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 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 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? Learn more at www.xzito.com.
by Jairo Gomez