The Power Of Scarcity

John Jantsch (00:00): This episode of the Duct Tape Marketing Podcast is brought to you by Outbound Squad, formerly Blissful Prospecting, hosted by Jason Bay. It’s brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Jason Bay is a leading sales expert and he talks with other leading sales experts to get you the information you need. I’ve recent episode, he talked about how much time you need to spend prospecting. Really, really eye-opening. Check it out. Uh, listen to the outbound squad, wherever you get your podcasts. Hello and welcome to another episode of the Duct Tape Marketing Podcast. This is John Chance. My guest today is Mindy Weinstein. She’s a leading expert in digital marketing and has been named as one of the top women in the industry globally. She’s the founder of the digital marketing firm Market Mindshift, and author of a book we’re gonna talk about today, the Power of Scarcity, leveraging Urgency and Demand to Influence Customer Decisions. So Mindy, welcome to the show.

Dr. Mindy Weinstein (01:09): Thank you so much for having me.

John Jantsch (01:11): So in, you know, probably the premiere book on this topic, I’m sure you’re familiar with Robert Shield, Dini’s Influence. Yes. You know, he certainly lists scarcity as one of the factors and you start with scarcity as an influence factor for chapter one. So you wanna unpack that?

Dr. Mindy Weinstein (01:28): Yeah, absolutely. And yeah, so Dr. Chaldini, I actually, he endorsed the book. So he is definitely someone that I have talked with often. But what happened is I was researching and working on my PhD cuz that’s really how this all came about, was I was looking at the influence factors and what motivates consumers. And I came across scarcity and as I dug more into research, I realized that of all the different factors that cause us to make decisions, scarcity appears to be the most powerful because it’s actually primal. It’s something that our ancestors even dealt with with scarcity. And still today it’s, we get the same type of emotions and reactions, even if it’s a product that’s scarce. I’m not talking about like survival and all of those things, but actually,

John Jantsch (02:14): But that’s, but you’re saying that’s where it started, right? To some degree. Right. I mean it’s like, are we gonna have enough food to eat? You know, is there gonna be water or where we go where we’re going? So that’s probably where it started, right?

Dr. Mindy Weinstein (02:23): Absolutely. Yeah. Absolutely. And so that’s a thing our ancestors, you know, they, in the early days of humankind, you know, they were trying to survive by looking for scarce resources, you know, shelter, water, food. And then when you look at even just the empires that are ruled over the years, you know, the ones that had controls usually because they had control of food and water. And so we are hardwired to respond to scarcity.

John Jantsch (02:52): So I don’t know if Robert told you this story. He was actually on my show years ago and he actually said he wrote the book cuz he was tired of seeing people be influenced. Mm-hmm Scroll back to top