Have You Tried Scarcity?
Have You Tried Scarcity?
Scarcity is supposed to be one of the most powerful psychological triggers available to persuade people to buy something.
Every time Apple release a new iPhone, they under supply their stores, so that demand always exceed supply, at least on the day of release.
The result is that thousands of people camp out overnight to get their hands on one.
Scarcity and FOMO (Fear of Missing Out) has made the product itself much more attractive.
It doesn't work on me and, perhaps because of that, I've never tried using it for my own marketing.
It's always seemed to me to be just a "trick".
But I've decided to give it a go.
I'm about to offer a product on one of my websites that I'll promote at a discounted price (but not a trivial one) for 24 hours only.
I'll send it to a small list and use a plugin that starts the countdown for each person individually from the time they first view the page.
As I make around $270 per sale, it'll be worthwhile if it works.
Has anyone else tried using scarcity in their marketing?
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Recent Comments
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I have not, but I wonder if it would work for like the class I am offering. If I said for the first 5 people the price was THIS and for anyone after that the price would be THAT. It might encourage people to want to sign up quickly. Who knows? It certainly would be worth a try!
Thanks for the idea, Phil!
Karin
It's worth a try, Karin.
You could also offer an extra, such as 1 on 1 coaching or a group Zoom call for the first 5 (or 10 or whatever) people to register. This extra value can be seen as more attractive than the threat of a price increase and it's also logical that you would need to limit it.
Even better. I like the idea of giving them something extra. It feels more like a reward for being prompt rather than a punishment for acting less quickly.
Thanks, for another great idea!
Karin
No, I have never tried this tactic. Probably because, like you, it doesn't work with me. I always laugh when I see the long lines outside the Apple Store on new release day. I know a diehard Apple fan who buys a new iPhone whenever it comes out, and she camps outside the store to do it. I don't like Apple products, so I don't feel I am missing anything. But it doesn't matter what brand it is; I don't go for being the first to have an item. I usually wait until the price goes down.
Nancy
Me too, Nancy, but a significant number of people do respond to genuine scarcity. I'm offering a 30% discount and a genuine 24 hour countdown.
We are in a limited group of oddballs, lol. Most people will go for the scarcity tactic. I hope you post about your results.
Nancy
I will when I have some in, Nancy.
Scarcity can be implied, not stated outright. WA makes a lot of sales with its annual Black Friday special. The membership is discounted and the time window is limited, but everyone sees it as an opportunity, not a scarcity tactic.
In the offline world I have used the limited supply and the limited time only tactics.
I would market to an existing customer base. Both work.
My motivation was to use the offered product with limits to draw and make available other products as well to boost total revenues for a set amount of time.
Rod
Hi Phil
I haven’t tried scarcity, but I think that if the discount is significant, the product is desirable, and the countdown timer is legit, it will work well.
Frank 🎸
Thanks, Frank. It's a 30% discount and the countdown is genuine, though I've still got to make a few tweaks.
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Great job Phil, these posts get everyone thinking! I admit to being drawn in by these years ago until I realised it was a marketing tactic and that the offer was still there if I went back a few days later.
If it doesn't appeal to me - there are others out there different to me, that's my take-away, thanks again Phil
Sure, though I believe it has to be genuine to maintain credibility.