Case Interview Preparation & Management Consulting | Strategy | Critical Thinking cover image

559: How to use scarcity to drive sales (with Dr. Mindy Weinstein)

Case Interview Preparation & Management Consulting | Strategy | Critical Thinking

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How to Avoid Scarcity

FOMO is based on a deeper psychological theory. It's loss aversion. We fear loss more than we get excited about gain. And that's also why scarce use so powerful because it does represent a potential loss. So taking the time to think about it, whatever it might be, if that means having to wait 24 hours before reserving your seat at that event or before going and purchasing that item will help you overcome FOMO.

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