Marketing Scarcity
You’ve picked peoples’ brains. But how about hacking a person’s brain in ways that make them want something you’re selling…and badly?
The answer is actually found in the study of neuroscience. It’s not about manipulating consumers, though that is, indeed, what some marketing messages aim to do.
Tip: Neurological studies have shown that scarcity triggers the brain to speed up decision-making. Instead of weighing options, the brain moves straight to yes or no.
A Primal Response
Instead, the concept of scarcity is more primal, and the practice of communicating it creates one of the strongest marketing messages there is. According to a Hubspot.com survey, “45% of survey respondents said that scarcity makes them want to learn more about a product, while only 17% said that if it was too hard to purchase a product, they’d find it at another company.”
A Strong Motivator
There’s more than one kind of scarcity, of course. It can be a limited edition, something that’s truly one of a kind or an item that’s exclusive to you or available to only a small segment of clients. All are strong purchasing motivators, and Social Media Examiner explains why.
• Faster. Neurological studies have shown that scarcity triggers the brain to speed up decision-making. Instead of weighing the options, the brain moves straight to yes or no.
• Value. When we perceive that something is scarce, we tend to assign a higher value to it.
• Community. Offering and communicating about something scarce makes customers feel a stronger bond to your business.
of survey respondents said that scarcity makes them want to learn more about a product.
This explains why ordering just a few pairs of a high-end or unusual piece of a particular SKU can be a great way to grow business and keep you top of mind with consumers.
A note of caution, however. Don’t just fake it and keep stock in the back. The folks at New Balance tried that…until hundreds of shoes they’d dumped were found.
Scarcity Strategies
Instead, test the waters, so to speak, and see how different kinds of scarcity work for your clients.
What kinds are there?
• Time-related: This works great with flash sales, seasonal specials, and that tried-and-true but often disliked strategy, couponing. Don’t overuse it, however, or customers lose trust.
• Supply-related: Order just a few pair of exclusive sunnies, for example, or true limited-edition product. Depending on your clientele, an exclusive “club” for those who crave something special can be a good ongoing approach.
• Demand-related: According to Social Media Examiner, “Demand-related scarcity works best on customers who are conformists. They want to be inside the group. They want to feel included. They’re most likely to check reviews, look for social proof, and get word-of-mouth recommendations before they make a purchase.” Strategies that work well with this group can include creating waitlists for something exclusive that’s “coming soon” or emails to those special clients about a soon-to-arrive frame you think they’d like.
It’s all about FOMO—fear of missing out. What scarcity strategies have you used in your marketing and messaging? Tell us about it and share in the conversation on Facebook here.
Erinn Morgan
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