Hey guys, it’s Alex! In this video...
I’m going to talk about one of the key components of a compelling sales offer...
Scarcity!
Now you’ve heard this term before it’s commonly used in economics for when demand
is greater than supply...
And in marketing, it’s the principle of making products or services seem limited in
someway, and therefore harder to obtain.
Don’t we always want what we can’t have?
FOMO is the real deal people and it’s the precise reason we use scarcity...
in sales and marketing.
It gives your prospect a reason to buy NOW, because if they don’t, they could miss out.
We see scarcity used in marketing all around us.
When you’re booking that hotel and it says “only 2 rooms left at this price”...
Or when you get an email about a 24-hour seat sale on your favorite airline.
These are all examples of how scarcity is used.
It’s there because it works very, very well… and, if done right...
it won't seem pushy or hypey.
So, in order to have a compelling and effective offer, you should absolutely be including
some form of scarcity in your sales messaging...
But it’s not the ONLY thing you need to have...
And don’t worry, I’ve got you covered.
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Ok so, there are 4 types of scarcity that I frequently use in my sales offers, and I’m
going to go through each one right now, along with some examples.
Type #1: Price Scarcity.
This is a good ol’ fashion limited-time discount.
We see this during sales at our favorite stores, or online with seasonal promo codes and coupons...
or during early bird specials or happy hours.
The bottom line is this: get it now before the price goes up.
Now, there’s one thing that’s really important to remember with price scarcity and this is
the difference between it being used well and not at all.
You need to have a REASON for the limited-time discount.
Sure, you can randomly offer your product or service at a discounted rate, but if you
explain WHY it’s happening, you’ll create more trust and buy-in from your audience.
Maybe it’s an early bird discount, or seasonal promotion or holiday deal.
Or maybe you’re looking to fill a class quick, or make a little bit of extra money
before going on vacation.
It really doesn’t matter WHAT it is, or how insignificant it seems, but when you give
a reason why, your scarcity is more likely to fly.
And I’m curious to know... what brands and companies have you seen use price scarcity
really, really well?
Ok, moving on to the second type of scarcity – Quantity Scarcity.
This is exactly what it sounds like… a limited quantity of what you’re offering.
This type of scarcity works very well with physical products, where there actually IS
a limited number of units in inventory, or with exclusive experiences like coaching,
events or masterminds (live or online) where you’re capping the attendance in order to
maintain a certain feel and intimacy.
Of course, you can still use it for digital offers but everybody knows there’s no limit
when it comes to making digital copies, so you just need to offer a good explanation
for why you’re limiting sales.
Maybe your support team can only handle so many orders, or your offer includes a component
that requires your time, which is limited.
You get the idea.
Alright… the third type of scarcity is Premium Scarcity.
So if discounts aren’t your thing, or if you don’t want to limit the number of sales
you make, you can always use scarcity by offering limited-time bonuses.
The goal here is to temporarily upgrade the value of your offer by including premium products
or content along with the main sale.
Nearly every single sales offer I write includes bonuses and, a little hint, the value of the
bonuses should be equal or greater to the value of the main product.
And that doesn’t mean what YOU feel the value of your product is, but what your ideal
prospect would happily pay for the solution you’re offering.
The greater you can stack the value with bonuses, the more effective the scarcity will be.
You can either 1) start with a bunch of bonuses that will all disappear after a certain time-frame...
Or 2) you can continue to stack daily bonuses throughout your promotion period that are
available for a limited-time, say the next 24 hours, or to a limited number of people,
like the next 100 people who buy.
Alright, the last type of scarcity is what I call Offer Scarcity.
So unlike price scarcity, where your prospects are expecting an impending rise in price...
or premium scarcity where bonuses disappear, or quantity scarcity where you only have a
certain number of products available...
offer scarcity is when you’re launching or re-launching your product or service for
a limited-time, after which it will be completely unavailable – at any price.
Or in other words, the offer is closing.
So this will often happen in the info-marketing world where products are “taken out of the
vault” during a once-a-year launch or relaunch and made available for only a limited amount
of time.
Offer Scarcity really trains your audience to buy from you when you tell them to buy,
because they know if they wait, they might be out of luck.
So when I’m writing a sales offer, I often like to use a combination of these different
types of scarcity.
I’ll say something along the lines of…
“You only have 3 days left to get your hands on this product at 50% off, along with your
5 free bonuses. After that it will be put back in the vault until this time next year...
and when we do release it again, it will be at a higher price and the bonuses will be
gone.”
So, that example includes price, premium AND offer scarcity.
But even if you’re just using one of these 4 types, you will drastically increase your
sales conversion rate.
I promise you that.
Just remember to be legit.
And please do not use fake scarcity or your audience will figure it out fast!
The point of scarcity is to reward fast action-takers and let your people know that when you
say “sale” you mean it.
So just be cool, OK?
So give me a thumbs up below if you found this video helpful and be sure to stick around
to watch this video to learn the other 8 components of a compelling offer...
and this video on how to write HOT headlines.
Be sure to subscribe for more videos from me every single week!
I’ll see you next week, till then, I’m Alex. Ciao for now!