How to Coach Yourself and Others How to Influence, Persuade and Motivate | Page 254

The Rule of Scarcity in Marketing
Psychologist Anthony Pratkanis of the University of California, Santa
Cruz, is recorded as saying, "As consumers we have a rule of thumb: If it
is rare or scarce, it must be valuable and good."
Department stores use the Rule of Scarcity to bait consumers into an
uncontrollable shopping frenzy. Fights break out at department stores
when people are going after those scarce items, which are being offered at
bargain prices for a limited time only. The lower prices are bait — a loss
leader for the store, but certain to generate a buying frenzy that is
contagious. Blinded by scarcity, consumers will buy anything and
everything even if they don't need it. For example, you see patrons buying
three DVD players. You ask them why "three," and they don't know. All
they know is that the store said supplies were limited, the sale was only
for today, and each shopper was limited to three. So they bought three
DVD players.
Some stores have this "limited number" thing down to perfection. Often
when we go shopping, we are only casually interested, telling the
salesperson, "Just looking, thanks." We glance over the packaging,
examine the sale sign, etc. Then the salesperson plays the number's game.
Approaching us, she says, "It's a great model, isn't it? Especially at this
price! Unfortunately, I just sold our last model." We suddenly feel
disappointed. Now that it's no longer available, we feel that we really
want it, even though we were only mildly interested before. We ask
whether there mi v