Fear Factor Fortunes

Scarcity

It’s one of those things most marketers have heard of, but very few know
how to use it properly.

The trouble is, there are many different ways to use scarcity, and there
isn’t any one single way that works best for every product and every
unique situation.

Here are a few examples of how scarcity can be used effectively in
marketing:

1. Coupons – Coupons typically have expiration dates. This is a form of
scarcity, because it required you to take action before the coupon
expires.

2. Dime Sales – Dime sales work by increasing the price at certain price
points (or occasionally at time intervals). This inspires people to buy
immediately because they want to get the lowest possible price.

3. Limited Time Availability – Limited time availability offers are great
for getting people to take action, because if your product is only
going to be available for a limited time, they won’t want to miss
getting it forever.

Fear Factor Fortunes

4. Limited Time Pricing – Like coupons and dime sales, limited time
pricing gets people to buy right away, because they want the
cheapest price possible.

5. Limited Product Availability – By offering only a specific number of
items for sale, you create an urgency because people won’t want to
miss their chance to get the item.

These are just a few examples. There are many more. We will take a more
in-depth look at each of these later, but for now you get an idea of the
types of tactics that are currently being used, and you’ve probably already
seen many of these in use yourself.