If you own a business that rolls out some special products or services for a specific time, continue reading.
What is scarcity?
Scarcity is a state of being scarce or short in supply.
In the business world, scarcity is the state where a product/service is limited in supply.
Some products/services get scarce at a particular season. While others get scarce for some reasons.
The thing about scarcity is that it triggers people to buy a particular product or service they know or presume would get scarce.
If you remember when the news of Coronavirus came outโฆ nose masks and hand sanitizers got scarce.
Why?
Because people were getting as much as they could get to:
๐ Prevent themselves, andโฆ
๐ To avoid buying them at higher prices when scarcity hits.
You see?
Scarcity triggers people to buy, because they don’t want to miss out, or pay higher.
You can use scarcity to increase sales, subscriptions and conversion rate for your business, too.
Here are 3 types of scarcity and how you can use them in your sales or marketing campaigns:
๐ Price Scarcity: This is a limited time discount in price.
๐๐พ How you can use it:
Get this [your product/service] at X amount now, before price goes up.
๐ Quantity Scarcity: This is mostly used when there’s a limited quantity of product available.
How you can use it:
๐๐พ Get your [product] now, only X volume available.
๐๐พ 79% already booked/sold get yours before you miss out on it.
๐ Premium Scarcity: This a time-limited bonus.
How you can use it:
๐๐พ First 47 people to pay will receive my special X worth [$$] for FREE.
๐๐พ Buy 4 within the next 48 hours and get 1 of X for free.
๐ Offer scarcity: this is used when you’re launching or relaunching a product/service for a limited time after which it’ll be completely unavailable at any price. This is mostly used for infoproducts.
How you use it:
๐๐พ Special 1:1 consulting session for only 4 people. Slots will be open only for the next 6 hours.
Do you understand?
You can tweak any of the above scarcity strategies to suit your offer.
NB: While using scarcity boosts sales and conversionโฆ you need to do it correctly.
If you want to get your prospects to take your scarcity seriously and grab your offer,
โฆ you need to justify your scarcity with a-reason-why.
Why?
Because our brains are more likely to believe something is real or legit – when a reason for justification is given.
Justifying your scarcity would make your offer more believable, and trigger your prospects/customersย to act fast before they miss out.
To your business growth,
Samuel Efe O.
