by Tony Vidler
A well established economic AND behavioural principle is that people generally will have higher demand for that which is relatively scarce. Less of something makes it more valuable, right? It is a pretty sound principle that consumers tend to have a higher want for what is perceived to be harder to get or more exclusive.
The difficulty in professional services is often using this principle legitimately….financial products aren’t scarce as they are created whenever there is demand…tax compliance requirements for business owners certainly aren’t scarce! But one thing is truly limited in professional services: the available time of the adviser.
Understanding that time is scarce enables us to then tap into this powerful principle of persuasion and the commercial reality of being able to charge higher prices for that which is valuable but limited in availability.
In this weeks Quick Tips video we discuss how to create scarcity – legitimately! – and tap into this key principle of influencing the behaviour of others…
…watch the video to learn more…