From the course: Growth Marketing Foundations
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Exclusivity as a sales strategy
From the course: Growth Marketing Foundations
Exclusivity as a sales strategy
- Being part of something exclusive has been a marketing strategy long before the days of the internet. Everything from guests lists at a lounge to VIP sections at the airport, people want to be part of something special. Exclusivity often goes hand in hand with scarcity, which basically means that there's a limited supply of a product, and these two combine to create a powerful marketing technique. In 1975, three researchers, Warkel, Lee, and Adwol tested this theory using two glass cookie jars. In one, they placed 10 cookies. And in the other, just two. If you encountered these jars, which do you think you'd select? Well they discovered that participants valued the emptier jar. The scarcity increased the value. It seemed to signal that the product was more desirable, or that it was an option that would soon become unavailable. We can take this psychological experiment and fast-forward it to today's digital…
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