Sugarman Trigger #16 - Sense of Urgency (Scarcity)

trigger-16-j-sugarman

A crazy powerful way any organization can drum up sales is by offering something that's about to expire soon. This can be a sale, a special promotion, or something that's almost out of stock.

By telling the consumer there is a deadline, it forces them to make a decision quick. This is known as scarcity.

There's a ton of ways to create ethical scarcity for a product:

  • Holiday promotions

  • Black Friday Sale

  • Cyber Monday Sale

  • Going out of business sale

  • Something is going out of stock soon

  • Countdown timer

  • One time discount

  • Coupon code discount

  • Limited time bonus (get something extra with your purchase)

  • Price increasing soon

  • Changes to pricing structure happening soon

  • Holiday or special even sales

  • New models coming in, so need to get rid of old ones quick

  • Registration closing on a certain date

  • Time-sensitive events

  • Early bird tickets

  • Get an extra service for ordering right now, such as free shipping

  • Limited space

  • Low inventory of an item

  • Seasonal products or ingredients

  • One-of-a-Kind products that won't be made again

  • Once-in-a-Lifetime events

  • Limited edition releases (like a special cask version of a whiskey)

  • First Come, First Serve for a service or product.

These are just some ways you can introduce scarcity to a product.

I can personally attest from selling things online for 20 years that on days you introduce scarcity or a special promotion, you massively see sales increase:

scarcity sales graph

You definitely see sales increase when you introduce scarcity.

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Image Description

The image humorously illustrates the concept of urgency in sales with a cartoon hand pointing at a face, accompanied by the words "BUY NOW" in red. This visual emphasizes the pressure consumers may feel when faced with scarcity.

Positive Aspects

The image effectively captures the essence of urgency and scarcity in a fun, engaging way. The bold "BUY NOW" text immediately conveys the message and complements the blog post's theme of using scarcity to drive sales.

Key Takeaways

  • Scarcity creates urgency, prompting quicker consumer decisions and boosting sales.
  • There are numerous ways to ethically implement scarcity, such as limited-time offers, low stock warnings, and special promotions.
  • Incorporating scarcity tactics can significantly enhance sales performance, as evidenced by personal experience and sales graph data.

Additional Insights

Scarcity works wonders because it taps into the fear of missing out (FOMO). We've all experienced that mini panic when we see "only 2 left in stock!" It's like Black Friday every day! Just remember: ethical scarcity is key. Nobody wants to feel duped into buying something that never actually runs out!

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Sugarman Trigger #16 - Sense of Urgency (Scarcity) | SwipeFile