Scarcity Versus Abundance
Creating the illusion of scarcity appears to be a time-honored marketing technique.
My issue with the idea of creating this illusion of scarcity is that this attitude can seep into all parts of our lives, from career to relationships, especially of course to our relationship with money.
The most extreme example of this in American society is people who prepare themselves for some sort of catastrophic event, these people are usually called Preppers. The whole idea is that they need to stockpile food, water, and weapons (to defend their stockpile from others) because these things will be scarce and valuable during a post-apocalyptic event.
Personally, I would not want to live in such a world but this attitude already exists in society anyway, just to a lesser degree.
I recently read Diamondis and Kotler's book on Abundance and this is the reality I would rather choose to live in.
A society where things are getting better, access is greater than ever before and abundance, not scarcity is the rule. I don't want to sell scarcity to anyone. If I have to sell something, I do not want to create anxiety in my potential customer or client, how ethical is that for a business practice?
To market from a perspective of abundance increases peoples' sense of generosity. Rather than create anxiety, abundance will create a state of tranquility in people. In my coaching work with my clients, whenever I observe someone who is afraid or upset, many times the origin of this issue has to do with the fear that their resources are finite.
It is my responsibility to discuss this concept of a scarcity mindset versus an abundance mindset. When I notice this shift in mindsets taking place, it is beautiful. My clients become so much calmer and engaged with their lives. A scarcity mindset simply does not have room for either calmness or engagement.
To any business professionals or marketers reading this blog post, please also consider a change in your selling mindset.
Find a way to sell your product or brand through abundance rather than scarcity.
Too many businesses already sell through the use of scarcity, dare to be different and spread some tranquility rather than anxiety throughout the world.
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@originalworks
Great post. It's definitely a mindset shift that many people could benefit from.
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Scarcity and abundance makes me think about eggs.
Where I live, there's a discount store that sells a dozen eggs for about $0.50. And they are abundant, I look in the cooler and there are racks and racks of eggs. They're ok eggs, but the shells are thin and the yokes are light yellow. Not bad eggs, but not high quality eggs either.
Then there are the home-grown eggs, fresh laid that morning. Free range, organic, thick shells, dark color yoke. They ask for $4.00 for a dozen and they hardly break even at that price. They are scarce. The hen only laid so many today. You won't find racks and racks of these things.
The grocery store egg is not expensive because of it's abundance, they're abundant because they are not expensive. People are excited about $0.50 dozen eggs! They stock up! The store keeps buying. The bird factories have learned how to optimize production with minimum cost and sell in bulk at discounted prices. And people eat them up!
The homestead egg is not expensive because it's scarce, it's scarce because it's expensive. Not as many people are willing to pay $4 for a dozen eggs. It could be said that they should invest into a quality product and support small businesses and farms. But the demand is not there. People who really want quality eggs, buy hens.
In a free economy, it seems that demand is what effects the abundance or scarcity of a product.
@ironshield