Driving sales for underperforming products and services can be a tough task. These products and/or services need additional tactics to help it perform and this is where scarcity marketing. This technique helps move sales for these items based on their rarity. With things so readily available to consumers through online shopping, more and more consumers find value in things that feel more exclusive. So here are several useful tactics for scarcity marketing for your small online business.
Establish Product Availability
It is important to let your consumers know how many items are still available for purchase. The point of this tactic is to establish a sense of urgency to influence consumers to purchase this product or service as soon as possible. If there are only three items left in stock, set an alert on your webpage to let customers know.
Limited Edition & Seasonal Products
Another way to establish a sense of urgency for products is to create special collections. These are products with limited quantity and will not be replenish them once they are sold out. This makes the product feel rare and exclusive which entices potential customers. Seasonal collections are also effective that may only come out during a certain time of year.
Creating a pre-sale offer for exclusive products brings a sense of excitement for potential customers. It can also gauge the demand for your product and bring in sales before the launch. This is also an effective way to show other consumers the high demand for your business as well.
Out-of-Stock Alerts & Low Stock Notices
When your items are out of stock, let your customers set alerts to know when an item is available again. Also let your consumers know when you are products are low in stock so they are more enticed to make a purchase before the item becomes sold out. This keeps a relationship between the consumer to come back for either the same item or perhaps another.
Customers love discounts and they love exclusive ones even more. You can do this by rewarding loyal customers as a follow-up from a purchase, signing up for your newsletter, and following your business on social media. Flash sales are also a good tactic to use as an exclusive short-term sale to attract attention to products as well. If you have a physical storefront, you can hand out invites to in-store patrons who make a purchase.
As brick-and-mortar stores continue to collapse into bankruptcy, leaving blighted, empty buildings, there is a lesson to be learned from each.
Their customers trusted them.
Big-time retailers Kmart and Sears, now jointly owned, still has loyal fans who are eagerly following the roller coaster ride of their dismal-yet-uncertain fate.
If you are an ecommerce vendor, it’s imperative that you study and reflect on the way these conventional stores captured trust and converted it into continuing revenues. Mirroring their marketing tactics, which usually include special sales, coupons, and notable customer service policies, can set you up to become an internet fave – if you play your cards right.
In the ecommerce universe, that means generating “micro-conversions,” or turning initial signs of interest into an established consumer relationship.
Focus first on these obvious, easily implemented strategies:
If you’ve been a copywriter for any length of time, you know the ongoing debate of what the ideal length of a sales letter should be. As long-time A-list copywriter Mark Ford notes, everyone purports to despise long copy, yet it has always consistently out-pulled and outsold short copy.
But what about social media posts? Is shorter copy is the ticket to higher sales?
Some say that copywriting has evolved—and social media is to thank (or blame) for it. But saying it has evolved is too broad a brush to paint this picture.
It’s more accurate to say that copywriting has expanded. Different media platforms may take center stage now, yet the same principles upon which advertising and marketing were built in the mid-20th century still apply.
So, in today’s social media-dominated world, how much is too much? Is it possible to optimize the length of a post to engage and convert readers? What’s the ideal length of a post to drive viral engagement that reaches as many people as possible?
As always, it’s up to you to find out what your unique audience wants and cares about. To know their pains and concerns so you can offer the best solution, service, or product for them.
Generally speaking, though, it depends on your forum. But to know for sure, you’re going to have to test and find out what works for you. Neither guessing nor being creative for the sake of it is going to cut it.
Remember when writing was somewhat pedestrian and simple? When presenting compelling and provocative prose to draw audience attention was solely a factor of how you string sentences together? You can suspend that, at least partly. Key in a migration of communications from print to digital is the necessary intrusion of technology, which means wording sentences and ideas in a way that they are captured and rechurned through algorithms on search engines.
But it’s possible that the race to tap into somewhat robotic Search Engine Optimization (SEO) may be a bit premature. There are still arguments to be made for focusing on the human target as opposed to a reliance on converting your input to a system that delivers ordered results.
By now you’re envisioning your 9th grade composition teacher’s pleas to embrace a conversational voice. Turns out there’s still a solid argument for that, because the predominant search entity, Google, still evaluates text for its readability and adherence to rules of approachable writing.
Here’s a rather protracted guide of how Google attempts to legitimize and rank search criteria.
High on Google’s list is a reputation-based evaluation. How trustworthy is the source? How much expertise does the writer have? Low-quality submissions that are not verifiable will be ranked lower.
And make no mistake about it: Google employs human beings to assess these things.
Whether you’ve been doing business online for 5 years or 5 minutes, you’ve probably utilized some form of content marketing to reach potential customers. It’s all the rage these days, and it’s easy to see why.
After all, a consistent output of quality content has immense potential. It has the power to grab prospects’ attention, gain their trust, and elevate you as an authority in your niche - which, if you’re doing it right, leads to increased sales, a loyal customer base, and more money in your pocket. (Cha-ching!)
Perhaps you’ve focused on social media; on likes and shares and building a community to promote your brand. Or perhaps you’ve found your efforts better spent on growing your list and creating killer email sequences to get people clicking and buying. Maybe you’ve found success in blogging, in reaching people through original, thought-provoking written content. Or, if you’re like most business owners, it’s likely a combination of all of the above.