Leveraging Scarcity To Your Advantage
Think about rare or exclusive things, either that you own, or that you would like to own. What is it about them that makes them attractive? Is it the fact that they are of high quality or a luxury brand? The truth is, those are more givens than anything else. The real reason may be in fact, because, it is a hard to get item. At least thats what the marketing would have you believe. It may be a limited edition, or 1 of 100 produced, or something to that effect.
The Original “Office” on BBC
The original British version of “The Office” was successful not only because it was a new way to film a television show, but it was created as sort of a mini-series. As it grew in popularity, people began to want more shows. But the original show was only filmed for two seasons. This created a scarcity factor, one that will never leave the show.
While the American version has been successful, it is going on about 10 years. It looks as though Will Ferrell will take over as the boss, as Michael Scott steps aside. While NBC is maximizing its return on investment with the series, they are also, in a way, dissolving the brand. The show has been on for so many seasons, what more can they do?
The original version offered a glimpse into an office setting and the stories of the employees of a paper merchant. They went into some detail, but left the audience wondering. The series seemed to end too soon, yet that feeling of wanting more was also a good feeling. It felt like it should have continued, yet I believe the audience was almost happier it didn’t. Not because the show wasn’t enjoyable, but because it would have lost its appeal.
Your Products & Services
Think about the products and services that you offer or are planning to offer. Can you build in some scarcity to them, making the offer more attractive? What about releasing a limited edition or limiting production to a certain number? This could provide you with market feedback as well as showing value to the customer or client.
Scarcity Should Not Be Over Used
While scarcity and exclusivity offer an appeal, depending on what you offer your clients and customers, it should be used sparingly. Try it out on a new product or service- test the waters- and let me know how it works for you.