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The principle of scarcity challenges traditional negotiation tactics by introducing a sense of urgency and potential loss. Traditional negotiation tactics often involve a back-and-forth process, with both parties trying to get the best deal. However, when scarcity is introduced, it creates a fear of missing out, pushing the other party to make a decision quickly. This can disrupt the usual negotiation process and lead to quicker, and potentially more favorable, outcomes for the party using the scarcity tactic.
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If the other party is dragging their feet to close or commit, consider using the psychological principle of scarcity. Scarcity plays on the human need to obtain more of what we think is dwindling or may soon be out of grasp. This explains tactics like flags on online products indicating low inventory, exploding job offers and dramatic walkouts signaling a "take it or leave it now" opportunity. You can use these tactics to activate the principle of scarcity and get a deal to close.
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Ever wonder what makes a great negotiator? Read this book summary to learn about the latest social science and psychology research on negotiation. Get...
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