The marketing strategy you use determines how well you can convert sales. Now, what is scarcity marketing?
While you can tinker around to see what’s best for you, the one strategy I do like is one that makes customers want to act fast – and you can do it easily using scarcity as a strategy. Major web hosting players like iPage and GoDaddy do it, and so do tech giants like Amazon during their annual sales.
The urgency to avail an offer often converts leads into buyers. FOMO or the Fear of Missing Out can cause people to spend their money without thinking too much, that is a scarcity marketing definition.
The Best Strategy to Make Your Customers Act Fast is Scarcity Marketing
Not all FOMO strategies are as effective. Let’s walk through scarcity marketing examples together:
1. Limited-time remarketing offers:
You will find that some customers will simply refuse to go through with the purchase the first time. In this situation, you need to use remarketing tactics in order to get the conversion. The key is to get them back on your site with some incentive or the other.
Scarcity marketing also includes offering them just a discount will not be enough. Implement a deadline on the offer so that people feel compelled to visit your site at that very moment. It is okay to not retarget all visitors, and instead focus on the most engaged visitors because they are more likely to succumb.
2. Put expiring deals on landing pages:
When a visitor opens your website for the first time, he or she comes across the landing page. Posting deadlines on this page will make your visitors pause and think because they will not want to let the offer go.
You can also do the same with pricing pages because a large number of people visit them to know about your affordability. This scarcity marketing tactic will contribute to the urgency of a limited-time deal even more so when you cross out the original price and then mention the lower price point. Customers will automatically want to avail the deal before the offer expires.
3. Email deadline-based offers your leads:
Leads are the key to converting visitors into actual buyers. Someone who leaves his or her email-id with you is interested in knowing more about your products. You can send them email offers to pique their interested.
However with scarcity marketing, what will really make them drop everything and click on the link is if they see a deadline-based offer. You cannot afford to sit around and wait for your leads to convert. Instead, you need to make them feel like they will be missing out on something great if they delay a second longer.
4. Exit-intent offers:
The exit intent tool is the safety net that will help you make a few more conversions that you would otherwise have made. This pop-up style box comes on the screen when someone wants to exit the site. The purpose is to get the visitor’s email in exchange for a compelling offer before they can leave, another scarcity marketing example. When users do not convert on lead magnets or blog posts, this tool can help you get those micro-conversions.
One of the best places to include deadline-based offers is inside your exit-intent popup. It will make a lot of visitors go back and check out your account further. Moreover, they might also end up making their first purchase.
5. Scarcity as a deadline:
Sometimes, you need to mix up your scarcity marketing strategies, or they become too predictable. Deadlines can take a lot of forms. Instead of giving the visitors a countdown timer or a deadline date, you can limit your stocks for them.
Most e-commerce sites immediately put up a sign when the available quantity falls, which also adds scarcity. This is a clear indication that customers will have to purchase this item without any delay or else it will go out of stock. They will have to wait for it to restock if they do not take up the offer now. Everyone knows that this deadline cannot be messed with, and they will be forced to make a decision to act fast. Scarcity is also a sign of social proof because it shows that a large number of customers have invested in the product already.
6. Upsell products with the help of a deadline:
If you already have an established customer base, then it is advisable that you pay more attention to keeping the existing ones satisfied instead of looking for more. This is because an existing customer will not cost you any extra money. There is no remarketing to be done.
You can rely on them to be faithful to your product. So when it comes to upselling, you should look to them. Give them a deadline-based offer that will compel them to upgrade the services they are receiving, which we would also recommend A/B testing to see which performs best.