The older techniques to increase sales was to create demand, make products cheaper, make advertisements and earn lots of profit. But there is another alternative that is being ignored, creating scarcity. when a company uses scarcity, your customer perceives that there is limited edition which compels them to purchase the product. It develops fear in them of missing out which led them to buy within the time constraints. What are the scars product? Products which are difficult to conceive, difficult to convey and difficult to make. It is a thing that is not available in unlimited amounts and is difficult to get. With scarcity tactics, customers are motivated to buy products because they see everyone is buying it and it is validated by others that it is a great buy.
Running a big business and selling cheap products is no longer a good tactic to create demand. There are many companies across the globe who are already indulge in it. If you offer them scarce products like giving VIP passes to old customers and artificially creating a situation of scarcity can make sales grow very quickly.
Difficulty raises less variation
In today’s world creating product at cheaper price is no longer a difficult task. You can become a web designer and you can create your own software easily through several guidelines. Many social sites are ready to help you in advertising your product at simple penny. But less difficult raises more variation. If it is easy anyone can do it. It opens many doors for the customers.
What is difficult is to create something that is not unlimited, something that is difficult to get and difficult to find. The one most important way is to create scarce. Adding countdown timers, hosting a flash sale, VIP offers and limited time offer techniques can grab lots of attention from customers.
In the practical world too, getting the right hire, retaining people who can bring change, motivating them to achieve goals and finding people who can do difficult work, is a difficult job. There are two ways to create artificial scarcity
- Quantity
- Time
Daily and weekly sales of 40% to 60% off, best of the best deals, last minutes and many more to create an artificial illusion that something is scarce. Starbucks has been implementing this strategy for a long time like sunday special frappuccinos and they increase its price by making it limited edition.
Conclusion
Soon the world will be one who can create scarcely, not of the one, who can create cheap. Taking the above strategy into account can create a base for your campaign. scarcity marketing is a tool that is using ethical ways to avoid pain in marketing.
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