If you want to jack up your sales fast, then scarcity is your best friend.
It’s one of the most powerful and proven ways to increase sales OVERNIGHT.
There is a reason why everyone from billion dollar companies all the way down to new startups use it so much in their marketing.
Scarcity (when used properly) simply works.
It’s because we humans are emotional creatures.
We LOVE to possess what is not easily available.
We HATE to lose out what we think is a good opportunity.
We DESIRE what can be taken away from us.
When you know how to tap into these human traits using the power of scarcity, you can not only make a LOT of sales but you can also have your customers feel good about it.
Here are 4 different scarcity tactics that you can deploy in your marketing right away to bump up your sales.
Scarcity Tactic 1 – Time Sensitive Offers
This is the most common scarcity tactic used in the online marketing world.
This is all about making an offer with a deadline attached to it.
There are a couple of ways in which time sensitive offers are used:
- Product Launch
Check out the landing page from Jeff Walker:
You must have seen this in action in various guru product launches.
Gurus launch their product with great fanfare.
They give out lots of educational content (which create a huge buzz), make an irresistible offer (product launch) and open the shopping cart for a period of 5-14 days.
If you want to buy the guru’s product, you have to take action within this time period or risk missing out on the offer.
The natural scarcity of product launches brings in 100s or even 1000s of sales during the launch period.
If you are in the process of creating a product, then I would highly recommend you do a mini product launch to your email list.
Offer the product at a slightly lower price with a deadline and once the time is up, either close the enrollments or increase the price.
You will make a lot more sales with a product launch.
- General & Holiday Discounts
From time to time, marketers offer a 3 day (or 5 day or 7 day) discount for their products.
The discount could be for specific holidays like Christmas, Easter, New Year, etc or it could be a random discount (usually accompanied by a particular reason).
People LOVE when they can get discounts so they rush in to buy the products before the deadline.
If you have your own products and you want to get a boost in sales, pick one of your products and do a 5 day discount.
Send lots of follow up emails asking people to NOT miss out on this offer. If your product is something that people want to buy, then you will make lots of sales.
- Offer Available For A Short Period Of Time
You can use time sensitive offers to make a flurry of sales even without doing a product launch or giving discounts.
Here’s what you can do:
Don’t offer your product for sale at all times. Keep it off the marketplace.
Then from time to time (every month or every 2 weeks), open up the shopping cart and let your subscribers know that they can get your product for a limited amount of time.
The exclusivity and the scarcity factor will help you make a lot of sales whenever you offer your product for sale.
Some marketers use this method to promote their monthly membership programs and high ticket programs.
Scarcity Tactic 2 – Buy On The Spot Offers
This is probably the most powerful scarcity tactic out there.
When you make a great offer and tell your customers to make a decision then and there, you will be surprised to see how much decisive they can be.
People hate to lose something and the very fact that an offer can be taken away from them if they don’t buy now will make it way more desirable in their eyes.
There are several ways in which you can make a “buy on the spot” offer:
Sales Page/Order Page
You can have a 30 or 60 minute countdown timer installed in your sales page or order page.
Every new person landing on that page gets that time to make a decision before the offer expires (as in either the price of the product rises or the offer closes down for that person).
Ecommerce Product Page
When marketers tested having a countdown timer in their ecommerce product pages where they gave visitors 5 minutes to make a purchase to get free shipping…. it bumped up conversions big time.
Sales doubled and tripled in some cases.
If you are running an ecommerce store, just load up a countdown time in your product page and make an offer for customers who take decision NOW.
You can give them discounts or give them free shipping or give them FAST shipping for taking action fast.
You will see a nice bump in your sales.
Webinars are a great place to make “buy on the spot” offers. Many marketers and gurus use it extensively in their marketing.
When a person spends 2-3 hours attending your webinar, it shows that he is very much interested in your product. Sometimes all he needs is a bit of push to make a purchase and what is better than a buy on the spot offer.
