progress bar code in 2008 The Power of Scarcity in Software

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The Power of Scarcity
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Perhaps the biggest motivator that drives eBay sales is scarcity a salesperson s steadfast ally. People want things that are either out of their reach or potentially out of their reach. They also urgently want more of what they have less of (and sometimes hoarding ensues).
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This is especially true of auction-format listings in eBay. At any given point in time, shoppers can see how many of a particular item exists on eBay and what the going rate is. If a person decides to bid on an item, he s hooked into a potential transaction in which the scarcity of the item is directly linked to the will of another bidder. If someone else wants the item as much as he does, he has to bid higher. That s the beauty of eBay for sellers. It pits buyers in a competitive situation that oozes with feelings of scarcity and therefore encourages buyers to bid more, more often. How many times have you heard this: I saw this incredible (insert name of product here) on eBay, and I wanted it so bad. But I got outbid. I wish I were watching it closer. I would have paid more than the winning bid. That item may come up on eBay again. Plenty of them may exist in the world at prices lower than the final gavel price. Manufacturers in China may be making them by the millions this very moment. The bidding process, however, creates scarcity in the moment. When you bid on something you want, you start imagining how many days, hours, or minutes are left in the auction, and how long it s going to take to ship it to you if you win. You picture the item in your possession. You want to buy it now, and you want to buy it before anyone else can, as in I want an Oompa Loompa now, Daddy!!! When you do win the item, you feel like you ve attained something of great value whether or not that s actually true. You ve won. That s what the feeling of scarcity does on eBay. If you lose the bid, you feel like something of great value has slipped through your fingers. You ve lost. We see the scarcity phenomenon every year at the malls during Christmas. Demand spikes, supplies are low, and the mobs descend on the toy stores. You ve got until Christmas Eve to buy some item, and the clock is ticking. Back in the 1980 s, it was mad mayhem with Cabbage Patch dolls. And remember Furbies and Tickle Me Elmo The way you describe and discuss your goods in your listings can communicate the feeling of scarcity and urgency. First, however, you need to make sure there s something genuinely scarce about your products.
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Caution: Don t use scarcity as an artificial ploy. If your goods have some
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scarce qualities to them, by all means, emphasize that. However, if your goods can be easily attained elsewhere, don t try to fake out bidders. They can make a fool of you easily by searching eBay and discovering that the item is common. The result: you lose trust and perhaps a customer forever.
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How Is Your Product Scarce
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Scarcity can come in many forms. Certain watches are scarce because their production is limited. Cars become scarce when the model is discontinued. Handmade items can be scarce depending on their uniqueness. A high
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Advanced Marketing Strategies
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level of customer service you provide or the quality way you ship your products could be considered scarce in your industry. The fact that you sell on eBay might indicate scarcity in some industries, too. This book is a scarce information resource, because it covers eBay marketing in much more depth than any other book that precedes it. If it becomes a best seller, it won t be all that scarce. However, the information itself will remain scarce to those without a copy of the book. Until other authors produce similar books, this will be the only text medium for reading these specific eBay-related concepts. If there s a way to leverage scarcity, use it to your advantage. To establish scarcity, you need to dig deep and ask yourself, What about my product will give customers something they can t get anywhere else
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