Six Keys To Influence Almost Anyone [Part 6 Scarcity]

Be unique with your offers and add an element of urgency!

Oh hello there! So glad you made it back to the sixth and final principle of influence. I’m wrapping up with the king of creating urgency…. scarcity.

Now, I don’t know about the rest of y’all, but I see the scarcity principle used All. The. Time. And damn does it gets me too! 

Just the other day I was looking at running shoes online. I found a pair I really liked in my size and color and then I saw it:

Only 2 pairs left. Order soon. 

What did I do?

I ordered them right away. I didn’t need to…but I didn’t want to miss out!

That my friends is scarcity in action. 

Principle #6 / Scarcity

Like authority we talked about last week, scarcity is another principle most of us understand. We can see when it is being used. And often we are powerless against it.

So, let’s better understand this important principle of influence after we hear from TheSOURCE.

In many ways, scarcity can be linked to another modern-day trigger – FOMO. 

The idea of FOMO (fear of missing out) occurs because it’s connected to scarcity.

• The weekend getaway with friends.
• Or the amazing party across town.

These things resonate (and in many cases eat at us) because there’s a limited amount of time we have to act. And it’s fueled even more by the accelerant – social media. 

Key levers associated with scarcity include: 

• Time – for three days only
• Quantity – limited number available 
• Information – understanding what only the top traders know

The more scarce an item is – the more it’s valued by us. Look at gold, diamonds, or those insane Birkin bags.

That bad boy right is going for $17,000!

Scarcity is used very effectively for luxury items. But it doesn’t solely belong to the luxury category.

Remember the Black Friday fist fights over toys. In case you forgot…have a look below.

Scarcity is the driving force behind this – along with a few too many shots of Jagermeister. :/

How can YOU use scarcity?

So, we’ve seen how powerful scarcity can be. Next, let me throw out some ideas as to how you can use this principle in your business to increase sales. 

1. Highlight news stories: Anyone interested in travel since the end of the pandemic knows – they’re not alone. Revenge travel is a real thing…and that means space is going to be limited. So, if you have clients that are looking to go to Europe – they had better act sooner v. later. In your marketing, connect to stories that will help back this point. It’s one thing to tell a client to act now. It’s entirely different if the NY Times is helping to support you. 
   
   
2. Select offers to select clients: Advisors get deals all the time – so when something different and unique comes into your inbox, select a limited number of clients you want to share this with. In this scenario, you can use scarcity (limited time, for example) along with authority. Example: I’ve been an agent for XX number of years and rarely do I see this kind of deal!

• Only work with a certain type of client: This approach blends two principles: scarcity and authority. For example, let’s say you only want to deal with adventure travelers. Or focus on the luxury side of things and say you only work with clients over a certain price point. Scarcity in this example is you the advisor. It’s your time. 

• Use a traditional approach: If you know a deal is moving fast, email or text your clients with the message: Only a few seats remaining. This approach is as old as retail but it works. 

What makes scarcity effective is knowing how to best pull the lever. The deal must be special. The time limit has to be short enough to get people off the couch. Too often retailers have used scarcity, and the deals have been meh…

Back to Black Friday for a minute. This event used to be huge. An iconic shopping event. Remember the stories of people camping out overnight so they could be the first ones in the store? And, as I mentioned above, the fist fights. 

What is it today? Today, Black Friday just isn’t the same kind of event. 

And that’s because the deals aren’t that special. The Black Friday doorbuster phenomenon – just isn’t what it used to be.

Here’s The Wrap-Up

We have made it to the end – six principles of influence that will help you persuade almost anyone. And here they are one more time: 

• Reciprocity
• Commitment and consistency 
• Social proof
• Liking 
• Authority 
• Scarcity 

These principles are being used every day on us moving us this way and that. Sometimes they are easy to spot. And sometimes they’re not. 

Let me leave you with one more baller example. 

In 2021 this message was sent to every single person in Britain by the NHS (National Health Service). Here was the text: 

You have reached the top of the queue and are a priority for getting a free NHS COVID-19 vaccine. 

Simple enough, right? 

But what makes this text message so effective is how it blends all six principles in just 19-words. Can you spot ‘em?

• Queue = indicates social proof other people 
• You have reached = commitment and investment – there has been a waiting period and now you are at the front
• Free = connects back to reciprocity – you got something now you feel compelled to give back
• Priority = uses scarcity
• NHS = connects to authority and liking

According to Phillip Agnew host of the podcast Nudge, this may be the most successful texts of all time because of how the triggers were placed in the text. For more on this check out the full episode here. 

That’s it my advisor family! By reaching this point you have now graduated and are licensed to use these principles to build your business. Now, go make something happen and I’ll see you back here next time. 

Thanks for the attention and time, and if you enjoyed please share to lift someone else up!