“To my mind the old masters are not art; their value is in their scarcity”.- Thomas A. Edison
In 2003 British Airways announced that their Concord flights (London to New York) will be no longer be operating.
The next day their sales sharply increased.
Nothing about the Concord changed.
- It was not going any faster.
- It did not offer a special service.
- It did not bring the price down.
Simply by withdrawing its flights, it created a massive scarcity!
When your customers are used to and take for granted that your product or service will remain that way forever, introducing scarcity can drive your sales higher.
When you are introducing a product or service to the market, adding scarcity such as limited quantity or limited time offers will increase your sales.
+ Ravi Peal-Shankar
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