Fear Factor Fortunes

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It’s one of those things most marketers have heard of, but very few know how to use it properly.

The trouble is, there are many different ways to use scarcity, and there isn’t any one single way that works best for every product and every unique situation.

Here are a few examples of how scarcity can be used effectively in marketing:

  1. Coupons – Coupons typically have expiration dates. This is a form of scarcity, because it required you to take action before the coupon expires.
  2. Dime Sales – Dime sales work by increasing the price at certain price points (or occasionally at time intervals). This inspires people to buy immediately because they want to get the lowest possible price.
  3. Limited Time Availability – Limited time availability offers are great for getting people to take action, because if your product is only going to be available for a limited time, they won’t want to miss getting it forever.
  4. Limited Time Pricing – Like coupons and dime sales, limited time pricing gets people to buy right away, because they want the cheapest price possible.
  5. Limited Product Availability – By offering only a specific number of items for sale, you create an urgency because people won’t want to miss their chance to get the item.

These are just a few examples. There are many more. We will take a more in-depth look at each of these later, but for now you get an idea of the types of tactics that are currently being used, and you’ve probably already seen many of these in use yourself.

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