Convert More Leads By Utilizing Scarcity In Your Marketing
When something is exclusive, or scarce, not everyone can have it, and by nature, people want what they can’t have.
“For Marketers, this is a powerful psychological phenomenon”….says Ramona Sukhraj, IMPACT
The impact of exclusivity on human beings begins with the Scarcity Principle. Like supply and demand, the scarcity principle says that the more rare or unattainable something is, the more valuable it is.
This elusive value sparks a sense of curiosity and urgency within a person and makes them want to know exactly it is that they’re missing out on.
To the benefit of Marketers, its these emotions that also make people want to convert or click-through to make sure they’re in on your exclusive offers before its too late.
When your product, service, or offer is exclusive or limited, so are its benefits. Being one of the few to have access to these benefits puts you in an elite group, creating a strong sense of belonging and community. Being a part of this group and having access to these benefits also gives people a boost of confidence. They feel important and at an advantage over their peers.
In order for a strategy based on exclusivity to work, you have to offer clear, unique value to the user. This is what catches a person’s interest; Ramona says that it is these exclusive benefits that make them want to convert and be a part of the elite community of users.
Try implementing these 3 simple ideas in conjunction with an upcoming offer to increase its scarcity and perceived value:
- Waiting Lists: Build hype and awareness by having individuals sign up for an upcoming offer or event ahead of time with a dedicated landing page.
- Set Deadlines: Set deadlines for registering for an event or redeeming a promotion. This creates a sense of urgency and gives your audience an extra push to act now instead of waiting until its too late.
- Limit Quantities: Limit your promotions or offers to a set number of people or redemptions. This, similar to setting a deadline, creates a sense of urgency and scarcity around the offer and encourages your audience to take action now to and be one of the lucky few to benefit from the promotion
Understanding these 9 Important Psychology Key Principles below, and weaving them into your marketing, will help you’ll convert more visitors into leads, and leads into customers:
- Reciprocity – The concept of “reciprocity” is simple — if someone does something for you, you naturally will want to do something for them.
- Commitments – “Commitments” is another way of saying that people don’t like breaking their promises.
- Authority – When we view someone as having authority, we’ll be much more likely to trust his or her opinions and suggestions, simply because we believe the person is credible.
- Social Proof – One easy way to make the most of social proof is on your blog — if you’re not already, use social sharing and follow buttons that display the number of followers your accounts have or the number of shares a piece of content has.
- Liking – Liking is crucial to developing your company’s brand.
- Scarcity – This psychology principle goes back to the simple formula of supply and demand: the more rare the opportunity, content, or product is, the more valuable it is.
- Recency Illusion – Ever heard about a product and then start seeing it everywhere you look? While that may be part of some clever ad retargeting online, it most likely is because of the “recency illusion.”
- Verbatim Effect – According to this psychological concept, people are more likely to remember a fuzzy, general idea of your content — not the longer, more detailed piece you originally created. Given the “verbatim effect,” you should try to pack as much relevant and descriptive information into your headline as you can.
- Clustering– Most people can only remember seven pieces of information (plus or minus two pieces in any given situation) at a time. To cope, most people tend to cluster similar pieces of information together.
- Do the legwork for your audience: group similar topics in your writing together — either under numbered bullet points or with different header sizes.
Now it is YOUR turn….go ahead and implement the above ideas and start creating scarcity today!
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To Your Success,