You are new to this online business thing.
You have the passion. The drive. The enthusiasm.
You can’t wait to get your feet in the water and start selling your products like hot cakes but the truth is, no one knows you so why should they open your emails?
You’ve scratched your head and tried different tactics but nothing seems to work. Not because they don’t like your product, but because they think they can always come back to your email another time.
But the truth is, life happens and they never come back.
Don’t beat yourself up
If no one is opening your emails, it’s not your fault.
People are busy.
The blogger sphere is noisy.
People no longer trust the calls to action on email headlines. They’ve been duped before and click baits are the order of the day.
But all is not lost.
There is something you can do and that is where the law of scarcity comes in and if done right, it can be a game changer for your customers expectations and experiences for years to come.
The ins and outs of the law of scarcity
Scarcity marketing.
What is it anyway?
In a nutshell, it is when a business limits products in some way hence making the product harder to obtain.
Sounds manipulative right? It is in some way but psychologists tell us that we human are peculiar beings. We make buying decisions based on emotions not logic.
Interestingly, knowing that something is in short supply somehow makes us want it even more. It brings out the FOMO (Fear of Missing Out) which makes us want us to take action right away.
In other words, we get a kick out of urgency.
There is an ethical way of manipulating people to buy using scarcity but before we get to that, let us first look at the different types of scarcity.
- Price scarcity: This is where the price is discounted for a product for a limited time. An early bird discount of sorts. It screams, “Get it before the price goes up.”
- Quantity scarcity: This is where there is capping to the number available. It’s a “Hurry while stocks last” strategy.
- Premium scarcity: In this strategy, bonuses are added to the main product and the bonuses are only available to a select few. It makes people feel like they are members of a privileged club.
- Offer scarcity: This is a strategy that is used during a specific time mainly around special occassions such as Christmas, New Years and of course Black Friday.
Make integrity a virtue (or pay for the consequences)
Why is integrity key?
Because people are sick of scarcity. They’ve been click baited one too many times.
They click on what looks like a good (no, make that great) limited offer. Only to later see the same offer long after the timeline.
Such disregard for integrity has jeopardized many a business relationships for life.
News of the deception spreads around like wild bush fire and betrayal can be hard to undo.
The thing to remember when using scarcity is that with FOMO being heightened, they’ll make a quick buy with limited thinking.
So get it wrong and before you know it, social media, vlogs and even google ratings will chew your brand and spit it out.
Once customers loose trust in you, there is no getting them back.
They’ll be gone.
And so will your reputation.
How to use scarcity with class
I know what you are thinking. Online businesses do not deal with tangible goods that deplete so how can one use scarcity?
It’s doable.
Just follow these steps:
- Decide on a freebie: People love free things. Decide on what to give away for free. Something that gives value to your readers. Let’s take an example of giving away a course to the first 50 people who sign up.
- Prime them: A week before, prime your readers. Let them know that you are about to launch something very exciting. This builds up the anxiety and hypes your readers.
- Launch with great copy: When ready to launch the course, send out an email with great copy. Let people know that you have 50 products to give away for FREE.
Use words that trigger urgency for example:
- Limited time
- Hurry
- Offer ends tomorrow
Give your offer a catch name. In the example of giving away the course, you can call it the “50 over 50 contest: Giving away 50 course to the first 50 lucky winners.”
Make the criteria for getting the free course very simple. Poeople don’t like to have to put in too much effort. A simple ways of doing this is by asking them to simply reply to your email and say, “I’m in”. Simple as that.
4. Send product: Keep your word and send the course to the first 50 respondents. Thank them for participating and ask them to write back and let you know what they thought of the course.
Once you get responses from the winners, use these as your testimonials. These testimonials will build your integrity as others will know that the contest was not a hoax.
5. Re-target with an irresistible discount: Once you have sent the free product to the first 50 respondents, send an email to those who had responded stating that 50 courses have been given away but following rave reviews, those that responded and did not get the product for free can now avail of the same product at a crazy discount.
Again, use urgency and let this group know that the offer expires.
Use words like:
- Available for only 72 hours
- Limited time
- Hurry
- Last chance
- ‘Today only’
- ‘Selling fast’
When sending the re-target emails, use the readers name in the headline. Let them know that their discount is still waiting and time is running out.
6. Money back guarantee: Give the readers a money back guarantee within a specific period usually 30 days. For those that request their money back, be sure to refund. This is sure to boost your integrity.
Wake up to a new open rate projectile and ultimately, more business
Imagine how it will be like to turn your passion, your drive and your enthusiasm into high email open rates and ultimately, higher sales.
Imagine how it feel like to read reviews from satisfied followers who say that you never dissappoint.
People will now know who you are and your name will be synonymous with integrity.
You will be renowned for doing as you say you will and delivering when you said you would.
Life couldn’t be better.
So go on. Start working on that product and turn it into an irresistible contest.