Of all the tricks and strategies that direct marketing professionals have devised over the years to increase sales and push prospects to take action at crunch time, maybe the ultimate trick is employing the "scarcity" factor to a product or service.
When a product is limited (scarce) in availability, it's value skyrockets dramatically.
Most of us understand the reasoning behind using this tactic and I can guarantee you that at least 90% of the online product offers and "launches" that you'll encounter will use one or more scarcity tactics in the sales message to get you to buy.
Here are some common ways scarcity is used:
- "for a limited time only"
- "only 500 packages available"
- "I may take this offer down at any time"
- "the price is going up next Monday"
- "be one of the first 100 buyers and receive this earlybird bonus"
- "you will only pay $19.95 if you order before midnight Wednesday"
- "never again offered once our supply runs out"
- "these have been flying off the shelf and there are only 17 left!"
- "we can only give personal assistance to 6 more clients"
- "we won't take just anyone, your application must be approved prior to purchase"
- "this price will only last as long as the boss is on vacation"
- "clearance prices last only until all 15 water damaged packages are sold"
- "you snooze, you lose"
- "the last sale we held at this price lasted for 18 minutes"
Creating scarcity in the physical goods world is sometimes difficult; but in the online world, almost every product or service can be marketed using some creative scarcity factor.
Nothing forces customers to move, to decide positively to take a buying action, like a product that is scarce. Now some will see right through this strategy if, in fact, the seller claims scarcity but doesn't follow through.
If the seller claims the product increase will happen at midnight, yet it doesn't happen at all, the prospects will not trust him in the future and the scarcity tactic will not mean anything.
But if prospects have followed your sales process and watch you "stick to your guns," the scarcity factor will begin to mean a great deal to your clientele.
Here's an important hint: whenever you employ scarcity in your marketing, use very specific deadlines or product quantities such as:
- sales ends at 10:00 pm sharp!
- there are only 100 copies to be sold, then they're gone forever!
- at midnight Saturday the price will increase from $49 to $99."
Some flakey phrases like "a limited number will be sold" or "we can withdraw this offer at any time" just don't force prospects to take action - they see right through the weak verbage.
Why does the scarcity tactic work so consistently? I believe that the prospect's FEAR of losing out on the chance to make a great purchase is a very motivating emotion. He FEELS he has a chance to take advantage of something that others can't have.
Why not give your own marketing a boost and employ the scarcity factor in your next product offering?
