#76: Leveraging the Power of Scarcity with Mindy Weinstein
Episode description
Discover the power of scarcity and how it can transform your business in this captivating episode of Welcome to Eloma. Kylie Peters is in discussion with guest Mindy Weinstein, founder and CEO of Market Mindset and author of "The Power of Scarcity: Leveraging Urgency and Demand to Influence Customer Decisions". Mindy, a marketing expert and psychology PhD, shares her insights on leveraging scarcity to influence customer decisions. With real-life examples from renowned brands like McDonald's and 1-800-Flowers, Mindy reveals the four types of scarcity, supply-related scarcity, demand-related scarcity, time-related scarcity, and limited edition scarcity. Each type can be leveraged by entrepreneurs and business owners to create a sense of urgency, exclusivity, and value in their offerings.
Leverage Mindy’s excellent advice to apply scarcity to increase sales, customer retention and overall revenue for your business.
Quotes:
- "Scarcity is any type of unavailability or restriction." (07:24 | Mindy Weinstein)
- "When faced with scarcity, the parts of our brain that have to do with valuation or even decision-making start to light up." (23:09 | Mindy Weinstein)
- "Scarcity equals value." (25:09 | Mindy Weinstein)
- "FOMO is tied with scarcity. Now in the psychology world, we don't refer to it as FOMO, we refer to it as loss aversion." (25:49 | Mindy Weinstein)
Links
Connect with Kiley
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Email: [email protected]
Connect with Mindy Weinstein:
Website: http://powerofscarcity.com/