There is never a better time to stand out from the crowd than now!
Personal branding has become increasingly important in today's job market and has the potential to set individuals apart from their competition. However, with the rise in popularity of personal branding, the market can become oversaturated, making it difficult for individuals to stand out. In this competitive environment, it is important for individuals to find unique ways to showcase their skills, values, and expertise in order to differentiate themselves and effectively communicate their personal brand to others.
Perceived scarcity is a powerful concept in economics and marketing that has been used to influence consumer behavior for centuries. The basic principle behind this idea is that by limiting the supply of a product, the perceived value of that product increases. This is based on the idea that people tend to value something more highly when they believe it is rare or in short supply. The theory of scarcity suggests that when a customer feels that they are running out of time or options, they become more motivated to make a purchase.
From a philosophical perspective, the illusion of scarcity can be seen as a manifestation of the human desire for control and stability. People are inherently attracted to things that they believe are rare or unique, as these things offer a sense of security and stability. This is because people believe that by obtaining something that is rare or unique, they are in some way improving their own status and security. The illusion of scarcity also plays into our psychological needs for exclusivity and uniqueness, as we are often more motivated to purchase something that we believe is only available to a select few. In this sense, the illusion of scarcity is not only a marketing tool but also a reflection of our deepest desires and fears
But how to utilize this illusion of scarcity to upgrade your personal branding and boost your benefit from it?
There are 2 major steps to get to most out of this illusion.
Isolation
You can't isolate your market without building a specific philosophy that others can follow. It starts with identifying your passions and strengths. Determine what you're interested in and what you're good at. This will help you find a niche that aligns with your values and skills. Things that have been internalized can also be evaluated through connecting with others in your niche and building relationships with mentors and peers. This can help you learn from other's experiences and gain new insights, identifying your blind spot.
Once you identify that, start sharing your knowledge and expertise with others, whether through writing, speaking, or mentoring. This will help you establish yourself as an authority in your niche and increase your visibility. Don't expect this to be done once or twice. To ensure your message can reach and be understood properly by your audience, you need to repeat the same message at least 10 times, in a different context, using a different example. Your time is limited, so improve your efficiency to find and isolate your market. Use technology to get broader mass and your supporter to create a ripple effect to non-supporter. It also helps you easily identify which of the audience is ready to be part of your "tribe". Rally your own troops. Break those people away from the industry, separate them one by one from the market, and make them part of something special.
But once you isolated your audience, then what?
Your own supply-demand system
A supply and demand graph is a visual representation of the relationship between the quantity of a good or service that consumers want to buy (demand) and the quantity that producers are willing and able to sell (supply) at a given price. The intersection of the supply and demand curves represents the market equilibrium price and quantity, where the quantity demanded is equal to the quantity supplied. When the price is above the equilibrium, there is a surplus of the good and the price will fall, which will bring the quantity supplied in line with the quantity demanded. Conversely, when the price is below the equilibrium, there is a shortage of the good and the price will rise until the market is in balance again. That's for normal business. You need to compete with another person to get the market, and you need to have a competitive price to ensure your potential customer doesn't go to the other provider.
But you already have your own tribe, where you can set your own supply-demand graph. Monopolization is already within your hand. Your value has become significantly higher within this tribe compared to the general audience. But that's not enough.
What you need to do is to avoid going to equilibrium and ensure the price stays higher than that. Because of that, it is imperative to consistently create a high-value product and deliver it superbly. But delivering the best requires the best condition from the courier. So you need to set your boundaries, have your terms, and protect your space so you can deliver something special. It becomes something like raiders for artists, setting the perfect condition and environment for a perfect delivery. Last but not least, promote the clients into celebrities and their achievements into success stories. Building your credibility ends with the credibility of your clients and their success. In conclusion, by creating a perceived scarcity and focusing on the customers who truly need your product, you can increase the perceived value of you, and your product and attract high-paying customers. But what matters the most is to consistently match or surpass the perceived value with delivered value, and ensure your most valued customer/follower is the biggest star of your tribe.
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