Two of the absolute most vital ideas in business marketing tactics are to Create Urgency and Scarcity. How you intertwine the two into your business sales funnels may very well determine the success or disappointment of your sales funnel. Obviously, you still need to guarantee you have the perfect Hook, Story and Offer. But be that as it may, in the event you genuinely want to see your visitors converting, you have to discover ways to add scarcity and urgency tactics into your pages.
Be that as it may, you need to maintain a strategic distance from fake scarcity and urgency so you do not just seem desperate as this will put visitors off and will not help your cause for increased sales and conversion optimization as the vast majority of your customers will know precisely what you are up to. What’s more, by endeavouring to trap and well, basically lie to your prospects, you’re not going to get the support your offers and deals deserve. You’ll simply finish up pondering what’s up with your offer and for what reasons they’re not converting. You have to still create a sense of trust!
In any case, before making a plunge blindly, we have to characterize what scarcity and urgency truly means. By the day’s end, individuals regularly want what they can’t have!. Consider this for a minute. When you see huge deals flashing in store windows or on your favourite websites, aren’t you more inclined to purchase? It’s the fear of missing out (FOMO) on that irresistible offer that makes you take your wallet out… and, this only occurs through scarcity and urgency.
In the business world, there are numerous approaches to adding scarcity and urgency into your businesses plans. In any case, by the day’s end, there are 5 that check. Remember that you’re not a brick-and-mortar-store. Instead, you’re a virtual shop, tempting your website visitor to purchase. It’s frequently an emotional reaction that wins the purchase, not a logical one. Individuals don’t regularly purchase what they need something, they are buying what they want at that moment.
What Is Urgency And Scarcity?
When a product is scarce, it makes it a hell of a lot more intriguing to your visitor than a product where they know they can wait till next week or next month to buy it. Consider precious stones for a minute. They’re a rare asset, and we as a whole realize that. As a result of it, the cost of precious stones is characteristically high. Be that as it may, when some other product is hard to come by, the price frequently ascends, alongside the desire to want it more. Consider an iPhone, for instance. At the point when their items used to run out, there would be this uproar to purchase them on say eBay, where prices could double, triple or even quadruple and people would happily pay this because they wanted that apple product now!
Remember those Nike worst bands back in (date) you could buy these for $1 and profits would go to racism in football. These quickly became scarce, and again people stormed the stores to find and source these rubber bands… and, not because they wanted to donate to charity. These bands went straight up on-site like eBay where you could get a 1000%+ ROI.
Scarcity, at this point, is essentially the understanding that an item or service is hard to come by or that it will end up inaccessible to buy sooner rather than later. That regularly prompts visitors to take action. They’re coached into taking action when they realize that whatever it is they’ve been pondering on purchasing will soon be inaccessible. Scarcity is a significant driver for successful offers, as long as it’s genuine scarcity. Please don’t be that marketer who simply adds scarcity and urgency for no real reason…
When you attempt to trick prospects into believing that something is rare, you end up annoying them more than you boost conversion. When you demonstrate that something is unique and on the grounds that an offer is soon to be shutting down or there are just no spots left etc., make an effort to use genuine scarcity and urgency, your customers will know the difference!
This shouldn’t imply that you can’t implement one or two other marketing strategies where you can bring back the scarcity offer. You certainly can, and you should. Make sure that everything works legitimately and that you’re not marketing offers to your audience that you closed down in the relatively recent past without giving a substantial purpose behind opening it back up once more.
Unmistakably scarcity is imperative in any business. Actually, scarcity is essential to the point that Robert Cialdini named this as one of six pillars engaged with our capacity to influence. Why? Because, when supply drops, demand regularly rises. There’s a motivation behind why individuals race to snatch something just before the offer closes. Remember this and seek to incorporate into your digital marketing strategy and you will be one step ahead of your competition – It’s inside our born human want to have something we realize we can’t have.
Now, with regards to urgency, you usually have more alternatives. Urgency becomes an integral factor with things like countdown clocks. When somebody feels that their time is going to lapse to get engaged with something, at that point the genuine enchantment occurs. Urgency, at that point, is an impression of the measure of time somebody needs to finish something. On the off chance that criticalness comes in the form of a countdown, then there’s a convincing motivation to make a move immediately.
Understanding Consumer Psychology
Research in consumer psychology covers the hidden components that impact buying choices. This identifies with things like feelings, colors and pricing strategies. Each one of these segments requests a specific reaction from the prospect. Colors can instigate purchasing behaviors, and pricing can likewise affect sales. Basically, purchaser psychology research is the examination of why an individual purchases something, and the external factors that push that action.
While there’s a great deal to get a handle on here, knowing the fundamentals that drive a prospect or lead to purchase the quickest are the basics are of scarcity and urgency. They will push deals further and quicker than some other system or strategy that are out there. Yet, that doesn’t mean you shouldn’t comprehend alternate strategies that are identified with buyers.
For instance, one investigation found that using a pricing strategy which puts the middle tier value near the most expensive choice, can rapidly increase offers of the most costly choice. This is known as the decoy effect, and sole motivation behind the ‘decoy’ is to simply increase the sales of the most expensive option. It works likes bait! You are giving higher value to your customers in the most expensive option but keeping pricing close.
You’ve likely observed this pricing strategy in plain view at your favorite cinema. Here’s how it works, more or less. There are two pricing alternatives for nachos at a theatre.
Small Nachos is $3.00
Large Nachos is $7.00
For this situation, most people will, of course, go with the $3 choice due to value and that the cost is undeniably better as you could get 2 small for and with a dollar to spare.
