Using scarcity to launch your online productMar 25, 2021
What is scarcity in marketing?
Scarcity marketing is FOMO (Fear of missing out) at its finest.
We have all heard the phrase "we want what we can't have".
Hence scarcity being used for centuries to ensure more sales.
The best and most iconic example is the diamond industry perpetuating the idea that diamonds were scarce... and making tons of money from that marketing tactic.
For example how do you feel about a jewelry product if I say it's a rare piece of jewelry? Now if I say it's a common piece of jewelry? Odds are you would assume the rare piece was more expensive and better quality. Rare would up the social status of anyone who had it.
Scarcity also spurs people to act more quickly, which is always a in important component of increasing conversions.
And finally when someone has already committed themselves to purchase a product or service and find out there is a huge chance of not having it, it makes them want it more. Again, back to that "we want what we can't have" principle.
To sum up: scarcity implies high demand. It also implies higher value.
Examples of scarcity for course creators
Let's get into some examples of what scarcity would look like for an online course creator. Here are some brief examples of scarcity marketing:
1) Program with limited openings
2) Sales that's only available for a few days
3) Course launch that's only open for a week.
The important thing to remember is to use scarcity in a genuine way. If you say the course closes in two days, close the course in two days. You never want to make decisions for your brand that will create a sense of distrust or disease.
People buy from people they like, know, and trust. So above all, be genuine :)
**To learn more strategies for online marketing check out my courses.