Scarcity Marketing & How You Can Apply To Drive Sales On Your Website For Your Advertising Strategy
In my last article called Engaging Digital Marketing & Social Media Tactics That Influence, Building Social Proof Can Benefit Your Online Business, I talk about how social proof can benefit your online marketing goals. Now I will talk about how your website can benefit from use of the scarcity principle which on in my first article The 6 Weapons Of Influence For Website Engagement & Marketing.
What Is Scarcity & How Can It Be Applied To Your Advertising Goals.
The psychology of scarcity in business is a potent factor, which can be used to increase sales significantly if used right. You may have encountered scarcity to some effect, perhaps, you’ve sensed a feeling of such in on some website or probably tried it in your own business. It is essential to understand how it works in the minds of the consumers or clients to have a better picture of how it can be optimised to get a better result. However, scarcity is simply defined as the limited availability of a product or service.
When a product is in short supply, it has a unique effect on the human mind, and once this unique effect is found, it can be used as a significant advantage in getting people to buy into your ideas and into your business. The fear of missing out on an offer is an advertising strategy businessman and marketer create to affect the mind of the consumers to make more sales or close more deals.
How Is Scarcity Effective For Your Digital Marketing Strategy?
Scarcity motivates customers to buy products because they see that everyone else is buying it which makes them feel it’s a good one to buy. They will react by taking advantage when they see messages such as, “Limited Edition,” “Almost Gone,” “Exclusive Product” and the likes. As a result, the more scarce or rare a product is, the more a person is compelled to buy it.
While setting up Ads or launching products, Below are a few ways to implement the scarcity strategy to increase sales right:
Create a feeling of scarcity
The first thing you need to do when using a scarcity strategy is to create a scarcity of your products. Even though you have a store full of products, you need to make it scarce by keeping some out of the store. You can also encourage instant purchases to limit the number of products that are up for sale.
Use Countdowns & Timers To Get More Sales For A Website Marketing Strategy
Making use of countdown and timer is one of the best ways to communicate to the market your products is scarce. They can either subscribe to a service or purchase a particular product at a sales price before the countdown ends. As the numbers tick down towards zero, the timer reinforces the sense of urgency. With a limited amount of time to buy, many shoppers feel the urge to buy. You can make use of sales countdown, purchase countdown, shipping countdown.
Limited Stock/Production: Often, limited stock is not always from the high demand for a service or products. It can be a sales strategy to seek urgency.
Use Numbers To Indicate Demand: Sharing facts and stats in numbers is another indicator of social proof and gives your products more attention. It adds transparency as well.
Use Emails For Your Digital Marketing Campaign
Emails are the best shot to communicate to your customers most especially those that don’t visit your website daily. You need emails to reach out to your customers and prospects – directly. To back up the offer, you’re making on your website and social media, create an email campaign to notify them of the limited-time promotions that are going on.
“We always want more of the things we can have less of.”
Whenever you’re running a campaign, if you’re not using scarcity, not giving people a reason to buy right now, You will be losing out on a lot of potential sales because you have to factor other things your customer might be when they’re on your products or your campaign, maybe there are in a cinema or running pieces of stuff while shopping online. You need to realize there are so many distractions, so when you are marketing, you have to really understand that. You need to get them to want to buy your products and give them a reason to buy right now. You can only do this by creating a sense of urgency, and in the process creating a fear of missing out and want to purchase or take action at that moment.
Increase Sales For Your Business Using Scarcity
You may think the smartest and most conventional thing to do as a sales manager is to show customers how much they save. Everybody does it, right? But how effective is it? It’s tough to determine. Take for a test, and be honest with yourself.
Which of the following are you more compelled to move toward?
• Shop and save up to $20 – $35 every time you shop at Budget Meats. We have the best meat specials
• You’re losing $20 – $35 every time you shop anyplace else other than Budget Meats. We have the best meat specials
People respond in your favor by telling them what they’re missing out on rather than telling them what benefits they stand to gain because loss looms larger than gains. What’s more powerful is a combination of both to enhance the value.
Once you got their attention, be specific! They might see value in the offer but there is no rush. Make it urgent. There is no point in making an offer if you don’t want almost instant compliance.
Do you think people would love your offer so much that they go home and sleep on it?
Out of sight, out of mind. You need to be spcific! Don’t say “Our 70% off sale ends this week” rather say,”70% off sale ends Friday at 3 p.m.” Make it urgent!
You need to understand and express the principle of scarcity in your business to make more money. If you need more explanation on this or you need someone that can help you reach your sales goal with this principle using website marketing, Phoenix Creative media is your digital marketing agency you can count on. We will work on your general business strategy to reach new heights. We will help you execute strategies that will turn your website visitors into paying customers. Contact us today by calling or sending us a mail. We will gladly respond to offer you the best of services.
Hi, I’m Robert your local Phoenix web design expert. I’ve been working with businesses for about 9 years, and helping them with their website, graphic design, and digital marketing needs. I serviced local businesses with web & graphic design services in Metro Detroit before moving here from Michigan. One of the things I enjoyed when serving local business in my community was the connection I had with my clients and helping them achieve their web design goals and making their businesses rank on online search engines. Now that I’m in Phoenix, I want to share that same passion with the community. If you’re struggling to create a website or have a website that’s not converting call today and I will be happy to help you get on the path to success.