How Scarcity and Urgency Can Increase Sales
Must Read! Being TAKEN DOWN in 2 DAYS!
Hello and welcome to Dorks Delivered. You've heard that too many times. I felt cringy even saying it but I've got this fantastic thing. There's this new sale at Bugs a Billion and what we're going to be talking about is how fantastic this runout clearance sale is. They're closing down. This is legit the last time forever you're ever going to be able to get deals at this price. We're talking 50%, 60%, and 70% off.
We're closing our doors. The sale is over! Bugs a Billion. That is it. No more bugs for you!
If you've grown up in Australia, you've grown up with those two very, very annoying voices that just stick in your head. You can't get them out. They're just there, eating away at you on simulcast radio, on every channel, at the same time.
Go away! I don't want any tiles and I've got enough rugs. That's enough! I just want milk that tastes like real milk.
Having just said that, they are obviously doing something right because they've been in business a long time, they've been closing down for a long time if you're talking about the second company there, and they're still around because they were never closing down.
Scarcity Makes People Buy
They created scarcity, and they made people come to their business because everyone thought they were closing down for some reason. The first time made sense; the second time maybe. But, it's getting a bit much. How many more times are you going to retire? This is it. This is going to be the last time. Maybe the last time. I don't know.
Anyway, people come and they buy tickets if they know that something is going to be going out. People come and people buy rugs, people buy tiles, and people buy concert tickets because they want to make sure that they're not missing out.
Fear of Missing Out
So many people have FOMO. Also, they want a good deal. So, you've got both things happening here. Scarcity and fear of missing out joined together into the ad campaign. Smart, annoying, and sticks in your mind. Annoying: it pays enough money so they can have it on every single TV station and radio at exactly the same time so you can't even change to get away from it. Ruthlessly annoying. But, it's working obviously because it costs a lot of money to send that sort of stuff to traditional media until YouTube takes over, and then they're going to be asking people very kindly to be on their stations because they’re slowly disappearing.
Think about how you can use the same tactics for your business. I call them tactics. Do I feel okay about them? Not really. There's very few scarce things that we do in business unless it is genuinely scarce. I feel it's a dirty way of selling things. Yuck!
But, people do it and it seems to work. Raising your prices by 30% and then putting a 30% discount on everything has people come in droves for some reason. Silly that the few people that aren't there for the sale, on their EB games, or whatever it is seem to get the short end of the stick. But it's always on special. You always feel that you get a deal and that's what it's about: getting a deal.
Set Up a Business That Makes People Happy
Make sure that you set up your business so that you're selling ethically, you're remembered and you make an impact on people's lives. Otherwise, it's going to be a lot of people that are going to be not happy, Jan. Stay good.