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Most people don’t buy products because they didn’t have enough information to get into buying decision. They don’t see how the product or service will be much of help for them due to lack of information that’s where clarity comes in. Clarity and not persuasive skills or marketing verbiage is the key to making sales.
So how do you use scarcity to obtain new leads? How can scarcity be used to increase leads? If you look at the principle of supply and demand, you’ll notice that when supply is limited, demand goes up. Scarcity has a psychological influence on us, making us want something even more if there isn’t enough to go around. Scarcity is great because it creates a fear of shortage, and thus a sense of urgency.
Limited Time Offers
Limited time offers are among the most popular in the scarcity category. Just think about your average car dealership. Practically every commercial is a limited time deal. “Get 0% financing before it’s gone!”
Limited Quantity Offers
When something is of limited quantity, it suddenly becomes more unique or exclusive. In some studies, limited quantity or supply offers have outperformed limited-time offers. Why? Because it’s hard to tell when an offer of limited quantity will suddenly become unavailable, while a time-based offer has a known end time. Limited quantity offers are great for not only getting people to say “yes” to your offer but to avoid procrastination completely.
Limited Time and Limited Quantity
Groupon is the perfect example of using both tactics. All Groupon deals end within a certain time frame, and they limit the number of people who can buy a Groupon. That’s a powerful combination. The site also packages these scarcity tactics with discounting, which is another great value-add, especially for e-commerce businesses.
After Prince William and Kate Middleton got married in April of 2011, no one could stop talking about Kate’s wedding dress.
Within hours after the wedding, vendors began making near-identical copies or similar styles of the Stella McCartney- designed dress. Even vendors such as David’s Bridal now have a “Royal” category so you can dress “just like Kate.”
When something is buzz-worthy, it creates high demand. In situations like this, you can align offers with “what’s hot.” Companies will often leverage newsjacking for this type of technique and it works very well for offers, too. As an example, earlier this year people couldn’t stop talking about Pinterest.
Create new streams in your social media management tools to help you find out what is trending and get on top of it to help amplify your own marketing. The earlier you can get on the bandwagon before it “goes viral” the faster you can rank in searches and the more people you will find attracted to your information. HubSpot capitalized on this craze by creating the first Pinterest ebook for business owners and marketers, How To Use Pinterest for Business. It quickly became one of HubSpot’s most successful ebooks with more than 125,000 downloads to date. Because it was the first and only ebook available on Pinterest (and we made sure people knew that), and learning how to use Pinterest for marketing was in high demand, it made the offer more unique and thus more irresistible — that’s the power of leveraging both timing and popularity!
By leveraging newsjacking, you can also utilize the bandwagon effect through blogs, webinars, conferences and more to help traffic more qualified leads into the funnel.