26/05/2023
Recall Covid times. A quick flashback to stores running out of masks, sanitizers, gloves and the toilet papers. Before Coronavirus , the Sanitizer section in stores used to be almost empty.🤔
Half of our population didn’t even care about sanitizing or had no knowledge about such products and then there came a time where people hoard as much as sanitizers they could. Hence super stores and pharmacies bound customers to buy 1 sanitizer at a time, no matter if you spend thousands on groceries. Same goes for the Sugar, Pulses and other goods. Only 1 unit with each invoice you carry.
Why? What created such chaos?
One word : 𝘚𝘊𝘈𝘙𝘊𝘐𝘛𝘠 , My fellas! ✔️
People assumed that there was going to be a shortage of Sanitizers & masks. So, Its perceived value was based on scarcity. The reason behind its high sales figures was the fear and chaos which people had of not being able to get their hands on such products which once they never bothered about.
This is called 𝗧𝗶𝗺𝗲-𝗿𝗲𝗹𝗮𝘁𝗲𝗱 𝘀𝗰𝗮𝗿𝗰𝗶𝘁𝘆. Consumer behavior based on Loss aversion psychology.
Fear of Losing out is more stronger than the pleasure of gaining something. The very same time related scarcity can be used in marketing for targeted audiences.
You can lure your consumers by using this technique. Remember, it doesn’t work all the time and is applicable for any kind of product or services.
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𝘍𝘢𝘤𝘦𝘣𝘰𝘰𝘬 : 𝘩𝘢𝘢𝘮𝘻𝘢𝘰𝘧𝘧𝘪𝘤𝘪𝘢𝘭
𝘓𝘪𝘯𝘬𝘥𝘦𝘪𝘯: 𝘩𝘢𝘮𝘻𝘢𝘰𝘧𝘧𝘪𝘤𝘪𝘢𝘭1
𝘐𝘯𝘴𝘵𝘢𝘨𝘳𝘢𝘮: 𝘩𝘢𝘢𝘮𝘻𝘢.𝘢𝘥𝘴
