Have you ever wondered why we value items that feel more exclusive or unique? Whatever that reason is, that drives our need to have certain items, is what drives scarcity marketing. It is increasing the demand for an item by emphasizing the idea that it is rare or difficult to obtain, and it works! Here are just a few scarcity marketing techniques that your business can use to boost demand for your products and ultimately increase sales.
- Display product availability
Once you see your stock levels getting low, alert your customers by telling them how many items are still in stock. If they see that there is a low amount of the product available, it will likely create a sense of urgency that they wouldn’t have felt if there was an abundance of the product left.
- Offer a time limit or have a sale countdown
You can put a timer on an online sale. Offer free shipping or an exclusive offer if they complete the purchase within the next fifteen minutes. Or, you could create a more general sale countdown. By displaying the time left of the sale on your website, your customers will have a visual reminder to purchase products sooner if they want to receive the discount.
- Create limited edition or seasonal products
People love feeling like they own something that no one else has. This is why limited edition products are extremely attractive to customers; because they know it won’t last forever, and they can be one of the very few to get their hands on it. If there is something you could produce outside of your normal product line, try offering it for a limited time. For example, if you have your own clothing store, you could start selling bags or other accessories for a limited time with your exclusive logo. This will create a sense of urgency and exclusivity that will bring in a flood of customers. This works for seasonal items as well. For example, brands like Dunkin’ Donuts and Starbucks only offer specific drinks during certain seasons. This way, customers know that they should take advantage of those products while they’re in season for a limited time.
- Offer exclusive discounts
Oftentimes, discounts can seem more special when they are specific to you. You could offer limited time coupon codes to your email list, social media followers, or those who download your app. They will feel more appreciated and will want to use those coupons as quickly as possible.
- Send low stock notices
Say a customer has been viewing a specific product on your website and has added it to their cart but hasn’t purchased it yet. You are going to want to send them alerts when the item is running low on stock. This may be the little push they need to purchase the item when they realize they may not have the chance to get it again.
There is something about missing out on unique opportunities that prompts people to make certain purchases. This is why scarcity marketing is so effective. Once you engage customers with these opportunities, they are going to act before it’s too late. Try implementing some of these tactics and see how they impact your sales!