How to Use Scarcity and Urgency to Increase Sales


Manage episode 232891848 series 2458248
By Dan Lok. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Have you noticed that people love to buy things they don’t need, just because someone else has it?

Say I show you a watch. You don’t think it’s a big deal – you already own lots of watches. But what if I said that there are only ten of these exact kind ever made in the world?

Suddenly the value of this watch goes up.

One of the ways we persuade people to buy is with psychological triggers such as scarcity and urgency. When there aren’t many of something, or you have a limited time to buy something, you feel more pressured to take action. Knowing this tactic, how can business owners use scarcity and urgency to get people to buy?

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323 episodes