Fact: Scarcity sells.
The principle of supply and demand shows that when supply is limited, demand goes up. Scarcity Marketing has a psychological influence on us, making us want something even more when there isn’t enough to go around. Scarcity creates a fear of shortage and of missing out, and thus a sense of urgency.
Here’s three ways you can leverage Scarcity in your promotion for product launches, eBook availability, discounts and more.
- Limited Time Offers: Time’s running out! Get it before it’s too late..
- Limited Quantity Offers: In some studies, limited quantity or supply offers have outperformed limited-time offers. Why? Because a limited quantity can suddenly become unavailable, while a time-based offer has a known end time. Limited quantity offers are great for not only getting people to say “yes” to your offer, but to avoid a buyer’s tendency to procrastinate.
- Limited Time + Limited Quantity: Groupon is the perfect example of using both tactics. All Groupon deals end within a certain time frame, and they limit the number of people who can buy a Groupon. That’s a powerful combination. The site also packages these scarcity tactics with discounting, which is another great value-add, especially for ecommerce businesses.
Interested in building the concept of Scarcity Marketing into your upcoming offers?
If you’d like to talk with Xzito about applying scarcity to your promotional offer, or to talk more about winning the online marketing battle, schedule a conversation!