The harder it is to get something, the more we want it. People often link availability to quality. As seen in the concept of loss aversion, we’re far more motivated by the fear of losing than by the desire of gaining.
Women are more attracted to men who are in a relationship than to single guys (Parker & Burkley, 2009). It seems when something is limited or unattainable, it becomes more attractive.
One study by Worchel, Lee and Adewole (1975) showed that people value cookies more highly if they’re scarce. Some participants were given a glass jar with ten cookies, while others only received two. In another condition, where the number of cookies was reduced from ten to two, participants rated these cookies the highest.
Scarcity tactics tend to be more effective when targeted at customers who have a greater than average need for uniqueness (Lynn, 1991).
Almost every e-commerce website employs scarcity by showing how few items are available in stock. As shown above in the cookie experiment by Worchel et al., we value those things more that have recently become less available to us.
Go even further and show how many items are available for a specific type, color or size or a combination of them.
While you’re looking around and considering whether or not to book this hotel room, you suddenly realize that another person is checking out the same property. The fear of loss kicks in. Indicating how many people are currently viewing the same item is a powerful tactic to play up the scarcity game.
Give your prospects a reason to act now by exposing them to time limits. But, be careful. Unfortunately, some businesses started using this technique in scammy ways, which may lead people to consider your offer more carefully.
Use animated timers to draw even more on people’s fear of missing out. This tactic is often used with some perceived benefit for acting fast, like a reduced price or some additional bonus items.