Strategy Sessions/Phone Conversation
Nothing converts better than personal interaction. When someone gets on a call with you after going through your educational marketing, you have a great opportunity to get to know them personally and explain how your product or service can work for them in their particular situation.
Now when you offer them a great deal for buying your product on the spot, you not only make them want your product more but you are also present right there in front of them to clarify any final moment queries they may have and close the sale.
Selling products and services through Live Events is more easier than selling them online.
When people meet you face to face, their trust level increases.
When they see other attendees in your event, their confidence level increases too.
That’s why it’s easier to connect with them and get them all warmed up to buy from you.
When you make a “buy on the spot” offer, it creates a huge buzz in the event which will drive up your sales big time.
Scarcity Tactic 3 – Limited Availability Offers
This scarcity tactic is all about getting people to purchase your product before the stocks run out (in case of physical products) or before the pre-determined set of spots are taken up (in case of digital products or coaching classes).
If you are doing ecommerce or selling any physical products in the online marketing space (DVDs, books, etc)…you can simply mention how many items are available on your sales/product page.
This will get people scrambling to buy your product before the stocks run out.
If you are offering a coaching program or promoting a digital product, you can keep updating the number spots left before the offer closes down.
Limited availability offers tap into the natural human phenomena where people feel they have to move fast before someone else snatches what they want. That’s why they produce so many sales.
Scarcity Tactic 4 – Bonus Offers
This scarcity tactic is all about giving bonuses to customers to drive up sales.
Here are some of the types of scarcity based bonuses that work well:
- Limited Quantity Bonuses
You can offer physical products as bonuses to your customer.
Let’s say you are promoting a digital program.
You can offer limited quantity physical products like DVDs, books as bonuses.
You can mention the amount of stocks available in your sales page and that will act as a great scarcity tactic to get customers purchasing from you fast.
You can do the same thing in your ecommerce store too.
Let’s say you are selling T shirts.
You can offer other physical products as bonuses and say that the offer is valid till the stocks for the bonus products are available.
People will buy from you in droves.
- Limited Availability Bonuses
When you are offering bonuses like reports or tutorial videos or coaching sessions or templates or cheat sheets or private access to Facebook groups…there is no set quantity for them.
In such cases, you can decide on the number of customers for whom you are willing to give away these bonuses.
So if you are promoting a product, you can mention the bonuses that come with it along with the number of spots available.
For example, let’s say you have 5 bonuses to offer for a training course.
You can take an approach like this:
Get this training course and you will get all of the 5 bonuses for enrolling. Only 100 spots available after which my bonuses vanish.
Or an approach like this:
The first 20 customers will get the following 5 bonuses.
The next 20 customers will get the following 4 bonuses.
The first 20 customers will get the following 3 bonuses.
The first 20 customers will get the following 2 bonuses.
The next 20 customers will get the following 1 bonus.
And in your sales page, you can simply mention how many people have taken up your offer.
This kind of scarcity is often used in launches and they work very well.
People LOVE to get the best value for their money. So if they are buying a product, they would want all the bonuses that come with it.
So if you use bonuses in your marketing campaigns, a lot of people will take you up on it.
Final Closing Thoughts
The 4 scarcity tactics mentioned in this post work great in helping you make more sales.
I highly recommend you make use of them wherever applicable in your business.
However I also want to tell you one thing:
While scarcity is good, using too much of it can turn off your customers as they will constantly feel pressured into taking decisions.
Also be ethical with your scarcity.
For example: If you offer a discount for 100 customers, then you should CLOSE your offer once you get 100 customers.
Ultimately the goal of a business is not to just increase short term sales but to also build a brand which will bring in the long term sales.
When you use scarcity properly, your customers will buy MORE products from you faster as well as respect you.
So use it properly and explode your sales.
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– Shaqir Hussyin
“On A Mission To Create 100 Millionaires In The Next 3 Years”
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