Lessons From Napa: Scarcity

While in the Napa Valley, I was struck by one thing every winery has in common; scarcity. At each vineyard and every tasting, you hear the phrase, “We only make X cases of this wine.”

Everybody has a “reserve” collection and an “exclusive” wine club. Knowing that there are limited quantities of a particular wine incentivizes customers not only to buy but to buy now.

Wine

All rental businesses inherently have this same kind of scarcity. Event rental companies have limited amounts of inventory and when it is booked, it can’t be available for another rental. While you might not want to adopt an annoying intense high-pressure sales pitch, mentioning scarcity in your sales process can drive your customers to purchase. If they know their event is on a busy weekend or that the piece they are interested in is popular, they will be more inclined to complete the booking sooner.

Boutique wineries thrive on the idea that there is limited access to their product. Because the concept of scarcity is woven into the “pitch,” customers know that if they don’t buy in the moment, the chance may be gone forever. Helping your rental customers see the fleeting opportunity before them can be a good motivator.

Again, I’m not advocating high-pressure, disingenuous, or anxiety-producing sales tactics. However, recognizing that your specialized product is scarce can encourage customers to book as soon as they are ready instead of dragging their feet or leaving you in limbo.

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