Why Scarcity Marketing Doesn’t Work for Every Brand
Psychology provides marketers with a tremendous amount of research and knowledge about effectively engaging customers. In fact, a lot of commonly used marketing techniques are deeply rooted in psychological functions (e.g. social proof, scarcity, anchor pricing etc.) In order to use these techniques most effectively, it’s critical to understand the psychological differences between target audiences. Psychological traits, enduring patterns of behavior, provide the context needed to understand how techniques like scarcity marketing would impact engagement for a particular audience.