As it is defined in Maximum
Influence, by Kurt W. Mortensen, “The Law of Scarcity states that the more
scarce an item becomes, the more the item increases in value, and the greater
urge is to own it. Scarcity drives people to action, making us act quickly for
fear of missing out on an opportunity” (Mortensen 190). Moreover, if a product
is labeled as limited or special it will become more valuable due to its
rarity, which will drive people to purchase the product so they don’t miss out.
The Law of Scarcity is a persuasive principle I tend to use on my friends and
family quite often. I am successful in my persuasive attempts because I make
them feel that they need something immediately or they will miss out. Whenever a
new movie comes out in theaters I want to see it immediately, so I have to make
them feel the same way I do. I explain how great the movie will be and that
they need to experience its greatness as soon as possible. I emphasize to them
that we can experience amazing feelings of awesome right now, so there is no reason
to wait. Furthermore, going to a movie on the first day it releases is special
and you only get one opportunity to do so. After creating a fear within them
that they could miss out on such a great opportunity their urge to see the
movie skyrockets and we go see the movie (Mortensen 190). I would love to
practice using the Law of Scarcity in selling a product to someone, but
unfortunately I’m not a salesman. Regardless, it would be just as valuable to
understand how the Law of Scarcity can be applied in such a situation.
My first example of the Law of Scarcity in action applies
to the majority of the human race. Most of us own a product that runs on gas,
such as a lawnmower or car. Unfortunately for us gas is expensive and we find
ourselves reminiscing about the days gas was one dollar per gallon. Even if we
weren’t alive when gas was such a bargain we often dream of taking part in such
pleasure. Gas prices are so high that people wait to their last drop of gas
before buying some more. But when the days come when gas prices drop for the
short time they do, gas stations are absolutely crowded. This is because people
fear that such a rare opportunity will pass them by if they don’t act
immediately. They know that the low gas prices will be around for a limited
amount of time so they act fast to get as much of it as they can. Gas industries
are extremely successful in persuading people because gas is a hot commodity;
we do need to go places. By lowering gas prices they are making the gas more
valuable, since low prices are scarce, which heightens our urge to buy as much
of it as we can before the prices go back up (Mortensen 190-194).
Since I have made it extraordinarily clear that I love
movies I will save us both the trouble of saying it. When a movie I loved in
theaters releases on DVD I make an effort to get it on the day it comes out. Once I reach the store I make my way to the movie section where I am always met
with two options. The first option is a regular copy of the DVD in its normal
casing. The second option is a special edition of the DVD with bonus features
in a unique case. Stores emphasize, usually by way of a sign, that the special edition is available for a limited amount of time. If I truly love the movie
the store almost always persuades me to get the special edition. This is
because the special edition is a rare item, making it more valuable, and
increases my desire to own it (Mortensen 190). I fear that if I don’t act fast
I will miss out on owning a one of a kind item. If I’m not deeply in love with
the movie, however, I am not persuaded to buy the special edition because the
stores provide an easy alternative for a lower price (Mortensen 198).
As I have mentioned in previous blogs, I have two cats by
the names of Lola and Lilly. We adopted Lola from the Humane Society and the
Law of Scarcity drove us to take that action. Let’s face it we all know kittens
are adorable, so when a kitten is promoted on the local morning news channel a
lot of people are going to hear about it. This was the case with Lola because
she was shown on the news channel and explained to be “ready for adoption.” Obviously
a kitten can sell itself, but when so many people hear about it the kitten instantly
becomes scarce. Lola became extremely valuable because she was one of a kind, making
her more valuable beyond monetary value. Knowing that she was one of a kind and
other people wanted her, our urge to adopt Lola grew substantially. We literally
went to the Human Society minutes after we saw Lola on television because we were
afraid someone might get there before us. Lola’s scarcity persuaded us to adopt
her as fast as we could, and fortunately we were able to do so (Mortensen 198).
As Kurt W. Mortensen has stated in his book Maximum Influence, “The Law of Expectations
uses expectations to influence reality and create results” (Mortensen 149). I have
continued to practice using this law with a persuasive intention in mind. The other
day my mom wasn’t sure if she wanted to cook a new recipe because she didn’t think
she would do it right. Since my mom is the God of cuisine I reassured her that she
was amazing by saying that it was impossible for her food not to be scrumptious.
I put the expectation in her mind that she was a God in the kitchen, and I believe
she wanted to live up to that standard (Mortensen 149-150). I persuaded her to cook
the new recipe instead of something else, and it was delicious indeed.
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