Many may say playing with customers’ emotions isn’t right. But if done in the right way, you can benefit from it. That’s what we call scarcity marketing. You are putting a limited-time offer on a product or service. This can have a psychological impact on your target market. They might fall for the trap you set and give in to their urge to avail a discount or deal.
That’s the main essence of scarcity marketing. You are taking advantage of the fear of missing out on a good value proposition. This is how businesses keep their audience engaged and meet their targets. The goal is to create a conception that there is a limited supply of a product. This will make them buy supplies they don’t need.
Enough talk about scarcity marketing and how to stir your audience’s emotions. Let’s dig a little deeper into what it is and how to do it successfully. That’s because it may sound easier said than done.
Table of contents
What is Scarcity Marketing?
Scarcity marketing, in short, is leveraging the fear of missing out to your advantage. This is something a lot of businesses already do. Let’s break it down even further if you haven’t heard about it. Enterprises capitalize on the psychological need to buy things on a limited-time offer.
Consumers will try their best to purchase unnecessary items if they believe these products are worth the price. Keeping this in mind, that’s how scarcity marketing is used daily. The moment you see the words that require an immediate call to action, you’re alert.
For example, “limited time” or “ending soon” will trigger this response to act quickly. We will cover more examples and templates for you to incorporate into your daily process. So, don’t worry, we got you covered. Scarcity marketing is every copywriter’s playground!
Types of Scarcity Marketing Tactics
FOMO isn’t the only type of scarcity marketing one should consider. There are other types that you should also consider. Here are some:
Exclusive Offers
Exclusivity is much appreciated by any audience. If you can make your customers feel special, you have the recipe for utmost success in the palm of your hand. So, it’s best to offer deals and services for a selected bunch of people. This can be random or well-thought-out. You can pull a lucky draw to further increase overall engagement among your customers.
Scarcity marketing isn’t limited to consumers; try getting A-list celebrities or influencers in the mix. It can create more hype about your product and increase your reach. For instance, consider offering exclusive memberships if someone purchases from your brand a specific number of times or completes a survey.
Excessive Demand
Showing your product is in excessive demand is a great way to leverage scarcity marketing. You can share stats and figures showing that the demand is much higher than the supply. This can help dwindle your target audience without much effort.
All you need is indirect social proof, and you are set. You can put restocking or limited signs on your profiles to create this perception. However, always keep your prebooking options open. This can help you generate urgency, even without trying.
Urgency
Urgency is another tactic that we have previously mentioned. It’s most popularly used in the major shopping seasons, such as Black Friday and Cyber Monday. You can leverage this type of scarcity marketing to your advantage. This, too, stirs the feeling of missing out on a great opportunity.
So, all you need to do is create a fear that customers will lose a great offer. This will push them to make an impulsive purchase, which always works in favor of the company. You gain a loyal customer and reach a wider target audience.
Can You Crash While Doing Scarcity Marketing?
There is a high chance you can crash and burn while trying to do scarcity marketing. Even the best of the best may make mistakes, which comes off as cheap. So, keeping this in mind, you need to curate a strategy that helps you and does not backfire in the long run. Here are a couple of ways to avoid a backlash from your target audience:
Don’t Use Scarcity Marketing Tactics too Often
You need to understand the art of leveraging scarcity marketing to your advantage. The more often you use it, the audience loses interest. Hence, it’s best to keep a check on how frequently you use this tactic.
Frequently Pitching Exclusivity
The more often you use exclusivity, the higher chance it loses its charm. So, don’t just waste all your time and effort into something that won’t be fruitful in the long run. Try to incorporate other scarcity marketing strategies to keep your plan interesting.
Products Not Meeting Expectations
Don’t pitch products that are not up to par. You need to deliver on all your promises. That’s because a poor-quality product will translate into lower customer satisfaction and retention rates. This will damage your reputation and cause you to lose valuable customers in the long run.
Failing Sales Tactics
You don’t want to send more than 2 or 3 daily or even weekly reminders. This can lead your consumers to unsubscribe, and you fall one step behind.
Scarcity Marketing: Fail or Pass?
Scarcity marketing if done right can make your brand stand out from the crowd. However, it can go south as well. So, it is best not to build a faux FOMO on a frequent basis. You need to achieve a balance between the two for your marketing plan to reach its utmost potential. So, what are you waiting for? Try this out for yourself. We have covered all the basics for anyone to figure out!
Featured Image: MotiveMetrics
