Scarcity - Deepstash
Product Management Essentials

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Essential product management skills

How to work effectively with cross-functional teams

How to identify and prioritize customer needs

Product Management Essentials

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Scarcity

Scarcity

Our decisions are shaped more by how much we could lose than by how much we could gain. We value limited information and we are more affected by a drop from abundance to scarcity than scarcity in and of itself.

It is more dangerous to give people freedoms for a while, then take them away, than not to give them at all. Our joy comes not from experiencing a scarce commodity, but from possessing it.

12

33 reads

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Reciprocation

Reciprocation

The Give and Take, Take, Take: give a little something to get something bigger and better in return, later, as people feel obliged to return initial favors.

The Rejection-Then-Retreat tactic is used to convince people to accept an offer by first making a mu...

13

153 reads

Social Proof

Social Proof

Safety in numbers: argumentum ad populum, social proof, or our belief that what the masses are doing must be correct and what we should be doing, too.

This is true especially when uncertainty is at play. We are more inclined to follow the l...

13

37 reads

Authority

Authority

Accessories that suggest authority (i.e. ‘Dr.’ titles, business suits) exploit our tendency to believe those in the know, even when such titles hold little to no real value.

“Experts say” is a phrase we’ve heard way too often in advertising campaig...

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30 reads

Liking

Liking

As much as we may deny it, physical attractiveness plays a huge role in people liking us. Flattery works to get compliance, and we are biased to accept requests from those we fancy. We think favorably of those who dress like us, or who share our passions. This wo...

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29 reads

Commitment and Consistency

Commitment and Consistency

People want to appear consistent in their actions, but “a foolish consistency is the hobgoblin of little minds.”

The “low-ball” and “foot-in-the-door” techniques are used to get us to spend more by making us agree to an initially reasonable deal, f...

13

51 reads

CURATED FROM

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horto

🔥 Building @deepstash 🧬 Interested in tech, science, philosophy, marketing, business, health. Lifelong learner.

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SCARCITY

SCARCITY

  • Research shows that humans respond MORE to “fear of loss” than “gaining something“.
  • Companies will use “limited time offers” to make it appear products are in a short supply to increase buying frequency. 
  • The next time you’re sh...

Too Much Information, Too Little Attention

Too Much Information, Too Little Attention

Throughout most of human history, access to knowledge was limited. Power equated to how much information you had access to. Kings built great libraries, and texts were rare and valuable things.

Today, however, what was once scarce is abundant. We’re drowning in information. There are more b...

1. Status

Also known as belonging, prestige, respect, scarcity...

People show it by associating themselves with other high-status people or by joining products that are exclusive.

Access to something scarce motivates people to share because they can get high status from the people they share it...

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