THE SCARCITY PRINCIPLE

According to the scarcity principle, objects become more attractive when there are not very many of them. This scarcity may be either real or imagined. People assume that because others appear to want something, and it is in short supply, it must be valuable.

Brands can use the scarcity principle to persuade people to fill out a lead form, purchase a product, or take another desired action. Here’s an example: On many air travel booking sites, such as KAYAK, flight listings are displayed with a note that only a few seats are left at a certain price.

We know that airfare pricing is incredibly volatile — that’s why some of us wait until certain times or days of the week to make purchases — so the knowledge that only one seat is available at that price makes me think I should buy it now, instead of waiting and running the risk of paying more later.


TOPIC: #Psychology
SOURCE: Influence: The Psychology of Persuasion by Robert B. Cialdini