Scarcity: Have it
before it is gone
I am currently
reading “Influence” by Robert Cialdini. Today the key idea learned was how the scarcity
principle influences decision-making.
Have you ever noticed
how the hotel booking websites display messages of the Last room left, the Last
few rooms, and 1 room booked just now? Also, infomercials flash messages of "Limited Time Deals" with a timer running to push customers to buy immediately lest
the product of their dreams disappears from the shelves.
In the U.S., on
the launch of a new model of iPhone, queues of buyers form a night before the
stores launch the phone. The die-hard fans of the iPhone fall prey to the
scarcity principle cleverly deployed by Apple by offering just a handful of units.
People want to lay their hands on the new phone as if their lives depend on it.
They are ready to do unimaginable things just to trade a closer spot in the
queue. The artificial scarcity works wonder for the brand as its sales
skyrocket.
How can we use this principle to our benefit? The ads on TV published
by the Health Ministry to counter Tobacco use are spot on. They show the painful
outcomes associated with tobacco use whereby people lose their lives or facial
tissue. It shows the broken family as a result of the continued habit of
tobacco use. It is a way of saying that you will lose the chance of a good life
or suffer physically and emotionally if you continue. The loss is imminent.
The principle deployed is to prevent a loss than show the potential gain. Imagine how the ads would have fared if they had pointed out the benefit of not smoking- healthy life, whiter teeth, saved money, or better cardiovascular health! If we show the downside of a particular action or inaction it is going to have better compliance from people.
So, if you want the
people to comply with a request, state the loss of not following it than
highlighting what they will gain out of it.
Another striking example
of using the scarcity principle by just adjusting the placement of words in a
line got me thinking. The Author’s friend who is a Divorce Lawyer practiced marital
resolutions outside courts. She used to make the parties sit in different rooms
and hop between these rooms with proposals from one side to the other. This was
to evade situations of deadlock. Then when a final proposal was ready she would
use the statement: “All we have to do is this, this and this….and we can
have a Deal”. In most cases there used to be a disagreement leading to
parties approaching courts. When she was suggested to use the statement by
changing the placements of the words it gave 100% results. The changed placement
of words was: “We have a Deal, All you have to do is this, this and this…..”.
The scarcity principle
was cleverly invoked by giving the parties a Deal that was conditional if they fulfilled
certain conditions. Parties having a resolution in mind were pushed into a scarcity
mindset of just having the Deal or losing it if they did not act on the
conditions.
I think this
principle works as we have plenty of examples in real life like “finish your veggies
first then you can have the pudding”, “you can go out and play the moment you
finish your homework”, and countless other instances.
Exercises for the Day
Strength: Chest Day/ Biceps Day.
4 sets of Flat Bench Press.
4 sets of Inclined Bench Press.
4 sets of Inclined Dumbbell Bench Press.
4 sets of Barbell Preacher Curl.
1 set each of Dumbbell Curl and Cable Curl.
4 sets of Seated Calf Raise.
Rehab: McGill
Big 3 (1 set each). Lock Big 3 (1 set each).
Cardio: Running(Zone 2-3 Training)
35 mins for the Day.
35 mins completed for the week.(Last week 91 mins.)
Target 180 mins for the week.
Anything I like to share/ Habit Tracker
Clean for 122
days.
Pic of the Day
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| Salute to your Honesty, Sir.( Only Punjabis can infer) |
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