Scarcity

What is it about the human condition that causes us to immediately take action when we are afraid of being left out?  Think “sale one day only” and we have to buy even if we don’t need it.  Sadly the concept has been overused.  Growing up I remember January was the sale on winter coats and clothes, February was bedding and of course, Presidents’ day was cars. Now every day is a sale so there is no impetus or incentive to rush in and buy.  We have been conditioned that unless it is an absolute necessity we never have to pay full price.

How does this impact your business?  Harvard Business Review recently spoke about scarcity and innovation; “by capitalizing on external constraints such as the economy, and by intentionally imposing scarcities of time, money, options, and other resources, you and other innovators stand to launch inventions that succeed better in the marketplace”

When I do presentations I offer a free 30-minute consultation but only for those who give me their cards right then.  I don’t offer it to everyone as they don’t value it and why waste my time and theirs. The scarcity is part of the perceived value.

What is the scarcity you demonstrate that enables your business to succeed better?  It can even be something as simple as you have so many clients right now you can’t take on anymore but they can see your assistants or they can buy your book or e-book while waiting for time to free up for them. You do have to be careful that if they can’t wait they find someone else so a caveat is to make sure you understand the need of each potential client; who can wait and who can’t.