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.
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 😀
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.