Short video/audio clip explaining the marketing concepts of scarcity vs. urgency, illustrating differences with consumer examples (limited-edition Jordans for scarcity; a one-day sale of digital books for urgency) and advising marketers to use each tactic appropriately depending on product/service and timing.
Chapters
Here's a marketing lesson college won't teach you. There's a couple terms we throw around a lot in marketing. One is called scarcity and one is called urgency. And a lot of people get these really mixed up, so I'm gonna clear it up for you. So an example of scarcity would be there's only one pair of Jordans left on the face of the earth, and therefore it's more valuable simply because there's not an abundance of other Jordans. And this is a great marketing tactic. People will limit the number of clients they're taking on. They'll limit the number of products they're creating simply because it keeps demand high and it makes people really want the product. Urgency is a little bit different. If JK Rowling decided tomorrow she's gonn selling digital copies of Harry Potter, that would be an example of urgency. This may not make the value of the product any higher, but the quantity of the product that you're going to sell today is going to go through the roof. Both of these are super important marketing tactics, but you need to learn how to use them appropriately. You need to learn when the time is to use urgency and when the time is to use scarcity and for what types of products and services you should be using them for.
