Fuel Customer Demand
5 ways to use scarcity and exclusivity to ignite sales.
By Kim T. Gordon
Remember the last time you stood in line to get into a hot new club, or eagerly searched the Web for a rare, prized collectible? Scarcity and exclusivity drive demand. They make us long for what seems hardest to possess, and we'll move mountains -- and spend fortunes -- to acquire the objects of our desire.
About 14 years ago, a Japanese collector purchased Van Gogh's "Portrait of Dr. Gachet," a rare and unique work by an artist who sold only one painting in his entire lifetime, for $8.5 million. Today, it remains the highest price ever paid for a piece of art. And in 1999, a one and only item, Lou Gehrig's last glove from his final game on April 30, 1939, set world records by selling for the astonishing price of $389,500.
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