How many times have you ran out to get something because you were told there is a limited supply? Do you love your limited edition (fill in the blank here) because not many people can say they have it?
This is scarcity at work… and it works really well. In fact, scarcity is one of two leading marketing tactics proven over and over by research to create conversions for your organization. As humans, whenever we think something is prestigious or in short supply, we want it… just look at what happened to all the toilet paper when the pandemic hit our shores. Heck, make a couple of dogs share a bowl of food and you’ll also see this basic principle at work. It’s so primal and powerful that it is by far one of the best ways to market your organization.
Many people create scarcity based on limited time discounts, but I don’t want you to be a constant victim to intermittently lowering prices. Instead, start by thinking about what makes your products or services unique. Then, think about how the supply is limited.
For example, maybe you own a restaurant and during the pandemic you are hosting limited one-time only virtual cooking classes featuring a secret recipe or two. Pair that uniqueness with a limited number of participants and your scarcity mission is complete.
Today I don’t want you to create any new programs or services. Rather, I want you to create a post about a product or service you already offer, but highlight why it is scarce. Remember: First highlight why it’s unique and then highlight why it is limited. Most every organization has scarcity, the problem is that many folks don’t remember to use it in their marketing. Now, that problem is solved. I can’t wait to see those posts go up!
And now… some homework.
On Wednesday I am going to talk about social proof. Between now and then, will you call a customer and get a positive testimonial from them? Alternatively, dig up one you may already have. I will show you how to use it on Wednesday.
I’ll see you back here tomorrow. Have a great day!