In this lesson, we introduce the concept of scarcity marketing. And very importantly: we look at some examples of how not to do it and the principles for doing it right. Scarcity marketing is tricky in this regard. If you do it right, it’s incredibly powerful. But if you do it wrong, it can cost you dearly and damage your reputation.
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IKEA Effect: Build-a-Bear Workshop
December 8, 2020Disney’s MagicBand is an “all-in-one device that effortlessly connects you to all [your] vacation choices”. When wearing the MagicBand, guests…Loss Aversion: Facebook
December 7, 2020Certifications: Showing certifications and verifications from trusted outside entities is a great way to convince customers they can trust your brand.…Commitment and Consistency
December 1, 2020This principle states that people are highly driven to be and look consistent - we desire to keep our thoughts…