421 The Power of Scarcity by Mindy Weinstein
The Marketing Book Podcast
The Fear of Missing Out Part 4
The author includes a quote from Mad Men's Don Draper in chapter four. "We want to just know that we are okay," he says, referring to fear of missing out on an opportunity. The book is about sometimes the fear of loss over shadows and potential gain.
The Power of Scarcity: Leveraging Urgency and Demand to Influence Customer Decisions by Mindy Weinstein
About the Book:
Drive revenue and grow your business by using the powerful concept of scarcity
Scarcity isn't just one of the key principles of influence, it's arguably the most powerful―invoking the kind of primal instincts that were essential to our ancestors' survival.
It's also the explanation for why, in the mid-1990s, $29.99 Tickle-Me-Elmo dolls were being scalped for $7,000 apiece.
And yet, for all its power, scarcity is a principle that's little understood, even as it's frequently employed in sales and marketing campaigns.
Research on scarcity is published mainly in academic journals, not easily accessible to the mainstream public, and often written from an economic, rather than psychological, point of view.
In The Power of Scarcity, Dr. Mindy Weinstein leverages her deep expertise in both marketing and psychology to reveal how this influence principle can be used to boost sales, win negotiations, spark action, develop community, build customer loyalty, and more.
As a digital marketer and doctor of philosophy in psychology, she brings both practical and academic insights to explain the psychology behind scarcity, why it has such an immense impact on decision-making, and how, used correctly and ethically, it can influence the people who buy your products or services.
In these pages, you'll gain a deeper understanding of why and how scarcity works in business, and specifically how different types of scarcity messages―supply-related, demand-related, time-related, or limited edition―affect our brains.
You'll see it in action from multiple perspectives, through case studies, research findings, and eye-opening interviews with current and former executives (from brands that include McDonald’s, Harry & David, and 1-800-Flowers), as well as real-life customers' firsthand experiences.
For anyone involved in sales and marketing today, The Power of Scarcity is a rare find, combining the best research on the subject as well as hands-on, tactical ways to apply the psychology behind it to knowledgeably harness that power to bolster your business.
About the Author:
Dr. Mindy Weinstein is the founder and CEO of the digital marketing firm Market MindShift, as well as a keynote speaker, trainer, and digital marketing strategist.
She has trained thousands of professionals from organizations of all sizes, including Facebook and The Weather Channel.
She has a Ph.D. in psychology and is a marketing instructor at Grand Canyon University and the University of Denver, as well as a program leader for The Wharton School and Columbia Business School.
Mindy has often appeared in the media, with interviews on Fox, NBC, ABC, and Bloomberg Radio. She has also been quoted in The Huffington Post and The Washington Post amongst others.
And, interesting fact – at home, she uses the principles of scarcity to convince her husband and two boys to take on household chores they wouldn’t have otherwise done!
Click here for this episode's website page with the links mentioned during the interview...
https://www.salesartillery.com/marketing-book-podcast/power-scarcity-mindy-weinstein
The AI-powered Podcast Player
