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This is always a good interview; an interview from last year with Dr. Mindy Weinstein discussing how we try to reach humans through digital marketing, and the power of scarcity. I am reminded of this concept every time I look at the resell price of Taylor Swift tickets.
Marketing : The Power of Scarcity with Mindy Weinstein, Founder and CEO of Market MindShift, Marketing instructor for Grand Canyon University, Columbia Business School, and Wharton. "Trying to reach humans" through digital marketing. Original episode season 7 Episode 5.
- 01:41 Meet "Marketer" Mindy Weinstein
- 04:42 Technology in Marketing
- 07:50 One of the top women in digital marketing
- 09:12 The power of scarcity
- 19:16 Four types of scarcity
- 20:41 Bourbon scarcity
- 21:47 Businesses leveraging scarcity
LinkedIn: linkedin.com/in/mindydweinstein
Website: https://www.persuasioninbusiness.com/book, https://www.marketmindshift.com/
Summary of Dr. Weinstein's book:
Drive revenue and grow your business by using the powerful concept of scarcity
Scarcity isn't just one of the key principles of influence, it's arguably the most powerful―invoking the kind of primal instincts that were essential to our ancestors' survival. It's also the explanation for why, in the mid-1990's, $29.99 Tickle-Me-Elmo dolls were being scalped for $7,000 apiece.
And yet, for all its power, scarcity is a principle that's little understood, even as it's frequently employed in sales and marketing campaigns. Research on scarcity is published mainly in academic journals, not easily accessible to the mainstream public, and often written from an economic, rather than psychological, point of view.
In The Power of Scarcity, Dr. Mindy Weinstein leverages her deep expertise in both marketing and psychology to reveal how this influence principle can be used to boost sales, win negotiations, spark action, develop community, build customer loyalty, and more. As a digital marketer and doctor of philosophy in psychology, she brings both practical and academic insights to explain the psychology behind scarcity, why it has such an immense impact on decision making, and how, used correctly and ethically, it can influence the people who buy your products or services.
In these pages, you'll gain a deeper understanding of why and how scarcity works in business, and specifically how different types of scarcity messages―supply related, demand related, time related or limited edition―affect our brains. You'll see it in action from multiple perspectives, through case studies, research findings, and eye-opening interviews with current and former executives (from brands that include McDonald’s, Harry & David, and 1-800-Flowers), as well as real-life customers' firsthand experiences.
For anyone involved in sales and marketing today, The Power of Scarcity is a rare find, combining the best research on the subject as well as hands-on, tactical ways to apply the psychology behind it to knowledgeably harness that power to bolster your business.
Want to be featured as a guest on Making Data Simple? Reach out to us at almartintalksdata@gmail.com and tell us why you should be next. The Making Data Simple Podcast is hosted by Al Ma
Want to be featured as a guest on Making Data Simple? Reach out to us at almartintalksdata@gmail.com and tell us why you should be next. The Making Data Simple Podcast is hosted by Al Martin, WW VP Technical Sales, IBM, where we explore trending technologies, business innovation, and leadership ... while keeping it simple & fun.
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