Follow the technique of selling psychology through the ‘scarcity effect’
“Only 1 room left” or “Limited stock”, I believe that many people have seen this type of advertisement often online. And many people buy out of fear of missing out on opportunities like this one. But did you know that these are the messages that marketers intend to stimulate our feelings of wanting to buy more? which is following the principles of economics and social psychology that people tend to focus on scarce goods. And it creates a sales psychology technique like the ‘Scarcity Effect’ to drive sales to that business. So how can business owners take advantage of it? Let’s go see!
The Scarcity Effect is a sales technique based on economics and social psychology that sees humans as more focused on limited resources. This has led many marketers to adopt a sales technique that tries to limit the availability of products, such as producing limited edition items that are only available during that time or limiting the number of purchases per person, including creating the advertising message that motivates consumers. So the fear of missing out on the shopping and the limited time to make decisions. It makes many consumers rush to buy immediately without thinking carefully about how much they need to buy. Of course, using the Scarcity Effect can increase sales for many businesses too.
Business 2 Community website gives examples of big brands that have applied the Scarcity Effect technique. For example, the famous coffee brand Starbucks, which in 2017 launched a special menu like ‘Unicorn Frappuccino’, which is a drink menu with brightly colored. It attracts customers with its promotional message that it’s a special item that will only be sold for a few days and is perfect for Instagramming. Of course, the Unicorn Frappuccino went viral overnight.
Although many people today apply the Scarcity Effect technique to their own businesses. But that doesn’t always mean it will increase sales. Because if there is no real shortage of products, consumers will not be caught on with advertisements using this strategy to attract them. So if you are a business owner it’s a good idea to learn how to use the Scarcity Effect technique first and learn examples of how it can be used by other successful businesses. Examples of Scarcity Effect techniques that you can use with your product, such as setting a limited time during the promotion period, for example, buy today, get 20% discount and order today, can ship by tomorrow immediately, or create a limited product that can be can be sold during that festival. If you selling glass you could design the patterns to suit various festivals such as Christmas and Chinese New Year to attract more customers
Isn’t it unbelievable that just a few sentences in the ads we see today can influence consumers this much? So, if you are a business owner and are looking for new ideas to increase the sales of your products. Perhaps implementing the Scarcity Effect technique can change your business more than you ever imagined. But keep in mind that if you use this technique and advertise your product as it is, it may reduce credibility in the eyes of consumers. As for anyone who is a #shopaholic don’t let your bad mood make you waste your money every time. You should think carefully about your reasons and needs before you buy anything.
Thankyou information from
Investerest https://www.investerest.co/attitude/scarcity-effect/
Mission to the moon https://missiontothemoon.co/marketing-scarcity-effect/
Business 2 Community
Brand Inside https://brandinside.asia/starbucks-unicorn-frappuccino-barista/
Sumo https://sumo.com/stories/scarcity-marketing
