Knowing how to produce demand for your products and services is frequently the difference between reaching your sales targets and a missed opportunity. One of the ways brands can reliably generate demand is usually through scarcity marketing tactics, which tap into people’s inspiration to avoid loss or obtain something exclusive.
You are probably seeing scarcity advertising tactics all around you already without realizing it. Right here we’ll take a look at some of the most efficient ways to use them and examples from brands who are already doing it successfully.
- Scarcity marketing creates demand by playing upon people’s fear of missing out or even aversion to loss of a product or service.
- Emphasizing restricted product availability, using time for you to create urgency, and highlighting demand with social evidence are all scarcity tactics that will motivate customers to act.
- Scarcity marketing tactics must be used less often and always be genuine — otherwise, brands risk losing trust or coming off as too aggressive.
The scarcity principle: what it is and exactly why it works
We all want what we can’t possess, right? By definition, scarcity marketing intentionally messages the limited availability or availability of a particular product. This plays on people’s anxiety about missing out (or FOMO even as we all know it today).
Hubspot recently surveyed 300 general consumers to find out how they felt about products in limited supply. The biggest group ( 45% ) reported that limited availability makes them more likely to learn more about or purchase a product.
With scarcity marketing, you can tap into this natural desire that individuals have to obtain something right away in order to avoid the possibility of losing on it later.
How to create demand using content marketing
Emphasize limited availability
You can create demand by emphasizing limited accessibility in your content — whether or not it’s due to low provide or to intentionally limited manufacturing.
When a product is already in high demand, telling your clients about it makes them want to hop on board (after all, when everyone else is buying a product, it must be awesome). Limited edition items (i. e. only a specific amount will be manufactured before it’s no longer available) have an air of exclusivity that inspires people to act quickly.
Low stock notices
Low stock sees are a fairly simple, easily-automated shortage marketing tactic. They’re especially effective when paired with a personalization strategy. For instance, sending combined low stock plus abandoned trolley messages can remind a customer that a product they considered buying has become running low. This creates a new sense of emergency that will likely make them take action.
Google will keep it simple and uses the particular tactic well in this homeless cart email example:
Amazon can be another brand with a really efficient low-stock notice strategy. Any time an item you look at is certainly running low, you’ll find it in big font right on their product pages. If you were thinking about waiting until later to buy, that notice will likely make you reconsider.
Limited or special edition items
It’s common for brand names to create demand for items by intentionally limiting their own production, making it more difficult to acquire it and again tapping into the motivation driven simply by exclusivity.
You’ll see this tactic used often by larger brands that may count on their established consumer base to drive demand for their limited-edition products. Brands also add emotional connection to the equation by creating limited edition items around a particular event.
Coca-Cola does this particular often and well. An example is their limited-edition product packaging for every soccer world glass. The 2014 edition increased for sale on eBay seven years later!
While it might be easier for a brand like Coke to implement this scarcity tactic at scale, it’s not impossible for smaller, impartial brands to create limited edition items. The key is to know what’s important to your customer base.
Is there a specific event, cause, or effort you can build a limited product around? If you sell distinctive and/or handmade goods developed individually or in amounts, your products are new edition by nature. Are there other brand names or creators you can partner with to create a special or exclusive product set? These are all of effective ways to use this tactic.
Lean in to the limited nature of your products in your content marketing, as well, emphasizing why they’re special (i. e. handmade, combined with a product from a partner brand) or important to your own customer (for instance, when they’re connected to a meaningful event).
Make time limits
Setting a time limit on product availability creates a sense of urgency that is hard for customers in order to ignore . Whether it’s a sale you’re working for a defined period of time, the seasonal product, or an additional benefit that requires immediate actions, leveraging time is an effective way to create demand. Let’s look at some examples.
Following day delivery timers
In today’s world, next-day delivery is nearly expected. Immediate gratification is everywhere, plus customers are willing to take action in order to get their products sooner. Let’s review Amazon again. They use this plan more effectively than any other brand name. Search for a product and they highlight potential delivery times below every listing on the outcomes page.
Click on a product, and Amazon . com will tell you exactly when you need to order the product to get same-day delivery. In this case, I could get my Echo Dot today if I order within 55 minutes. Even if my buy isn’t urgent, odds are I’m going to order now just so I can receive it sooner.
Limited time discounts
Discounts being operate for a set period of time are a ideal opportunity to ramp up your content marketing to generate demand. Give your discount more visibility simply by creating an email campaign , spreading it on social media, plus making it prominent on your website.
You can also get strategic about discounts to increase demand around a particular item. Everyone would prefer to pay much less for a product they want, and discounts motivate people to react so they don’t miss out on a great deal.
Seasonal products create demand because they’re novel. They also naturally develop positive emotions by celebrating holidays and times from the year that people are pumped up about.
The espresso giants of the world try this really well. We see it each year when people get excited with regard to Dunkin’ Donuts to start selling pumpkin spiced lattes every single fall, or when Starbucks releases their special vacation cups.
Starbucks has done this so more than the years that there’s a dedicated fan page counting down the days till the red holiday cups appear.
Seasonal offerings have an inherent shortage built into them. Since you can simply get them at a certain time of the year, people want them when they’re available.
Highlight demand with social proof
One way to create the idea of scarcity is to highlight the existing high demand in regards to current product. If many people are already buying something, customers will feel more urgent about buying it themselves. So, just how do you highlight this current demand? One of the most effective ways is to use tactics centered close to social proof .
Analysis shows that 93% of consumers today seek out reviews before they purchase a product. Most of them will trust the review even when it’s from a total unfamiliar person. You can utilize reviews and recommendations from satisfied customers simply by highlighting them on your site, social media, and product pages. This not only emphasizes the high quality and value of your item; it tells your potential prospects that it’s already much sought after.
Use difficult numbers
A good way to effectively highlight demand is to get right to the point by utilizing hard numbers. Groupon will this really well. There’s already a high level of scarcity about Groupons offers — every deal has a limited volume and set time limit. But Groupon also does a good job of showing which offers are especially popular by displaying the exact number of purchases under every listing.
This tactic also utilizes social proof to create a virtuous demand cycle: the more purchases made, the higher the number, the bigger the social proof, the more purchases continue to be made. Talk about effective demand generation!
Show real-time activity
You can take the prior tactics to the next level by showing customers how many other medication is viewing the same product with that very moment. This is especially effective for items that have limited availability.
Etsy does this well. Many of their products are handmade and have limited amounts. When you look at a particular product, it shows you exactly how many more have it in their shopping cart. In the event that customers know others are performing, they’re more likely to do it, as well.
Shortage marketing done right
It’s important to remember that while scarcity marketing is really a proven way to generate need, it also has its pitfalls. Brands should always stick to genuine scarcity tactics and make use of them in moderation.
For example , continually insinuating that a product is in high demand when it isn’t will probably catch up to a brand. Once it does, customers will believe in what they say a little less in the future. When scarcity advertising is used too much or the messaging is too aggressive, customers might be turned off by feeling pressured to make a purchase.
It’s a good idea to think holistically about when you want to use shortage tactics to generate demand. Look at your overall marketing strategy and choose where it fits greatest with product launches, events, seasons, and other related factors.
Think also about ways it can be integrated into your regular promotions plus content (for example, social proof content always displaying on product pages). Plan ahead so that your messaging is always genuine and intentional.
Grow demand for your brand with awesome content material
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