The scarcity principle of persuasion was a term created by Dr. Robert Cialdini and in simplest form it means that the harder it is to get something, the more valuable it becomes. Brands have done this in the past by creating high demand with low supply. Nintendo Wii is a great example of this as the supply was so low that the demand went through the roof. This causes interest and value for the game system to increase and make people want it more and more.
Key Takeaways:
- The scarcity principle of persuasion was created by Dr. Robert Cialdini and it says that the harder it is to obtain a product, the more valuable it is.
- Nintendo has used the scarcity principle in the past with their Nintendo Wii and the lack of supply helped increase it’s demand.
- Spotify also used the scarcity principle by off setting their high level of demand for a price.
“45% of respondents said that scarcity makes them want to learn more about a product, while only 17% said that if it was too hard to purchase a product, they’d find it at another company.”
Read more: https://blog.hubspot.com/marketing/the-scarcity-principle
