So you’ve
set up your online business and you are looking at your marketing results. Does it feel like you are banging your head
against a brick wall? Are you looking
for marketing strategies that actually work?
Take a look at this article below on scarcity marketing:
How to Leverage the Power of Scarcity Marketing
BY DALE HARRIS
You
probably have seen this form of marketing before but may not have even
recognized it.
“Limited
edition! Buy yours before it runs out!”.
This
concept is referred to as scarcity marketing.
When did
tastefully, it can be a great way to get customers excited. When not executed
properly, it can appear manipulative and deceiving.
That’s
why we’re here to help. Read on to learn the ins and outs of scarcity
marketing.
What is Scarcity Marketing?
Essentially,
scarcity marketing boils down to the consumer’s fear of shortage. This, in
turn, will lead them to buy based on the fact they believe the product will run
out.
There is
a broad spectrum of marketing tactics that fall under this category.
It can be
as simple as Amazon denoting that there are 7 items left of a certain product.
Or, in
more extreme examples, it can be a company broadcasting that their “product
will be gone tomorrow so buy today!”.
As you
can see, there is a huge difference between the two. The first example is a
simple way of letting customers know how much inventory is left.
The
second is ambiguous and is just flat out annoying to customers.
The best
way to use scarcity marketing is in its most simple form. When you can
discreetly find ways to emphasize shortage, you’ll make the most of this
tactic.
Good Ways to Use Scarcity Marketing
‘Order Soon’
As
mentioned above, Amazon does a great job demonstrating this approach. They make
shortage as simple as “We have X number of products left- Order Soon“.
That
‘order soon’ tacked on at the end is a very subtle, yet creative method to get
us thinking.
It’s not
pushy or intrusive. It’s certainly not flashy. It’s about as small as an actual
Amazon product description itself.
However,
it gives customers that extra push to make a purchase.
Transparency
A key to
scarcity marketing is transparency. If you’re going to sell the shortage, you
need to be as honest about it as possible.
That’s
why promotions with claims such as “We will sell out tomorrow so get yours
right now!” don’t do so well. We usually don’t trust that type of marketing,
leading us to not trust that company.
You can
demonstrate your shortage in much more definitive ways. For example, on
your website, you can add a feature that will
show how many products are left.
You can
take this one step further if you sell clothing or other items that run in
different sizes. Try adding how many items of each size are left.
Social Media
Social media is a fantastic way to
create urgency because it too is instantaneous. You put out a tweet- customers
come looking.
If you
plan to use Twitter, Facebook or
Instagram to sell your product, be as interesting as possible. Don’t create
long descriptions and don’t use the hard “we’re running out” sell.
Simply
post an image, add a witty description and tack on “Limited Edition” in the
caption. You could also say how much inventory is left if you feel it’s
appropriate.
Source:
Dale Harris
https://www.articlecity.com/blog/leverage-power-scarcity-marketing/
