Using scarcity to sell your products is a great way to get your customers to buy from you sooner rather than later. I know I have purchased many items because they were presented to me as limited quantity, limited edition or featured price for a limited time.
Do you have products that are limited in quantity, limited edition or have a special price good only for a certain time frame? Have you ever thought about using scarcity to sell your products?
Here are some marketing examples I found so irresistible I had to make the purchase.
1. Chanel: Each season; Summer, Fall, Winter and Spring Chanel offers Limited Edition $27.00 per bottle Nail Colour. The limited edition color for each season is removed from the line when supplies run out or the season ends. Chanel has email campaigns as well as offers on their website that introduce and sell their Limited Editions. See all of Chanel’s Limited Editions here
2. Nordstrom: Nordstrom combines scarcity with loyalty rewards by offering credit card holders a special purchasing opportunity of final markdowns on their website a couple of days before they offer the sales to the general public. As a credit card holder you simply log-in to the Nordstrom website for the ability to see the sales early. This is a great way to reward your most loyal customers, allowing them to take advantage of the great sales before everyone else, thus giving them a limited amount of time to get the best sales before anyone else.
3. QVC and HSN: Today’s Special Value – otherwise known as the TSV. For 24 hours QVC and HSN offer a product at a special price. The price and supply are limited. If you are not sure how well this tactic works turn to HSN and check out the quantity sold of a TSV. At the time of this writing, 20 hours into the day, HSN had sold 10,400 turquoise pendant and earring sets. Check the number sold at HSN click the red “Today’s Special” button at the top right of the page to see the product and number sold.
4. Macys: Macys seems to continually have great deals however they offer door busters at different times throughout the year to get you in and give you an additional percent off a sale item. This is a great way to get shoppers to shop at times your store is generally less busy than others.
5. Atlanta Symphony Orchestra: If you sell workshops, seminars, webinars or concerts the scarcity lies in the number of spaces available. Whether it’s seats or number of consecutive calls you can take, letting your customer know there is only a limited number available creates a sense of urgency in the sale.
6. Davis Lawn Mower Service: Offering 20% off on mower repair or service if you bring your mower in before February 28. Davis runs this special because during this time of year his shop is slow, no one is thinking about mowing. You get 20% off if you to come in now.
7. Magnolia Restaurant: Offers seasonal favorites only available during certain months of the year. During the winter months Magnolia Restaurant adds hearty soups to their menu that have become customer favorites. The soups are delicious and are available for such a limited time that their customers flock to the restaurant multiple times a week to eat and order the soup by the pint or quart for take-out.
Did any of these examples give you ideas on how to use scarcity in your marketing?
If you have questions or comments on how to employ scarcity marketing contact us or email Michael Miller at mmiller@mindwhirl.com
