I have been going through some internet marketing forums lately and read some discussions about internet gurus using the scarcity marketing technique to get lots of buyers for their products. Some of them are Rich Scefren, Eben Pagan and most recently, Frank Kern.
What is “Scarcity” you might ask?
Scarcity in my opinion is an emotion that exist in a human being. It is an emotion that is related closely to the feeling of “losing something of value”. All human beings hate the feeling of losing something of value. This feeling can be felt also when one loses a loved one. It is a hurting feeling that makes you want to get rid of it. So to the marketers advantage, getting rid of that pinching feeling is through paying out some cash to get the product that have gotten them into a “Heightened state“.
This feeling becomes more intense when you perceived the thing that you have lost to be of a high value.
Marketers know this. They first need to so call “hype up” their products with compelling copywrite that evoke feelings and perception on that particular product that they are selling as being of a high value.
Hence, scarcity as a marketing technique is only able to work as it is suppose to only when the other marketing strategies have been put in place. That includes having a solid product being created first, followed by a beautiful designed graphic template, great testimonials from people who have trust in you and of course much better if they themselves are people who are well known and well regarded. Great copywrite is also an important element as without the right kind of copywrite, it is difficult to stir anyone to greater buying emotions.
As the feeling of “Perceived Value” increases, what you have to do next if you are a marketer is set out planning to use the Scarcity marketing technique.
These are a few way you can set about utilising the scarcity technique:
1. State to the potential buyer that the product is time sensitive, meaning that the product will no longer be sold after a certain amount of time, maybe after 48 hours or so.
2. State in the landing page the fact that there only limited amounts of your product available and after these have finished selling, no more will be produced. This is the limited edition technique often used in the selling of t-shirts and Nike shoes. It makes the product look very scarce and the pinching feeling is felt more when the product is perceived to be of a high value and is prized by the community.
3. Put a script that show how many people have bought your product thus far. This will tell your potential client that if there are others buying the product, they have nothing to lose in buying the product too. Even if they had made the mistake, they are others in the same boat and therefore the pain would be decreased tremendously. This is highly related to the herd mentality actually and most people do succumb to this and buy a particular product based on others having bought it too.
4. Put a script to show how much time is left for the potential customer to buy the product until the time runs up and the product will no longer be offered.
Remember, yo have to be true to yourself and your customers that if youhad promised to only sell 100 seats to a seminar or 100 products or whatever number you choose to sell, make sure you STICK to it.
If not, people are going to know that you have just called a bluff and that would affect your credibility factor. Its not going to be worth it in the long run.
Also, this strategy seems to be more effective if you are selling a coaching or mentoring program. Obviously, people know that there is only a small number of people that you can take in order to coach effectively.
I hope that you have benefited from this post on utilising the scarcity marketing technique in your business. Use a myriad of techniques and use for a greater effect by being truthful to yourself and your customers.
Cheers!
-Ishykiel-
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