with a scarcity selling method:

The Experiment…

  • Sit back and relax.
  • Ask yourself if this is REALLY a scarce item (Please don’t take this risk with your children’s happiness on my account! 😉 )If you come to the conclusion that it isn’t really scarce, come back and get the product AFTER you have logically thought through whether you really need the product or not.

There are of course going to be times when products really are scarce such as:

  • High-end PLR or MRR products.
  • Sites like the Warrior forum and JVZOO have products on dimesales that do actually go up in price. (Keep your browser open and PC turned on with the low price showing while you go and decide logically if it’s needed.)

Found a freebie on a website that offers a low price on a second item ONLY if you buy now?
Bookmark it!

It will still be there tomorrow, next week and probably next year. Do you think the site’s webmaster wants to update the site all the time instead of leaving the offer there earning him money?

The Law of Scarcity: Lessons to Take Home

scarcity is rarely actually that. It is usually a clever sales technique that is only TRYING to lead you to believe that you will miss out if you don’t choose to buy now.

1) Scarcity can be used in a variety of ways…

  • Limited supplies. (When it’s gone it’s gone!)
  • Limited supplies at a low price. (Then available at a much higher price)
  • Limited to a specific time frame. (One day only!)

2) Most times when you see the scarcity tactic, it is just an illusion of scarcity to make you buy right away.

3) You can now think about and analyze your purchasing habits, saving yourself money.

4) If you are in sales yourself, you can utilize this technique to increase sales.

Oh! Almost forgot…

The Experiment

YOU are the experiment!

Leave a comment and let me know of your uses and/or how knowledge of the law of scarcity has helped you think through a purchase you might otherwise have rushed into and regretted.

Sound like a cop-out?

Not at all!

Imagine how much more empowered you’re going to feel in the future when you realize that you were being sold with the scarcity law. 😉

Chris.

P.S. Comments about the law of scarcity will only be open for a limited time, get yours now! 😉

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