Tue, 20 October 2015
The Law of Scarcity plays a large role in the persuasion process. Opportunities are always more valuable and exciting when they are scarce and less available. We want to be the ones to own the rare items or to get the last widget on the shelf. The more the scarcity of an item increases, the more the item increases in value, and the greater the urge to own it.
Whenever choice is limited or threatened, the human need to maintain a share of the limited commodity makes us crave it even more. Scarcity increases the value of any product or service. Scarcity drives people to action, making us act quickly for fear of missing out on an opportunity. Potentially losing something before we’ve even had an opportunity to possess it drives people to action. We don’t want to miss out on anything we could have had. We want to get around any restriction placed upon us. We feel uptight and want back our freedom. This causes tension and unrest. The Law of Scarcity not only pertains to physical products, but also to time, information, price, and knowledge.