The more limited an item is, the more enticing it is likely to be to consumers. Scarcity is not a new concept, but it continues to be an effective way to increase conversions of physical items, info products, coaching programs, and more. Misused, though, and scarcity can be a negative marketing technique that irritates potential customers. While a scarce supply is naturally attractive to people, it is crucial that you take a considered approach to the method. So, what scarcity tactics should you consider using in your business?
Number of Visitors Browsing
Indicating how many visitors are currently on the page combines scarcity and social proof. The fact that other consumers are interested in the product is comforting, while there may be a concern that the stock will run out.
Discount End Date
Running discounts for fixed periods is a driver for sales. There is a definite end date where the price will rise again. If a consumer is interested in the item, they know they have to make a decision. Without an end date, people can feel comfortable delaying the decision to another day.
Listing how many items are left is a direct way of using scarcity tactics in your business. You won’t want to mention stock details when you have a large number of products available, but as the numbers dwindle, you can add the information. While the data uses the scarcity tactic, it also provides a valuable service to interested customers.
Live Purchase Information
Many e-commerce stores use pop-up boxes at the bottom of the screen when a purchase gets made. Interested consumers can feel positive that there is activity on the site, with social proof playing a crucial role. The information can also play on the fear of missing out, moving people to take action.
Limited edition products use scarcity as they cap the number of items available. The limit in production output gives an additional value that is difficult to achieve with mass-produced items. Limited edition releases can work well with variations on existing products that are already popular.
A holiday sale naturally adds scarcity as it will only be appropriate for a limited period. A Black Friday and Cyber Monday sale, for example, may only last for a few days or possibly extend to a week. A Christmas sale could take place in the main shopping period, with consumers knowing they have to buy gifts before Christmas Day.
Re-introducing products can be an excellent way to showcase popular products, but it also allows you to benefit from scarcity. Items that are back by popular demand assume that they were only available for a limited period. If consumers are considering a purchase, they will know that it could be their last chance for a while.
Countdown timers add visual elements to a scarcity campaign. The site of a timer counting down forces people to think about the buying decision. The timer could illustrate the end of a discount, a limited edition run, or the remaining stock. As time draws to a close, there can often be an influx of sales.
Scarcity is only one element in your marketing toolkit, but it can be compelling when used correctly. If consumers don’t believe an item is scarce, your brand can suffer a loss in trust. It is, therefore, crucial that you think carefully about the approach you will take. These scarcity tactics can be applied to most campaigns, using an ethical method of relaying the limited nature of your product. If you haven’t experimented with scarcity yet, it is time to see the power of this valuable marketing technique.