Mar 17, 2023
Today, I am joined by Dr. Mindy Weinstein. Mindy is the founder
and CEO of Market MindShift and was named one of the top women in
digital marketing globally by her peers. She is also a global
speaker, trainer, and digital marketing strategist who has worked
with and trained companies of all sizes, including Facebook, The
Weather Channel, Rosetta Stone, World Fuel Services, Investor’s
Business Daily, HBO, Fandango, Telemundo, LL Bean, Cisco,
Transamerica, and Sportsman’s Guide. Other digital marketing
agencies come to Mindy to learn the latest trends, concepts, and
methodologies. She teaches and leads marketing courses at Columbia
Business School, The Wharton School at the University of
Pennsylvania, Grand Canyon University, and the University of
Getting introduced to Mindy was fascinating timing. A client
asked if there was a book specifically about choosing the right
type of scarcity tactics and how to apply them in her business. I
let her know there wasn't a perfect fit and recommended What Your
Customer Wants and Can't Tell You, as a great place to start.
Later that day, I got a LinkedIn message from Brian Ahearn,
introducing me to Mindy, who had just published her book, The Power
of Scarcity: Leveraging Urgency and Demand to Influence Customer
Decisions. And, let me tell you...everyone in business needs to
read this. It is so valuable and such a great resource for everyone
regardless of industry. Listen in to get some amazing insights on
applying scarcity in your business!
- [00:43] In today's conversation, I am joined by Dr. Mindy
Weinstein. Mindy is the founder and CEO of Market Mindshift and was
named one of the top women in digital marketing globally by her
- [02:02] She has a Ph.D. in general psychology with an emphasis
on technology and is the author of The Power of
- [03:07] Everyone in business needs to read this book. It is so
valuable and such a great resource for everyone regardless of
- [04:57] Mindy shares about herself, her background, and the
work she does. She has been a marketer for the last two
- [06:07] As she was digging into all the factors, she realized
that scarcity seemed to have the greatest power. It is also one of
those factors that have been hardwired into our brain which dates
back to our early ancestors.
- [08:39] “Obsession is a classic side effect of
- [09:24] Mindy shares how scarcity affected her family on their
visit to Disney World.
- [12:06] The Star Wars ride was in high demand and it was
difficult to get on. When you are faced with something like that,
it becomes urgent and an obsession for your brain.
- [14:52] Even though we know scarcity works, it can be really
challenging to implement in business.
- [15:08] Scarcity is something you can implement and it always
needs to be genuine. If it is authentic and something is truly
scarce, why not communicate it?
- [15:42] As a small business a lot of times it is just your
wording that makes a difference. Knowing how to word certain things
makes a big difference.
- [17:22] One of the keys is not being afraid of running out of
stock and instead making that an asset to you. Letting customers
know items have been restocked triggers demand related
- [19:31] Businesses can show the “best sellers” or “most
popular” packages or most popular items that people buy.
- [20:28] There is a lot you can do from a business and small
business standpoint that isn’t going to break the bank.
- [22:14] Luxury goods strive with supply related scarcity when
there is only a certain amount of units.
- [24:47] When you are looking at the scarcity tactic you can
still be a large retailer that is making a lot of money and having
a lot of customers but be more focused and making sure that the
things where you are advertising are going to be working for you
instead of being a waste.
- [26:22] Time related scarcity is any kind of time restrictions
like flash sales, coupons, or limited time offers or products.
Demand related is where scarcity exists because of high
- [28:30] Pricing isn’t about price. All the stuff that happens
before the price matters.
- [29:10] If there is only so much of something to go around and
we are looking at demand you feel like you are in
- [31:18] Supply related scarcity could be a shortage or an
intentional restriction on supply. Supply related scarcity speaks
to people that have a need for uniqueness.
- [33:11] The final type of scarcity is limited edition which is
any variation on the original.
- [35:44] Social media fuels so much of what we know and see
about scarcity because words spread really quickly.
- [38:38] “If you have to make an extra effort to obtain the
item, that item has just become more attractive.”
- [39:11] If we are told we can’t have something or it is not
very simple for us to get it then we start to really think about it
and want it more.
- [40:34] As we think about all these different types of
scarcity, be careful about continuing to do the same thing over and
over again. You want to mix it up so you don’t devalue your
products or services.
- [42:20] Discounting deeply is going to be going against a lot
of these scarcity principles.
- [44:36] Melina’s closing thoughts
- [45:43] You never know who you are influencing and what value
each moment can have on the world. Have a conversation and be
generous with your time. Even a few thoughtful minutes could change
someone including you for the better.
Thanks for listening. Don’t forget to subscribe on
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