Be that as it may, what happens when you make a little adjustment to the menu and add in another option? Imagine a scenario now where you include a third choice and value it at $6.50. How will that change the purchaser’s decision making? You would expect to see that the vast majority swing to the small nachos before the third choice is presented. When the third choice is shown (the decoy or bait), the bigger alternative turns out to be more appealing because it’s plain to see the value in paying $0.50 extra to upgrade to the biggest option.
Little Nachos is $3.00
Medium Nachos (decoy) is $6.50
Expansive Nachos is $7.00
Unmistakably, affecting a shopper’s behavior doesn’t merely include Urgency and Scarcity. This is one straightforward case of where pricing methodology can significantly sway your customer to buy top tier options. Next time you go to a cinema, or even a store, pay special attention to this system.
Taking into account that we can affect the purchaser’s conduct with basic pricing methodologies and motivate them to pick one alternative over another, we can likewise urge the customer to act by urgency and scarcity strategies. There are many strategies behind this, but as long as you have an understanding that urgency and scarcity are vital components, you should be adding to your marketing strategy is a great start.
Let’s look at some ways you can include urgency and scarcity into your sales funnels. There are more ways… but for today we will stick with these 5!
1. Use words and expressions that enthersizes urgency in your titles, and content
Certain words encourage individuals to act. For example, if you were to say ‘Hurry! Act Now!’ it should be followed by a call to action like click here to sign up now before the deadline.
You can use these in button text, headlines and titles on the page. For example, you could say ‘Get Free Instant Access’ on a button that invites prospects to check out a free PDF or checklist or cheat sheet or some other form of bait that you’re dangling in front of them.
Here are some other examples of urgency words and phrases:
- Limit time only
- Closing soon
- Offer ends on…
- Today only
- Act quickly
- Shutting down soon
- Limited time offer
- Don’t miss out
- Sale ends today!
- The price goes up on…
2. Use the loss aversion technique to induce pain.
People act when they know they’re going to lose out on something. This is well-known as the fear of missing out (FOMO). It’s researched that people will do more to avoid pain than they will to gain pleasure. This is why you have to flip the script by inducing that pain using the loss aversion technique. But how does this work to create urgency? Well, you’ve likely seen it before. Here’s how the loss aversion technique works to invoke your potential new customers. Your offer includes a statement: ‘This offer ends in 1 hour’ meaning if they don’t take action within one hour the offer expires. You really can frame almost any offer to include fear of loss. Robert Collier said that “When you want to inspire fear, be definite! Be specific!” In fact, this has been a powerful marketing technique used since the 1930s. Here are some examples of how the loss aversion technique works: Your spot is reserved! Don’t miss your chance to learn! One time offer! Only 100 copies available, inventory running low! Buy now before supplies are gone! Can you see how this instils a fear of loss in the prospect? Start compelling action in your marketing messages when you know a prospect wants something. If you combine this with countdown timers and re-targeting using your Facebook or Google Pixels, for example, and you could craft yourself a winner ad and offer a combination, you will be unstoppable.
3. Place and display limitations
Reality check… When there’s plenty of something, no one wants it. When there are very few of those same things, everyone wants it. That’s the power of scarcity. People desire scarce resources, making them more expensive and sought after than anything else available. But how can you use this to compel your prospects to act? By first placing and displaying a limitation on the thing you’re offering to them. For example, you’re only accepting a certain number of people into a particular coaching program or a seminar. All you have to do is place a limit on the number of spots that are remaining. Let’s just say you’ve sold half the spots, you can then tweak your marketing to say ‘Only 6 spots left!’ You can also create both urgency and scarcity if you add something like ‘Hurry up and act now before all the spots are gone!’ Stores do this with their inventory. You see it online all the time. Something like ‘Only 8 books left! Order before stocks run out!’ Amazon and other online stores use this tactic all the time and combine it with countdown timers. You can also use the tactic of saying ‘Limit 2 per customer’, which invokes scarcity by stating that there are likely only limited quantities in stock of whatever product is being sold.
4. Use a deadline with a timer
Some of the best ways to induce urgency and scarcity are to use a countdown timer with a deadline attached to it. This tells the prospect that the offer is ending. But it needs to be real urgency that you build into your sales funnel and not manufactured. If the offer is expiring, it really has to expire.
This can be done with ClickFunnels very quickly. You can also use different apps to do this as well (we will go into some of these in another post). However, countdown timers are even better when they’re cookie-based. When you use a cookie-based countdown timer the person visiting your landing page will see the offer actually expire and will not be able to reopen again, this could be used for something like an automated webinar or a closing a cart on a one time offer (OTO) for example.
5. Create flash sales
Another great way to use urgency and scarcity in your sales funnels is to create flash sales. Flash sales are limited-time sales for any product or service. You have to do this the right way without looking too manufactured. If there was a good demand for a product or service, and you know that a segment of your prospects is interested, marketing a flash sale to them makes sense.
However, if you’re manufacturing flash sales out of the blue to cold traffic, it may not work so well. Flash sales always work best when you target a warm audience. The people that already know you. You also have to use precision when displaying the regular price versus the flash sale price. Add a countdown timer to the flash sale to give it more credence and display when that offer is actually going to expire on. Again, countdown timers are a fantastic way you can add a sense of urgency into any aspect of your sales funnels.
Well, there’s a lot to take in there. I hope you can see the importance of including a little ‘HONEST’ and ‘REAL’ Urgency & Scarcity in your offers.
Deciding how to approach these methods is down to you, but keep in mind what your end goal is, and make sure that the marketing strategy fits the offer you have created. It doesn’t matter if you are selling an online course, tickets to a live event, or a physical product. Using Scarcity and Urgency in your marketing messages will help increase conversions and sales.
Have a play with it in your business, and let us know how it works out for you. .
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