Ep. 25 Understanding Scarcity with Dr Mindy Weinstein

The Power of Scarcity. In this episode we talk with PDH author Mindy Weinstein about her new book. What is scarcity, what are the types that can be applied to our business and how to use it ethically. We also go into the effect that it has on customers, the physiological impact, how it can help when they are overthinking and finally, how FOMO is closely related to scarcity. 

00:15 Drs Mindy’s introduction

00:45 Mindy’s new book “The Power of Scarcity”

01:10 What made you want to write about Scarcity?

01:50 Scarcity is the most powerful influence tactic.

03:15 What are some of the teaching points from your book that can be applied to the business world?

04:30 Four types of scarcity

04:55 Supply related

06:30 Demand related

07:30 Time related

07:58 Limited edition

09:10 Do the examples also apply to services?

10:15 Not all scarcity gives customers a good impression

10:45 Scarcity needs to be ethical

12:30 Scarcity is informing the customer

13:50 How can we create scarify on our own products?

17:20 Is there a type of scarcity that works best for your client base?

21:25 Scarcity can help people that are overthinking

24:40 Effect of special days like Prime Day, Black Friday Sales, Cyber Monday

25:15 Competition, a side effect of scarcity

26:25 Feeling of excitement

27:25 Scarcity done well

29:00 Creating some distance with yourself and scarcity

29:55 Scarcity and FOMO

34:25 How to order the book?

35:15 What would be the one piece of advice you would give now that we are entering Q4 if you have a physical product?