What everybody needs to know about scarcity

I have a powerful question for you to ponder today.

It’s simply this: Where is the scarcity in your business… what do you provide, which is in short supply?

Scarcity creates value

When something is in short supply and there is a requirement for it, its value increases. For example, a bottle of water can cost pennies at your local town (where there are lots of other stores selling water.) That same bottle of water could cost you 2 or 3 times as much, when bought at a theatre (where there is no competition).

One off

Most small business owners have 2 problems, because they fail to build scarcity into their products or services:

  1. People don’t talk about commonplace products or services. So, they attract few if any word-of-mouth referrals.
  2. People won’t pay a premium for commonplace products or services. This drives profits down. It also causes those who provide similar sounding products and services to compete on price – as price becomes the only way for potential customers to determine value.

I want you to avoid those problems!

Here’s a tip. It’s a simple exercise, to help you determine where your business fits into the scarcity scale. I want you to take some time out to think about your business, your competitors and your marketplace.

Then, I want you to focus on answering this question: ‘How simple would it be for my customers, to replace me with a competitor who provides a similar sounding service?’

Here are 3 posts, which will help you build unique value into your business. I hope you find them useful:

How to attract the best clients and the highest fees – Part 1.

How to attract the best clients and the highest fees – Part 2.

How to attract the best clients and the highest fees – Part 3.

Remember -- if you'd like some help with your business or a project, you can Pick My Brain for the answers and ideas you need. This service is [literally] guaranteed to help you. You can find out more here.

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