28 min listen
040: Why Scarcity Leads to Competition (And What We Should Do About It)
040: Why Scarcity Leads to Competition (And What We Should Do About It)
ratings:
Length:
38 minutes
Released:
Jun 29, 2021
Format:
Podcast episode
Description
Is it okay to use scarcity in our marketing and scare our audience in order to increase sales? What if we stopped using tactics that induce stress and instead implemented the principles of trauma-informed care? Today’s study focuses on what happens when consumers perceive scarcity. Researchers conducted FIVE experiments each with 2 groups: a scarcity group and a control group. The experiments revealed that perceived scarcity increases competitive behavior, causes fear, and even promotes selfish or pro-self behaviors at the expense of others. What To Look For In This Episode: Why you should stop relying on scarcity tactics in your marketing. The 5 principles of trauma-informed care. How to implement trauma-informed marketing. Journal Article: On the Psychology of Scarcity: When Reminders of Resource Scarcity Promote Selfish (and Generous) Behavior https://www.researchgate.net/publication/282593430_On_the_Psychology_of_Scarcity_When_Reminders_of_Resource_Scarcity_Promote_Selfish_and_Generous_Behavior Caroline Roux, Kelly Goldsmith, Andrea Bonezzi, On the Psychology of Scarcity: When Reminders of Resource Scarcity Promote Selfish (and Generous) Behavior, Journal of Consumer Research, Volume 42, Issue 4, December 2015, Pages 615–631, https://doi.org/10.1093/jcr/ucv048 Resources: Grab a free resource on my site to join my email list How To Write Your Own 6-Figure Sales Page Brand Voice Template Got a question you want answered on the podcast? Awesome! Send it to podcast@geoffkullman.com. Connect with Geoff: Instagram: @geoffkullman Twitter: @geoffkullman Inquiries: geoffkullman.com
Released:
Jun 29, 2021
Format:
Podcast episode
Titles in the series (82)
007: Storytelling Series: Narrative Transportation: How can you use your brand story to take clients from where they are to where you want them to be? Today’s episode touches on the three elements of a brand story that studies have identified as responsible for improving brand perception. ... by The Psychology of Copywriting