The law of scarcity is one of the laws of persuasion. If someone believes that the product you are selling is in limited supply, then the implied value of that product will increase. This law will cause your prospects to be willing to either pay more to buy your product or take more risk to buy your product quickly to avoid missing the chance to buy it.

Scarcity can manifest itself in many ways. One of the most recognizable uses of scarcity in advertising is the phrase ??while supplies last?. This mental trigger tells a prospect that they need to act fast and seal the deal because there is a good chance that if they wait too long then there will not be any product available when he is ready to buy.

Due to the disposable lifestyle many of us have adopted the idea of scarcity seems relatively foreign to us. We are used to being able to get what we want, when we want it, and how we want it. So for a downloaded product that requires no manufacturing cost and therefore is not limited in number, the best way to apply the law of scarcity is to put a time limit on its availability. If someone has researched your product and they are still on the fence about making the decision, adding a cutoff date to the availability of the product will create a fear of loss and is usually a strong enough motivator to encourage the sale.

The fear of loss can be a very strong subconscious motivator even for someone who doesn't think their decisions are driven by their emotions. You can tie the law of scarcity in with other psychological tools and dramatically increase your conversion rates overnight.