As the holiday season approaches, having that "IT" item is at the top of many people's minds. Will you be able to buy that perfect gift before it runs out?
How does scarcity play into this and are companies using it as a tactic to influence consumer habits?
To answer this question and more, we turn to Dr. Mindy Weinstein. Dr. Weinstein has a 20-year career as a successful marketing consultant and educator and earned her PhD in General Psychology. She is also the Founder and CEO of Market MindShift, and a well respected expert on scarcity. Her recent book, The Power of Scarcity: Leveraging Urgency to Influence Customer Decisions, unpacks these tactics and explores why we are more afraid of loss than of gain.
In this episode, Dr. Mindy and Jim unpack recent examples of this economic influencing factor in the news, exclusivity as a motivator, and how scarcity affects both the market and the shopper.
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