How Scarcity Influences What You Buy & How Social Media Clouds Your Perception

Your doctor is supposed to wash his or her hands between patients. But sometimes doctors forget. Would you speak up if you saw that and ask your doctor to wash up? This episode begins with a look at this important problem. https://www.wsj.com/articles/why-hospitals-want-patients-to-ask-doctors-8216have-you-washed-your-hands8217-1380582268 Scarcity is powerful. It is the force that drives people to stock up on toilet paper before a storm or to buy something they might not buy because it is on sale for 2 days only. When something is hard to get it becomes more desirable. Sometimes things really are scarce but sometimes it may just be manipulation. Here to discuss how marketers use scarcity and why it works so well is Mindy Weinstein a marketing instructor at Grand Canyon University and the University of Denver, as well as a program leader for The Wharton School and Columbia Business School. Mindy is also author of the book THE POWER OF SCARCITY: Leveraging Urgency and Demand to Influence Customer Decisions (https://amzn.to/3tGrIpE) If you spend a lot of time on social media, it can become a lens through which you see the world. It takes on an importance that is a little proportion an…