Why Scarcity Works and Using Its Power to Convert Leads into Sales
Yesterday on Marketer Mondays I talked about our 12 Days of Christmas promotion and creating Holiday Sales Funnel. Since this sales funnel is designed to maximize the value of your leads by using the influential power of scarcity I wanted to dig deeper into this topic for Tactical Tuesday. Timely promotions that use the principle of scarcity are a great and fun way to get people to pull that trigger and buy!
The holidays are perfect times for sales and promotions because consumers are expecting and budgeting to buy. Companies, big and small, use the holidays to build some fun “themed” promotions to push out to their email database. On the other side of things, some consumers are more inclined to wait to buy closer to a holiday since they can expect a great deal and new offers. Which is how this all ties into the powerful and influencing principle of scarcity.
Think about it- how many emails did you get for Cyber Monday this year?
Probably dozens! And all of those sales lasted only for a short period of time. Did you feel the same urgency as I did to act now and buy with many of these promotions?
Well you can thank scarcity for that! The incredible deals and deep savings that everyone knows and expects during the holidays are only around for a short time (usually a day or a weekend) and consumers don’t like the idea of missing out on a deal for something they had their eye on.
Holiday Sales Funnels convert because of Scarcity!
In the simplest form, when things are scarce, we want them. People will be incredibly motivated to act by the thought that they might lose out on something. The scarcity of a holiday sale comes from the short window of time (usually a day or a weekend) where consumers can take advantage of special promotions and low, low prices.
But you need to make a unique Holiday Sale to capitalize on the principle of scarcity! Don’t push out the same offer or a promotion that doesn’t feel that special.
With your Holiday Sales Funnel, you’ll want to email the people who have been through all the other funnels and they know you and your product, they just haven’t yet pulled the trigger. So running a holiday promotion and setting up a Holiday Sales Funnel is a creative way that taps into the power of scarcity to convert your leads into sales.
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