Tag Archives: scarcity

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workplace scarcity

Workplace Scarcity Causes More People To Act

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“It was important because it seemed like it was our last chance.” Sound familiar? Workplace scarcity often drives people to action. Is that a good thing?

It seems like the U.S. economy is thriving on the concept of scarcity. Everything from home appliances, to building materials, to canning jars. Nearly every day someone has a story to share about something that they wanted to buy only to find little or no supply. I think it all started about a year ago with toilet tissue.

Fear compels people to do irrational things. It encourages quick decisions that are sometimes thoughtless and reckless.

When it comes to sales, the principle of scarcity is not a stranger. Sales teams often thrive on the principle of scarcity.

You can even observe it in television shows such as American Pickers and Pawn Stars. These shows often illustrate that the price increases when there is a belief that the item in question is scarce.

Does it affect behaviors and decisions in your workplace?

Workplace Scarcity

Almost everything is a rush. There is a race against time to produce faster, newer, fresher, and always be the first to ship. It doesn’t matter if it is services or products, it is a race.

The pace of business today often results in a lack of patience for decisions. Patience is not the same as procrastination, and a lack of patience is often created when there is a feeling of scarcity.

We need to hire someone fast.

Stock up, there is going to be a shortage coming soon.

Rumors are that the only supplier on the east coast may go out of business.

Through advertising we often see things implying scarcity.

Hurry, last one.

Limited collector’s edition.

This item won’t last long.

Is scarcity working for you or against you? Are there issues connected to trust when it comes to scarcity?

Have employees been scared into hasty decisions so many times that they are immune to the thought? Does it create a failure to act when action is required?

Acting fast is often important. Acting right now, may imply a different spin.

Scarcity can be both a sword and a shield. It can be the difference between saving a situation or costing you dearly.

Awareness of how scarcity springs people to action is important. It is as important as trust.

Leaders are role models for behaviors. How you communicate, advertise, and make decisions will become part of your culture.

If you’re thriving on selling with scarcity tactics you can expect the same with your team as they make decisions and choices for what happens next.

One thing often follows scarcity.

Buyers remorse.

-DEG

Dennis E. Gilbert is a business consultant, speaker (CSPTM), and culture expert. He is a five-time author and the founder of Appreciative Strategies, LLC. His business focuses on positive human performance improvement solutions through Appreciative Strategies®. Reach him through his website at Dennis-Gilbert.com or by calling +1 646.546.5553.


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connection economy

Connection Economy and the Implications of Scarcity

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Labeling our economic conditions sets the stage for how we’ll choose to communicate, sell, and serve. Many refer to our most recent economic climate as a service economy and others, as a connection economy.

From my experiences I see relevance for both labels, and honestly, the two have a few similarities.

Both should spark deeper thinking about how you will service your customer. They should invite deeper thought about what problems customers and clients will pay you to solve and how you’ll build relationships.

When Scarcity Is Rare

Many individuals and businesses use the principle of scarcity to drive sales. Even your career may incorporate some of this philosophy.

The best question may be, “In a connection economy is there less room for strategies based around scarcity?” Perhaps it is one of the best reasons to think differently about your sales and services approach.

Scarcity may exist in consultative sales, the value of experts, and hot new trends. Does the connection economy suggest additional considerations?

Nearly everything that you could once only seek to buy in a small radius around where you live, has changed. Now products (or services) once considered rare are available across a much larger platform. Not new, but sometimes forgotten.

What matters more? The answer is easy, your connections.

Connection Economy

Connections matter because they have reliability and authenticity built into them. They discount the concept of the pressure sell, the do it or die, or the one-sided win.

In service and in sales, it is harder today to get forgiveness. Much easier is the path to move on.

Some suggest loyalty is gone. Yet with so many choices loyalty secures a position as scarce. The value of connections matters more, not less.

Loyalty means promises made, are kept. If you’re going to sell on scarcity make it about the value of your relationship.

Intuitive commerce exists in connections.

-DEG

Dennis E. Gilbert is a business consultant, speaker (CSPTM), and corporate trainer. He is a five-time author and the founder of Appreciative Strategies, LLC. His business focuses on positive human performance improvement solutions through Appreciative Strategies®. Reach him through his website at Dennis-Gilbert.com or by calling +1 646.546.5553.

Dennis Gilbert on Google+


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scarcity

Why Scarcity Should Be An Abundant Career Philosophy

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Influence and persuasion are popular topics in consultative sales. Today it seems we often must have a good reason to make a business deal. There must be a need, but what really closes the sale? Scarcity may be the nugget you’re missing, especially related to your career.

Philosophy of Scarcity

There has been a lot of work on the sales process and the power of influence and persuasion. One of the front runners is Dr. Robert Cialdini, who is a leading authority on these subjects.

Dr. Cialdini, has included as one of six principles of persuasion the concept of scarcity. He is not the only person to study these concepts and many sales and marketing leaders live by the value of scarcity connected with selling.

Scarcity is a simple concept. The product or service is worth more or needs to be acted on now because if you don’t, you’ll miss the opportunity.

It is the road sign with, “Last gas for 150 miles.” or “Next rest stop 68 miles.” Suddenly, you’re considering your needs.

There is more spin off. The idea that the price will increase, there will be a rush on demand, or it will never be offered again.

In these cases, the value seems to increase. It’s an opportunity to close the sale and get good margin.

Why Scarcity

Scarcity should be important for everyone. It should be important for the commission sales person, the savvy marketer, and even for individuals who aren’t directly in the front-line sales process.

Because scarcity drives value it reinforces your need for skills. Not everyone is an Industrial Psychologist, not everyone is a Microsoft Certified Architect (MCA), and not everyone is a Certified Public Accountant (CPA).

While these occupational credentials may not be extremely hard to find, not everyone has them. As a result, businesses will pay more for their expertise.

When was the last time you considered the uniqueness of what you offer?

If you’re a commodity, easy come, easy go.

-DEG

Dennis E. Gilbert is a business consultant, speaker (CSPTM), and corporate trainer. He is a five-time author and the founder of Appreciative Strategies, LLC. His business focuses on positive human performance improvement solutions through Appreciative Strategies®. Reach him through his website at Dennis-Gilbert.com or by calling +1 646.546.5553.

Dennis Gilbert on Google+


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