Scarcity

This is a preview of a concept contained in The Personal MBA by Josh Kaufman, a book that will help you master the fundamentals of business, hone your business instincts, and save a fortune in tuition. The Personal MBA distills the most powerful principles of business and delivers them quickly and concisely. Order your copy now…

What is “Scarcity”?

“The way to love anything is to realize it might be lost.” — G. K. Chesterton, English writer and Christian apologist

Key Points:

• Scarcity encourages people to act quickly. If people think they may lose the chance to acquire what you offer, they may take the risk. Loss Aversion ensures that the possibility of losing feels bad enough to prompt them to act now.
• Scarcity makes waiting feel like a loss.
• Here are a few ways to create Scarcity:
  
  
  
  • Limited Quantities
  • Price Increases in the near future
  • Price Decreases that will end in the near future
  • Deadlines
• Add an element of Scarcity to your offer, and you’ll encourage people to buy now instead of later.

Questions for Consideration:

• Does your offer have an element of scarcity?
• If not, what limited time or quantity option could you add to your offer to make it more appealing?

Share this concept: http://book.personalmba.com/scarcity/

True leaders aren’t made by business schools – they make themselves, seeking out the knowledge, skills, and experiences they need to succeed. Read this book and you will learn in one week the principles it takes most business professionals a lifetime to master. Buy The Personal MBA by Josh Kaufman now.