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.