Scarcity: The Ethical Lie in Business?
FOMO, the fear of missing out. “Limited Time Only”, “Supplies Won’t Last”, “You’ll Never See This Offer Again”, “Hurry! Only 17 Spots Left”, the countdown timer, etc. It’s a VERY well-known marketing tactic. Hit them with the fear.
With the current climate in the world today, we see how well fear tactics work to drive action (or inaction). Sometimes there is genuine cause for concern or caution. Sometimes it is used to control or program ideas or ideologies into the population. Clearly not ethical but doesn’t seem to change those directing the particular narrative to look at their own ethics. (I promise not to go politics here!)
But, as businesspeople and entrepreneurs, should we be holding ourselves to a different standard? Is scarcity the ethical lie when it comes to business practices?
At one time there was a thing called “truth in advertising” and laws governing just what you could claim as true set some standards. If a company was found to be deliberately misleading their customers, whether overtly or subtly, they could find themselves with a lawsuit. As we see in advertising today, it seems this has gone by the wayside for the most part, even if the laws still exist. Wild claims are on the table, as long as you can show at least one person got results.
Clearly, many, except for the true scammers who are deliberately out to scam, want to be ethical and honest in our business. We make honest claims and include disclaimers (albeit in the smallest print possible) about our products or services.
But what about FOMO/scarcity? Is this where we look the other way? Honestly, my opinion is this: Yes. And here’s why.
People often need scarcity. The psychology of this fear of missing out stirs action and forces us out of our “comfort zone” at times. We humans LOOOOVE our comfort zones and often need, even SEEK, that push to grow and take action. That’s why even inspirational speakers and the guru greats, like Tony, Grant, Dean and so on use FOMO to force you out, to take the leap of faith, and guess what? We cheer like maniacs about it! We instinctively know we need to be pushed and fear sometimes is the only way.
So, I say as long as you stay honest about what your product or service DOES, using scarcity and FOMO is the ethical lie. When you know your product will help people solve a problem, make them better people, fix their leaky toilet, etc., don’t you owe it to them to stir the idea that their lives WITHOUT your doohickey will be infinitely worse than if they just plunk down the $37 to fix it?
BTW, if you’re struggling with your own doubts, fears, endless squirrels (actually well-disguised fear of breaking out of the comfort zone), AND you’d like more free tips, inspiration, or a personalized program to overcome those limiting beliefs and negative patterns, follow me here (“claps” are mucho appreciated), also on Instagram (www.instagram.com/miraclemasterkey), Facebook (www.facebook.com/miraclemasterkey/) or view my current offer (LIMITED TIME ONLY!! See what I did there?) at www.mmk-limitlessabundance.com. It actually is a valuable offer…we’ll see how long it is limited to though. 😉
What are your thoughts? Is scarcity an ethical business marketing tactic? ~ Rina Shaffer
