Scarcity marketing: an effective marketing strategy to boost your sales
I am pretty sure we all have been drawn towards seasonal offers or special offers by top brands sparking urgency to buy a product. This tactic is nothing but a scarcity marketing. An effective marketing strategy that has been a round for a long time and still is.
Many top brands like Nike, Amazon, Aliexpress, Restaurants and hotels are still using this amazing strategy to this day by persuading people to fill out a lead form and savvy marketers have not been left out too, as this has been one the techniques they use to convert their visitors to their landing page. If you are not implementing this technique as one of your marketing plans, I suggest you should start doing so now.
WHAT IS SCARCITY MARKETING?
Simply put, scarcity marketing is the act of injecting a sense of urgency to persuade people to buy a product. There is no doubt, this tactic works. People always want what they can't have because they believe it comes with high value. I mean, who doesn't great discounts? We all want that product because it's been tagged with a limited offer or stock.I remember when people lined up to buy one of the hottest commodities in the gaming industry in 2006 when Nintendo released the WII game, it was the talk all over the world which made Nintendo selling over 45 Million Wiis. Now the reason why it went up so fast with that number was because Nintendo released the game in small batches, from 1.2M to 1.8M. The scarcity complex makes buyers desperate for more because they already see great value in it.
After launching out their website, Girlfriend collective rolled out a brilliant marketing strategy by reaching out to their esteemed buyers to pay just for the cost of shipping while they cover 100% the cost of advertising. The one thing the audience will have to do is share the post to friends and on the first day of their campaign, 10,000 units of Girlfriend collective's leggings were sold. What was the catch? "LIMITED SUPPLY."
WHAT THIS MEANS FOR MARKETERS
Implementing this technique makes you think out of the box and will increase sales on whatever product you are promoting. The question will be, how can I use this technique to grow my business?
- You will need to have a wordpress plugin that can optimize various scarcity tools on your website.
- Connect with your audience through newsletters and have a countdown timer in it
- Using Video is another great way to drive urgency to get leads and have them converted as fast as possible.
TACTICS TO USE CAN BE LISTED BUT NOT LIMITED TO
- Limited Bonus Tactic
- The Order box today tactic
- Limited product
- Device Limited offer
- Few Items Left
This review details how you can use install a wordpress scarcity optimization plugin to get started and help you boost your sales. I hope you will find this post useful as you journey to success in your business.