Understanding the Law of Scarcity
Sales educators and speakers refer to the law of scarcity as one of the fundamental laws of persuasion. The law of scarcity is simply that when someone perceives something that they want to be in limited quantity, the perceived value of that thing or person becomes much greater than if it were widely available. The law of scarcity applies as much to salesmanship as it does to relationships and courtship.
sales example
You turn on the television and see a commercial for a much-hyped new kitchen appliance. The commercial voice reminds you that “…the offer is limited” and that “…this offer will not last”. This commercial is employing the use of the law of scarcity to increase the perceived value of that item. Believe it or not, it works for them.
relationship example
Jack and Jill have been dating for two years and the relationship is getting boring. The couple attend a party one night. Jack notices that Jill is paying attention to other guys at the party, instead of him. The value that Jack has placed on Jill has now increased dramatically because he fears that she will leave him for another man.
Practical applications
1. Sometimes people make themselves too available to someone they are attracted to by showing affection, but this over-availability sometimes causes the opposite reaction to occur: the person actually values them less because they are abundant. If the other person believes that others want him very much, therefore his demand exceeds her supply, then his value will increase.
2. Increasing the price or decreasing the availability of a product or service will increase the perceived value of that product or service in the eyes of others.
3. If you want to persuade someone to commit to a date, try increasing the perceived value on your own time. Instead of saying that you have the whole day off, which creates a state of abundance, instead of saying that you are busy and only have this or that free time. This increases the perceived value of your own time and makes the other person more serious about making an appointment with you.