[00:00:00] Speaker A: It's Tuesday. That means it's Take Control Tuesday. And with me on the phone is Manta Moussa. And Manta, we've been on this series and today we're gonna talk about something that is near and dear to my heart because I have something in my Amazon cart at all times and it's always a pressure button.
So today we're gonna talk about what's the hurry?
[00:00:23] Speaker B: I think I'll add a new topic to the series down the line.
Empty your cart.
[00:00:30] Speaker A: I think so too.
[00:00:31] Speaker B: Yeah, just don't keep something in it by default. Right. But last week we talked about anchoring how the first price we see shapes our perception of value.
And our takeaway was straightforward. Don't let the retailer define what a bargain is. Yeah. Determine the fair price first, then decide whether to purchase makes sense for your household. Today we're going to talk about another principle of consumer psychology, and it's called scarcity.
Now remember we talked about this before. These are tactics that businesses use to encourage us to buy, which is their job. So we're not saying that they using these strategies is wrong, but it's important that we recognize a strategy that they're using and how to counteract it. So today we're talking about scarcity.
Have you ever seen a message like these?
Only three left in stock.
Sale ends tonight.
Offer expires in two hours.
Whether you're shopping in store or online, these messages are designed to create a sense of urgency.
[00:01:45] Speaker A: Right.
[00:01:45] Speaker B: Scaredy is a well established principle in consumer psychology.
When something appears to be limited, whether it's time, quantity or availability, we naturally place a higher value on it.
Now, sometimes that scarcity is real, sometimes inventory is genuinely limited.
Sometime the sale does end tonight.
But that's not the most important question.
First, ask yourself, would I still buy this if there weren't a deadline?
If the answer is yes, then continue evaluating the purchase.
If the answer is no, the urgency, not the product, is maybe driving your decision.
Second, don't allow urgency to replace judgment. A countdown timer doesn't tell you whether something is a good value.
It simply tells you time is passing. Yeah, you still need to determine whether the price is fair, whether the purchase fits your budget, and whether it advances your financial goal.
Third, develop the discipline to pause for a larger or unplanned purchase. Give yourself time to think. An hour a day.
Sometimes just stepping away is enough to separate a genuine need from a momentary impulse.
So today we looked at scarcity, the tendency to place greater value on something because it appears to be limited. Remember, the retailer creates the urgency. You determine whether the purchase deserves your urgency.
[00:03:34] Speaker A: Wow. Good.
[00:03:35] Speaker B: Here's your challenge for the week.
Next time you see a countdown timer, a flash sale, or only a few left message, pause and ask yourself, would I still buy this if there weren't a deadline?
Because intentional buyers make decisions based on value, not pressure. Be an intentional buyer, not just a consumer.
[00:04:00] Speaker A: Whoo. Those countdowns and those only three left give me a panic attack. And that's when I usually keep it in my cart.
[00:04:10] Speaker B: And there you go. Scarcity created by the retailer. Now you determine whether it's really a good purchase or not.
[00:04:18] Speaker A: Oh, man, that is such good advice. We're gonna put that up on our
[email protected] make sure you're liking and sharing this information because it's so valuable for those of us who are shopping online or shopping in a store and just feel the urgency to go ahead and spend. Mansa, thank you so much.
[00:04:37] Speaker B: Thank you.
