A well-known marketing concept is the principal of “scarcity.” People will pay a premium to get something of limited availability. In addition, they’ll act quicker to get something if they know delay may mean it won’t be available when they finally do get around to making the purchase.

This is why you see many travel sites list special hotel rates with a side note such as, “Only 2 rooms left at this price.” Knowing that, a customer is much more likely to stop shopping and start buying before someone else beats him to that great deal!

Of course, a lot of business owners, especially professional service providers such as doctors and lawyers, don’t think this principle applies to them. But it absolutely can if you start thinking more like a marketer and less like a doctor and lawyer.

Remember, you’re not in the business of providing medical and legal services; you’re in the business of SELLING medical and legal services! No clients, no income. No income, no business.

Along those lines, marketing guru Dan Kennedy shares how an orthodontist coaching client of his has successfully added an additional $288,000 a year to his practice by use the Principle of Scarcity.

“No more than 12 people per month can buy the guaranteed privilege of never having to miss any time at work or have the child miss any time at school or after school activities in order to get all treatments and complete their orthodontic process – meaning, if an appointment must be after hours or at dawn, so be it.

“He sells this for $2,000.00 over and above the orthodontic case fee. This year, he has sold all 12 positions every month. 12 x 12 = 144 x $2,000.00 = $288,000.00. Since inception, he tells me this has brought in an extra $1.2-million.”

I don’t know about you, but I know my own private coaching clients here in Las Vegas would LOVE to have an extra $1.2 million in their pockets!!

Cheers.

BONUS TIP: A lot of marketing techniques are very subtle. There’s an important one in the second paragraph of Kennedy’s story above. Wanna know what it is?