In an earlier post I talked about the 6 Principles of Influence, and in this post I'd like to highlight the principle of Scarcity.
Most of you who have studied economy or currency to any extent understand the effects of Scarcity to some degree. Gold is scarce on our planet, for example, which makes it more valuable than other metals such as iron. This is a natural scarcity, but it is just as easy to manufacture scarcity, and the persuasive effects are little different. Bitcoin, for example, is artificially scarce. There is no natural restriction that prevents the creation of more bitcoin, but the marker was set at 21 million max, and therefore the asset is more desirable than it would be without restriction.
The best example I've seen lately for the principle of Scarcity is the Starbucks Unicorn Frappuccino.
As you can see in the image above, this "drink" was marketed for being Dazzling, Delicious, and Oh So RARE.
Dazzling? Well, it is colorful.
Delicious? Yeah... no. I found it to be pretty unsettling.
Rare? BINGO!!
I would argue that the reason this weird-ass drink sold so many units was 80% the Principal of Scarcity. People didn't care so much to try it because it was colorful or might taste good -- they bought it because they didn't want to miss out.
Think about it: the ingredients to make this thing are abundant -- Starbucks could make this a permanent menu item. But they won't. Because it wouldn't sell if they did.
It's also why they picked the branding of Unicorn. Besides being a cute pop-culture symbol, Unicorns are mythological creatures famous for their rarity.
It's brilliant branding. Everything about it SCREAMS Scarcity.
There are other examples I could give in the food industry, the McRib being one that pops to mind instantly, but I think you get the idea.
What other products do you know that use the Principle of Scarcity?
Let me know in the comments. :D
