The Power of Scarcity in Marketing
The reason we love a Christmas tree, is that we are just able to get it for a limited time, once a year. I know, there are many other reasons as well. But, think about it, if we could see that Christmas tree every single day of the year, it wouldn’t be that much fun, would it?
That’s how scarcity works in marketing as well.
If you want me to buy whatever you are selling right now, you need to tell me why I need to buy it right now, and why I can’t wait another day. The thing is, if you let people decide when they are going to buy, most of them will wait one more day. They’ll look around to see what your competitors are offering, and they might even forget about you. You need to give them a reason for buying right now.
Add scarcity to your marketing, and people will start to think about your product in a completely different way. They understand that they need to hurry in order to buy it.
Scarcity is usually about two things; it’s either about time or a specific number of products. For instance, you can add a time frame when it comes to a specific price (like a discount for 3 days), or you can tell your customers that you only have 100 items at a specific price.
This gives people a reason to buy right now.
A great example of scarcity
One of the best investments I have made for my business is Long Tail Pro. I use it every single day for keyword research. I paid $97 for it, and to me, that was a bargain. Like I said, I use it every single day. Now, for seven days, it’s on sale, with a 75% discount.
This is the link to the discount (aff.link).
If you know that the price will be back at $97 in just a few days, most likely, you’ll end up buying it right now.
Are you using scarcity?
I believe that scarcity works in any business. But, it will only work if your customers understand that the price will go back up after the sale is over. Or that the product is actually removed. Scarcity makes your customers take action.
What’s your thoughts on scarcity, do you usually end up buying? And, do you use scarcity in your business?