A great way to get a prospective customer over the line is to act scarce by creating the sense that they may just miss out on something very special if they don’t act immediately.
The scarcity of anything increases its value. Marketers of antiques and collectables understand the profit potential in marketing items that are rare. Just as deadlines create purchasing motivation, scarcity creates a greater perception of value. You see, scarcity is a major component that customers can use in simplifying their decision-making. When something is sold out, they often make the simplistic assumption that it is because other customers have found it to be of high quality and great value. This could be far from the truth…there could be a myriad of other reasons why there’s none of a particular product left.
Economics for Dummies tells us that when demand outstrips supply the price goes up. When more people are interested in purchasing than there is availability, the net impact is an increased sense of worth.
Importantly, if you’re going to employ this idea in your marketing arsenal, then make sure you’re genuine with scarcity. In today’s world of instant communication, we are far savvier at discovering false claims about anything. The internet makes it so much easier to discover when a business or someone is lying. So be honest, otherwise you may be labelled a cheat.
In promoting scarcity create a buzz around demand. Fuel the buzz by apologising publicly for the lack of supply. Long after supply catches up with your demand, you will have set in customers’ minds the clear understanding that your company creates a ‘wow’ demand. This can be of great help next time you introduce something new.
Now, list at least three reasons why this would be a worthwhile marketing idea for your business.
And three reasons why it wouldn’t work.
If it still stacks up, then start your TO DO list to get this idea underway…
Well, as one famous bunny once said…”That’s all folks.” You’re last free business building idea has been delivered fresh to your door.
We sincerely hope you’ve been inspired to take the marketing of your business to a whole new level. We know the ideas we’ve shared with you work as we’ve tried everyone of them. So, whilst we know the ideas are effective, we also know that the magic is in the implementation. The reality is ACTION CREATES REACTION. Don’t wait for that perfect moment…just get out there and implement at least one of them.
The great news is there’s at least another 45 (quite possibly a lot more ;)) tried and tested small business marketing ideas right here in …‘Cha-Ching: The Sweet Sweet Sound of Small Business Marketing That Works’. It’s an immediate download and comes with a 100% money back guarantee so there’s nothing to lose and plenty to gain. Beat your competitors to it now.
Yours in success…
Tim & Luke
Small Business Big Marketing