The Law of Scarcity
The law of Scarcity is widely used by businesses.
The underpinning principle of this law is really fabulous. It goes like this “Value is just a matter of perception, how we see the supply and demand. If we think that things are abundant in the marketplace, we lose interest in them. When we think, instead, that they are scarce and we are in competition with other on them they become extremely valuable “.
This law was highlighted by many experimental studies
In a psychological study conducted by Worchel and his colleagues in 1975, subjects were asked to value a jar of 2 cookies and a jar of 10 cookies, same size, color and taste, and guess what!!!… the jar of 2 cookies was more valued and the easiest to go.
Big companies use this law by focusing on quantity and time. Look at Amazon, Travelocity.com or booking.com and you will see that they are always saying things like “2 books, seats or rooms are remaining”.
G. K. Chesterton says “The way to love anything is to realize that it might be lost”.
To know more about the Law of Scarcity and how to use it in your Marketing Strategy, check on the links below: