People associate scarcity with value - how to use it to your advantage?
People naturally have this belief: “if it is rare, it is valuable”. This is why the limited edition products sell soon.
So when you associate scarcity with your product you can dramatically increase the value of it.
But remember that you have to do this association in the right way. Your scarcity must have a good reason. Here are a few examples.
It takes more than money to buy a Rolls Royce. They sell their cars only to the customers they like.But this scarcity has good reasons.
It takes 6 months to build a Rolls Royce. The cars are almost handmade. Right from the Radiator to the interior designs, Rolls Royce employ skilled technicians rather than using the robots.
They are selective about even the texture on the wood that they use to design the interiors and a very limited cars are produced.
You can even find a list of celebrities who wanted to buy Rolls Royce but couldn't because, they didn't meet the Rolls Royce's standards.
The demand they created is for a valid reason which is why Rolls Royce is a dream car for the rich.
The world's most expensive alcoholic drink. It costs 3.5 millon dollars. The tequila undergoes 6 years of fermentation. The bottle features 6500 diamonds and is made using a combination of Platinum mixed with Gold.
Yeah these are not worth 3.5 million dollars. So what made this bottle cost so much? "Association of luxury with scarcity".
Only 33 bottles were produced and when auctioned, all the rich rushed to buy it. It became a luxury symbol.
This is exactly how you make use of the "people's mentality that associates scarcity with value."