When it comes to marketing every firm has a budget. Essentially, for any business owner the bottom line is the same; spend less money but receive equally impactful results.

When it comes to developing a marketing budget that brings strong results, business owners should expect to spend a good percentage of their revenue as a primary source of investment for their campaigns. In fact, based on statistics, it is estimated that for a business seeking to grow at a steady and healthy rate of 20% that business would have to roughly spend 8%-14% of its total annual revenue. Knowing this can be a huge benefit in regards to estimating how much to plan for a yearly marketing budget for an established or start up firm.

The following article will focus on how to constitute and develop a marketing budget that pays dividends to a company’s marketing goals.

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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.

Check out How To Turn Facebook Fans Into Paying Customers.