(moderate dramatic music)
- So, seven psychological triggers
to sell high-priced products and services,
very, very, very important.
Take notes, okay. I'm gonna go a little bit faster.
Psychological trigger number one is called scarcity.
We're motivated by fear of loss instead of potential.
Not prospect, potential of gain.
There's a great documentary called The Diamond Empire,
The Diamond Empire.
You can search on YouTube.
So scarcity, let me give you an example.
Let me just a diamond example.
Okay?
Diamond, the whole thing about diamond
it's basically basically bullshit.
They are not rare at all.
So, what happens is in 1920s--
So, they have all these diamonds,
and an advertising agency came with the idea
in 1920s they came up with the idea,
well shit, nobody's buying our stuff.
Nobody's buying our diamonds.
What should we do?
Brilliant, advertising agency came with the idea,
well, you know what?
How can we get people to buy it?
Yep, diamonds are forever.
How can we do it in a way that
it's part of our culture?
So, they came up with it's a symbol for love.
It's a symbol for marriage.
Wow, I know, but that's not enough.
They're so evil
that let's put pressure on them.
So they restrict their supply.
They had high prices which restricts supply.
Uh sorry, demand.
Law of demand restricts supply,
restrict how much they produce, how much they make,
how they cut, everything.
And, they do it through Hollywood,
all the celebrities,
a lot of my advertising, a lot of marketing,
a lot of social pressure for men,
if we want to propose, right?
Honey, I love you,
but I don't have a diamond ring.
You know?
Well, it's just like a silver ring too.
The lady's like you don't love me.
Right?
And, even the ladies okay,
what is she gonna tell her friends?
Oh yeah, let me see your ring.
There's no diamond.
What?
Right?
See what I'm talking about?
So, they came up with this whole thing.
They created this--
It's basically they manufacture the scarcity.
If you actually look at the rubies,
emeralds actually much more rare than diamonds.
It's bullshit.
- [Man] The un-manipulated price
of one karat diamond is four dollars.
- Four dollars.
Right?
Four dollars.
Good margin for them.
A good business.
Like, I think whoever came up with that, kudos.
It's evil, but it's brilliant.
Something nobody wants
to something that you must have
to prove your love.
Otherwise, you're bad as a man.
Right?
(man talking)
Yeah, same thing.
So, so, so, supply and demand.
Very basic business, right?
Supply and demand.
So, my question to you is
how can you create scarcity within your business?
How can you restrict supply
and create more demand?
You in the service business.
You can only work with so many clients.
Hey, you know what?
I'd love to work with you,
but I only take on so many clients at a time.
No more than five. No more than six.
No more than 10.
Because I only have so many hours.
You in the service business.
You restrict the supply
and pump up the demand.
Someone calls you and say
hey, can you provide this service for me?
Man, I'm so busy,
one month waiting list.
Right?
I did this actually very early,
very early when in my copywriting career.
And, I got this early on.
Copywriting career at home I had like a handful of clients.
Like not many clients.
And, someone would come up, would comment say
hey, you know, Dan,
a friend of mine told me about you.
I want you to write some ad, write some copy for me.
Man, I'm just like--
Okay, I need the client like right now,
but I always say you know what?
I can't do it this week.
Automatic reply, I cannot do it this week.
What do you mean you can't do it?
I got nothing.
I can't do it this week.
Because it makes them feel oh, you busy.
Can you imagine someone calls me and say,
I want you to write an ad for me.
When do you want it?
Man, I can get it done tonight.
Tonight, pay me right now.
I'll get it done tonight man. No problem.
You see the problem?
You restrict, scarcity.
Human beings--
So, the whole diamond thing it's quite fascinating
The Diamond Empire.
Watch it.
You'll be like oh my God.
You'll be shocked
how the whole industry is created.
Yeah, but they're not rare at all.
- [Narrator] Ten times your finances,
10 times your business,
10 times your marketing,
10 times your life.
Hit the subscribe button now.
(soft music)