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Creating scarcity can increase the perceived value of a product or service from "summary" of Maximum Influence by Kurt Mortensen
Creating scarcity is a powerful tool that marketers use to make their products or services more desirable. When something is scarce, people tend to perceive it as more valuable because they believe it is in high demand and limited supply. This scarcity principle taps into people's fear of missing out and drives them to take action before it's too late. By creating scarcity around a product or service, you can increase its perceived value in the eyes of consumers. When something is readily available, people may not see the urgency in purchasing it. However, when there is a limited quantity or a time-sensitive offer, people are more likely to see the value in what is being offered and act quickly to secure it. Scarcity creates a sense of exclusivity and prestige around a product or service. People want to feel special and have something that others may not have access to. By making something scarce, you are essentially elevating its status and making it more desirable to consumers. Furthermore, scarcity can also create a sense of competition among consumers. When people know that there is a limited quantity available, they may feel a sense of urgency to purchase before others beat them to it. This competitive aspect can drive people to act quickly and increase the perceived value of the product or service being offered.- Creating scarcity is a powerful psychological tool that can significantly impact the perceived value of a product or service. By tapping into people's fear of missing out, desire for exclusivity, and competitive nature, you can effectively increase the desirability and value of what you are offering to consumers.
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