Marketing Tip #1: Use Scarcity Bias to Boost the Sales of a Product/Service

This week I decided to shift my marketing series to Youtube that I was running on Instagram previously because I felt that most of my content was too heavy to be consumed on Instagram.

So, now I have got started on Youtube by uploading my very first video.

In this video I have talked about how one can use scarcity bias, a cognitive bias to boost the sales of a product or service.

Scarcity bias is one of the many cognitive biases that affects our decision making or infact it is a technique that makes us more likely to buy a product or service.

Why?

1. First of all we humans have a strong scarcity bias and because of that we perceive things that are scarce as valuable and things that are abundant as not so valuable.

2. Scarcity bias creates a psychological pressure on people’s mind to take the decision quickly in order to leverage the offer that is available for only a short period of time.

I’ve personally purchased from udemy at multiple occasions because I did not wanted to lose a heavily discounted product which was available for only a short time đŸ˜€

To practically use scarcity bias, you just have to make your product scare by limiting its availability or by providing an attractive offer with your product for only a short period of time, the offer can be related to price or any thing else.

Prasad is a Solopreneur and a Marketing and Branding Enthusiast. On this blog he writes his opinions and how to's related to Marketing and Branding.

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