Opportunities are always more valuable and exciting when they are scarce and less available. We want to be the ones to own the rare items or to get the last widget on the shelf. The more the scarcity of an item increases, the more the item increases in value, and the greater the urge to own it.

Whenever choice is limited or threatened, the human need to maintain a share of the limited commodity makes us crave it even more. Scarcity increases the value of any product or service. Scarcity drives people to action, making us act quickly for fear of missing out on an opportunity. Potentially losing something before we've even had an opportunity to possess it drives people to action. We don't want to miss out on anything we could have had. We want to get around any restriction placed upon us. We feel uptight and want back our freedom. This causes tension and unrest. The Law of Scarcity not only pertains to physical products, but also to time, information, price, and knowledge.

In one experiment, students were given a written description of a particular novel. Half of the students' copies included the description, "a book for adults only, restricted to those twenty-one years and over," while the other half contained no such restriction. When polled about their feelings toward the novel, students reading about the restriction indicated that they thought they would like to read the book, while students who had not read the restriction expressed significantly less interest.

Restricting access to information or material often makes it that much more appealing. Although this topic typically brings to mind material of a sexually explicit nature, scarcity can apply to anything. Consider a form of censorship at the University of North Carolina. When students learned that a speech in favor of coed dorms was banned, they became more smitten with the idea of coed dorms. It is of great significance to realize that, without ever having heard the actual speech, the censorship alone heightened the students' interest. The students didn't even need to hear the speech to be persuaded to support or become more committed to the notion of coed dorms.

Think again about the study conducted by the University of Chicago Law School that was discussed in the chapter on the Law of Obligation. The Law of Scarcity was also at work in this scenario. When the judge ruled that evidence on the defendant's insurance was inadmissible, and therefore had to be disregarded, the jurors actually increased the award amount. The censored information was actually embraced even more, jumping the damage payment by $13,000!

Think about when a woman wants to come across as more attractive to a certain man. If she can set things up so she will just happen to meet him while on a date with some other successful, attractive man, then she will appear to be more desirable than if she were merely to meet him alone at some club or bar. Or what if you were selling real estate? You'd be smart to have several interested people along for the tour of the property, since the interest of one client will heighten the interest of another. Instead of your potential buyer thinking, "Okay, I'm going to try to wheel-and-deal here," he will think, "I'd better jump or this other guy's going to get it before I do!"

To create scarcity, be sure you have the following elements firmly in place:

1. Deadlines. Give your prospects a deadline or a point of no return. We all operate on deadlines at home and in our businesses. They are what cause us to take action. If there is no immediate reason to take action now, we won't. Many people don't pay their bill until they have to. Judging by the lines outside the post office at midnight on April 15th, most of us don't pay our taxes until the last possible second. No deadline means no action.

2. Limited Space, Numbers, or Access. If your prospect feels like they are competing for a limited resource, they will be much more motivated to take action. When people fear they're going to miss out on a great deal, they feel an urgency to act. Think of shoppers at closeout sales. They've got to speed over there and check things out before all the stuff is "picked over." Otherwise, with the store's limited supplies, they'll miss the deal forever! This limit can also include access to information. Our response to banned information is a greater desire to receive that information and a more favorable outlook toward it than we had before the ban was set in place.

3. Potential Loss. Prospects must recognize that they might be limited in their actions if they don't take advantage of your offer. People will always overvalue the thing you are restricting. Create a state of emotion in which your prospect fears the loss. This is an overwhelming feeling they won't be able to ignore. Motivated by restriction, this prospect becomes an emotionally motivated buyer. They will not be denied. The more you deny them, the more energy you give to your cause. You have denied their right to something, so they'll do anything to have it. I can recall occasions when I tried to talk people out of purchasing a certain product because I honestly felt it was not appropriate. The more I took the product away, the more they wanted it.

Think about all those sweepstakes messages that say, "You may already be a winner!" They used to say, "You can be a winner!" but the notion that you may already be a winner spoke even more loudly! Do you think people can throw away such an envelope without even opening it just to check and make sure? With the change in slogan, the sweepstakes company experienced a marked increase in their response rates. Suddenly, people were afraid they might lose something they potentially already had!

4. Restrict Freedom. We want what we can't have. If we are told a product is or will soon be unavailable, we want it even more. Our desire goes up and so does the urgency to act. Create a scenario where you tell your prospect that the offer is only good for so long. Tell them they have to act now to take advantage of the opportunity or they will lose out. This technique works so well because we have all walked away from offers like this before, and they really haven't been there when we returned. Walk through clearance stores and you will see "Sold" signs on the furniture. These signs create urgency because somebody else has found a deal, and so should we.

Learning how to persuade and influence will make the difference between hoping for a better income and having a better income. Beware of the common mistakes presenters and persuaders commit that cause them to lose the deal. Get your free report 10 Mistakes That Continue Costing You Thousands and explode your income today.

Sometimes scarcity is necessary to help us make a decision. Most of us fear the point of making a decision, so we naturally want to put it off and allow ourselves time to think about it. As a persuader, however, be aware that when your prospects put off the decision, chances are they won't make one. You could have the perfect product for them--something they really need right now--but if you let them go, they will probably not come back later and tell you, "Okay, I finally decided. Let's do it." Creating scarcity helps your prospects make their decision. It also eliminates the amount of time you waste tracking down prospects who are still just twiddling their thumbs (undecided) about your product or service. You can create legitimate scarcity with your product or service without violating your morals.

You have realized that most your prospects will say they will think about it, but that never happens. It is quite ironic that no one has much time to do what they want, but will take all the time in the world to think about making a decision. Well, they are not thinking about it, they are putting off making a decision, because that is human nature. Lets say Bob wants to think about your product/service AGAIN. What can you say/do to seal the deal?

In sales, this urgency is called the "take away" close. If you take away your prospects' opportunity to get involved with your product or service, they naturally want it more. This strategy also works well when you want to see if your prospect really is interested in what you are providing. If you are stuck and not sure how much time you want to spend with a prospect, or if they are just looking and not willing to make a decision, do a take away. If they are truly interested in your product, they will perk up and become more interested. If not, they will walk away. Either way, you have saved yourself time and energy.

Conclusion

Persuasion is the missing puzzle piece that will crack the code to dramatically increase your income, improve your relationships, and help you get what you want, when you want, and win friends for life. Ask yourself how much money and income you have lost because of your inability to persuade and influence. Think about it. Sure youve seen some success, but think of the times you couldnt get it done. Has there ever been a time when you did not get your point across? Were you unable to convince someone to do something? Have you reached your full potential? Are you able to motivate yourself and others to achieve more and accomplish their goals? What about your relationships? Imagine being able to overcome objections before they happen, know what your prospect is thinking and feeling, feel more confident in your ability to persuade. Professional success, personal happiness, leadership potential, and income depend on the ability to persuade, influence, and motivate others.