What is it?
The Scarcity Effect is when we are more inclined to take action and to do so without delay if there is a lack of time or resource available.
Why does it work?
It works because of FOMO – the Fear Of Missing Out. If there are limited supplies or a limited timescale to act, then we have to make a decision and make it quickly. This decision will be focussed on not missing out where possible.
How can you use it?
If you want to drive engagement then put time limits on your offers or limit the supply of your products and services. This will create a pent up demand and ensure those who want to act, will do so with haste as they do not want to miss out.
For example, we have 3 spots remaining on our latest online training academy – click here to secure your spot!
Examples of scarcity to use:
- Time sensitive pricing – The price goes up at midnight tonight.
- Volume sensitive pricing – The first 50 units are just £9.99 (see also first purchase discount)
- Bonuses – Sign up before xx to get yy bonus!
- Limited quantity – We only have 12 widgets left in stock.
- Limited Access – We only have 5 spaces left this month.
Like this kind of stuff? Want more?
Then Practical Sales Training™ is for you…
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