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Ep. 25 Understanding Scarcity with Dr Mindy Weinstein
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The Power of Scarcity. In this episode we talk with PDH author Mindy Weinstein about her new book. What is scarcity, what are the types that can be applied to our business and how to use it ethically. We also go into the effect that it has on customers, the physiological impact, how it can help when they are overthinking and finally, how FOMO is closely related to scarcity.
00:15 Drs Mindy’s introduction
00:45 Mindy’s new book “The Power of Scarcity”
01:10 What made you want to write about Scarcity?
01:50 Scarcity is the most powerful influence tactic.
03:15 What are some of the teaching points from your book that can be applied to the business world?
04:30 Four types of scarcity
04:55 Supply related
06:30 Demand related
07:30 Time related
07:58 Limited edition
09:10 Do the examples also apply to services?
10:15 Not all scarcity gives customers a good impression
10:45 Scarcity needs to be ethical
12:30 Scarcity is informing the customer
13:50 How can we create scarify on our own products?
17:20 Is there a type of scarcity that works best for your client base?
21:25 Scarcity can help people that are overthinking
24:40 Effect of special days like Prime Day, Black Friday Sales, Cyber Monday
25:15 Competition, a side effect of scarcity
26:25 Feeling of excitement
27:25 Scarcity done well
29:00 Creating some distance with yourself and scarcity
29:55 Scarcity and FOMO
34:25 How to order the book?
35:15 What would be the one piece of advice you would give now that we are entering Q4 if you have a physical product?
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