Some Insights on Scarcity and Urgency

Products that lack scarcity and are available at a discount often do not inspire the buyer to take action. In fact, they prod the buyer to question purchasing from the company at all.

When faced with a product line that is discounted frequently, the marketer must reset the customers’ perception of the product's value and build a sense of urgency–and not just keep discounting further.?

This is tough, but consider these 4? tips:

1. Clarify how the product uniquely serves a customer's needs.
2. Promote and advertise more as you start to reduce the discounted offerings. You will need to attract new customers to join those who already understand the value you offer.
3. Up your quality and service game to make customers vocal fans and to help you reach new customers. This can take many forms from introducing a new line that sets a higher price point anchor you can use to update the brand’s image, to simply refusing to carry the lowest priced items and anything that reduces your brands’ perceived value.
4. Make it easy for customers to share their great experiences with your products. Make it easy to provide testimonials and feedback. Let those that love the brand help grow it’s reach and market credibility.

Don’t Miss This Book: The Power of Scarcity: Leveraging Urgency and Demand to Influence Customer Decisions by Mindy Weinstein. (Yes, it's on Amazon. No, we don't get a dime.)

Read more in our Newsletter: Velocity Roadmap - Are you turning your company’s product into a commodity?

A Tweet from: @AlexHormozi “Urgency gets more people to buy. Scarcity gets people to pay more.”

A Useful Article: 5 Clever Scarcity and Urgency Examples to Boost Your Conversions

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