As a high-achieving businesswoman, have you ever decided to buy a product you weren’t entirely ready to buy, you probably did so because you might have feared you would miss out on the product entirely.
The chances are, whether you were buying online, from a small business, or at a large retailer, that feeling wasn’t entirely a coincidence.
Both small and large businesses use scarcity tactics to seduce customers to buy and to get those customers to come back over and over again.
Studies have shown that when something is scarce, people think it’s of higher quality. After all, it’s almost sold out, isn’t it?
When people begin to fear that they are going to miss their chance, it feels like it’s their loss. Because of that feeling, we often react quickly – and yes buy.
It’s a definite fact that items or products that are exclusive, scarce, uncertain, or in high demand tap in the most commonly limited factors of time, access, or quantity.
So let’s look at the three some ways this can work for your small business.
This category includes things like holiday sales and seasonal offers. These seasonal bonuses are a wonderful retention tool, especially for customers who haven’t made a purchase recently or those customers who are just recognizing your brand — a seasonal special can be just the thing to get customers in the door again and renew their loyalty.
It may be counter-intuitive to limit access to your product when you’re trying to sell it, but it’s a tried and true tactic.
However, limiting access can be as simple as the download of an eBook or white paper, or selectively offering free trials. The most common way to limit access and convey the appearance of luxury is to raise prices; in fact, the human brain is so susceptible to equating price with luxury that studies have shown that ‘individuals appreciate the same wine more when they think that it is more expensive’.
Limited access offers are a great way to get people to act immediately, but be sure to use them only on your most popular products, otherwise it might backfire.
The final category of scarcity-creating techniques is limiting the quantity of the product. All types of businesses have use this ‘limited quantity’ tool as a way to sell more of their products. Some online retailers keep sold-out items on the website to show how real their sales are: You can miss out, so you better act now.
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As a reminder, for career and businesswomen it’s always about – ‘Results. Uniqueness. Differentiation.’ I call this your ‘RUD’.
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