We all want what we can’t have. And we flaunt when we have something others don’t. That’s why zealous Apple fans camp overnight at Apple stores around the world before major iPhone launches. It’s also why certain fashion brands charge tens of thousands of dollars for women’s purses that should cost significantly less. This is the principle of scarcity.
While economics may lay down the foundational laws of supply and demand, marketing can use scarcity to manipulate the variables and win big. Here’s everything you need to know about the principle of scarcity, plus all other important principles and theories that can supercharge your marketing and influence people to buy your products or services.
What is scarcity marketing?
Scarcity marketing is a marketing technique based on the principle that people want what is difficult to get.