The Executive Summary
Less is definitely more. It sounds crazy at first. . . if you want to increase customer demand you can easily achieve it through scarcity and exclusivity. Crazy, but it is true. This is why it works – customers subconsciously put a higher value on something that is rare.
Ever hear of a bottle of wine that is the last of its vintage and sells for something like a thousand dollars? Chances are you are way more interested in tasting that than a bottle of Boone’s Farm. You may not plunk down a cool thousand bucks for it, but your curiosity is piqued. And if I could get you a thimble size taste for five buck, chances are you would try it. Shoot, a Boone’s Farm bottle probably doesn’t even go for five bucks, but you are willing to taste a thimble size cup for five dollars, simply because of the perceived scarcity and exclusivity.
The less available something is, the more value a customer puts on it and the more they want it. So, stop offering “unlimited quantities” and “24×7” availability. Instead start offering “only 5 left” and only for “the next hour, on a first come first serve.” Your sales will climb! And, if they don’t you can always throw back a bottle of Sun Peak Peach. Dee-lish!
The Details On How To Increases Customer Demand
Getting Inside The Customer’s Subconscious Behavior
There are many more subconscious influencers that drive consumers to buy from you. Beyond scarcity & exclusivity, you can employ social proof, name influence, reciprocity, and hundreds of other techniques. If you want to dig deeper in the subject, check out these books: Influence by Robert Cialdini or this little overlooked gem that I love: Get Anyone To Do Anything by David Lieberman.