How to Leverage the Power of Scarcity Marketing
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
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.
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 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.
Are you looking for more ways to generate more traffic, leads, and sales from your marketing efforts? Sign up for more articles on content!
(And don’t worry- we’re not running out of ideas any time soon!)
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