People do not like getting left behind, and they also do not like missing out on something. This psychological phenomenon is what marketers use to take advantage of consumers. It is called scarcity tactics.
Today, I will share with you several scarcity tactics you can use in your own shop.
These are:
- Timed discount and sales
- Countdown Timers
- Flash Sale
- VIP Offers
- Limited Stock
- Holiday Offers
After reading this tutorial, I’d like you to choose from several of my recommendations. Plan around how you will price your products, and then launch the sale campaign at the most appropriate time.
1. Timed discount and sales
This is the most common of all scarcity tactics out there. We see them everywhere. In my observation, only a few website stores do not do this.
You do not have to wait for specific occasions and holidays to offer a sale. You can do this every quarter if you want to, or every month.
Should you decide to go this route, you have to take note of the following:
- The discount must be difficult to refuse
- The sale must be short
- The sale must be announced
The discount has to be big. It does not make sense to offer a 10% discount because some of your competitors may already be selling the same product at a lower price. Your sale must at least be 30% off the current price.
But you will lose money, you say. The trick here is to price your products high enough that you can afford to lose 30% of the selling price and still make a profit.
2. Countdown Timers
Countdown times are used for special offers. The discount and sales tactic, however, is something you want to do for your entire store.
Countdown timers are apps that show a digital clock. This clock ticks, and once the time is up, the sale for that specific product is over.
Here is an example of a timer:
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