Do you use these in your scarcity marketing?
“LAST CHANCE”
“WE’VE ONLY GOT 2 SPOTS LEFT”
“ENDS TODAY”
You’ve seen it all before.
You’ve probably used some of it – just like I have.
Yet, the famous “SCARCITY” marketing tactic doesn’t seem to work like everyone says it does.
Here’s Why:
Scarcity marketing (in other words, FEAR of losing something) is a very influential way of marketing.
It gets people to take action if they fear they will “lose out.”
Sometimes.
I say sometimes because MOST marketers only use the takeaway fear method without understanding what scarcity marketing really needs to work.
And I’m About To Give You The Scarcity Marketing Formula That Works:
Ready?
First, you need to TAP INTO an EXISTING fear your prospect has.
That means you have to understand your prospect inside and out…
AND, you have to understand them intimately.
“That’s hard work…” someone told me on a coaching strategy call.
“Yea. It is. Are you afraid of hard work?”
Radio silence.
Because this person only wanted the magic bullet.
And even after you learn this simple formula, there’s work involved…
So, I ask you the same question:
You’re not afraid of a little hard work, are you?
Still with me?
Good.
Here's the first step:
Go out and “hang” with your prospects.
LISTEN closely to what they’re saying.
WRITE DOWN every fear and anxiety they have.
I don’t care how “stupid” it sounds to you.
The point is, it’s REAL to them.
And that’s all that matters.
Heck, I’m afraid of heights – and I’ll bet a person who bungee jumps for a living cannot imagine the fear I have.
You with me?
OK – second point: whatever you or your product / service does, needs to be a SPECIFIC SOLUTION to the fear.
I know you’re heard that before.
And you’ll continue to hear it.
So FOLLOW IT!
If you’re selling widgets, telling someone there’s only 2 left doesn’t mean shit unless there’s some painful outcome attached if they don’t buy.
Perhaps these are the last two widgets on the planet ever.
Yea.
Of course I know you’ve heard that line before…
And when you see the next two pieces of this formula, you’ll understand why a lot of marketers fail using just the previous two pieces.
For one, a lot of them LIE.
They have a full warehouse of widgets.
Ever notice that furniture store that’s going out of business every week?
Every week, it’s “held over” … but just for ONE more week.
Yea.
Right.
Step 3 in our scarcity marketing formula:
The prospect has to fully understand that your SPECIFIC product/service is an effective solution.
Using the above example, IF these ARE your two last widgets, is there ANOTHER company that makes them?
Just because they are YOUR last pieces of inventory, doesn’t mean they won’t be able to get them somewhere else.
Understand what I’m saying?
It truly has to be perceived as an effective solution.
The fourth, final and most important piece is what I have found missing from most people’s marketing.
Even mine.
Here it is:
Your prospect has to BELIEVE they can DO or BENEFIT from whatever it is you are selling.
Read that again.
Because it’s a piece we ALL miss. (well, I dunno you personally, so I'm using the data from the people I train and coach.)
And we end up going back to the top trying to CONVINCE someone to buy something because it’s “ending today” and it’s the “best price ever.”
Yet, we haven’t taken the time to help them understand HOW they can actually USE our product to solve their problem.
This reminds me of this post about how to ‘convince' a customer.
I’ll give you another scarcity marketing example:
There are THOUSANDS of real estate investors sitting in “how to buy real estate” seminars all over the country.
Yet very few actually do it.
Even though they’ve been there for years learning, writing notes, buying books and going special training.
Why?
Because they DO NOT BELIEVE they can do it. (no matter what they say out-loud)
Period.
Once they are convinced (internally, with full belief) that real estate investing program A will work for them, they’ll buy into the “go to the back of the room and buy it now because the price goes up Monday” routine.
BTW…I DON’T recommend this type of forced selling. Especially in workshops that don’t teach anything REAL just so they can get people to buy their expensive programs.
If you’re using scarcity as a TRUE MARKETING method, be real.
That means – TEACH people something of value that will get them closer to their goal even if they don’t buy your shit.
Then, if you offer them a deal, using scarcity, and they don’t take it…it’s all good.
I’m just totally against these douche-bag marketers who care only about the sale and up-selling people over and over again without giving any real value along the way.
So there you have it.
You scarcity formula in full.
Please use it for good. Because it works.
And the truth is, people NEED to be pushed sometimes.
But ONLY if your stuff is really great and you know in your heart you can morally help someone!
Cool?
What’d ya think?
Lemme know below and let's get a conversation going!
BTW – If you want to Rethink Your Scarcity Marketing – check out this post.