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Dr. Mindy Weinstein

๐Ÿ‘ค Speaker
406 total appearances

Appearances Over Time

Podcast Appearances

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

And so those are sales and things like that.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

I mean, that's one that's been used a lot and it works.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

And it is scarcity because it's a time restriction because scarcity is any type of restriction or unavailability.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

So some of that has been around a while.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

But what is interesting is that a lot of companies, either they just don't really know how to incorporate it, or they just have the mentality of like, oh, I don't want to do scarcity marketing.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

That just seems so like, you know, trying to trick everyone.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

But you can actually have good experiences for customers.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

And in my book, I interviewed a lot of different executives.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

So I had an interview with the former VP of global marketing at McDonald's.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

He was with the company for 40 years.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

And he talked about how

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

McDonald's has been using scarcity marketing, but they use a lot of the supply related and the time related.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

You know, think about the McRib.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

The McRib is a good example.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

Then they even had their adult Happy Meal recently.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

But their whole approach to it wasn't necessarily just, okay, we need to spike in sales.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

It was with the purpose of let's create some fun and excitement for our customers.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

So there are companies like that, that traditional companies, they've been doing this type of thing for a while.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

I also even interviewed the founder of 1-800-Flowers and they also own Harry and David.

Creating Confidence with Heather Monahan
Confidence Classic: The Psychology of Scarcity with Dr. Mindy Weinstein

And they take a different approach.