Desperation is good, but not always in business

During the season end sale, the company offers gift cards to their customers who make any purchase from its shops and play simple quizzes. Customer who didn’t make the first attempt was ready to pay 53% more to win a card from the customer who had not. However only 20% of customers failed to keep the card instead of selling it. Customers who were not denied to play, 60% of customers kept willing to keep it. This study shows more you obstruct customers from having access in something there is a high chance that they will not keep it later.

Desire and liking

Liking can help surface valuable content, both from a personal perspective, to individual employees; and from an organizational perspective, to different business units.

These two emotions are contradictory if we see it in corporate studies. It is not oblivious that people like and desire the same thing. Both are independent from each other but link through highly strange ways.

For example watching IPL matches and its events create hype but denial of its passes can create it. When we don’t get something it becomes special.

Desire increases when we long for something for long and we are denied to have it. However this rejection is not for the items whose clone is available in the market like sunglasses and watches. You will not see these kinds of anguishment on the iPhone. It shows by making shortage as a strategy market should be cautious. It might look attractive today but it can cause huge costs tomorrow. This strategy is useful for small marketer’s in the small run but companies should look for long term goals.

How to mitigate a company’s shortage?

Companies should focus more on customer satisfaction services. It is easy to meet costs when demand is high. But it doesn’t mean that they liked your product. Interpreting desire and satisfaction is different for emotional and emotionless people.In order to make up for a shortage in skilled workers, many companies have begun offering training to their existing employees, in order to tailor them to fill current gaps.

This can mean training offered in-house, where a knowledgeable employee shares with others their valuable expertise.  Many companies have discovered that they already have the people they need, but are merely using them in an ineffective way. It’s important to keep an open mind when looking at your available skill sets, paying close attention to skills that could be transferable.

Author: A.C.

Dr. Chakraborty is a researcher in electronics and has authored numerous articles in the domain. She is also an avid blogger and shares a penchant for domains like technology, business and science.

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