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Urgency: How you can use it to drive a lot more sales
[2 min thread]
[2 min thread]
"Urgency" means influencing people into buying something now, rather than later.
I think it might be the least talked about, yet most-effective marketing concept I can think of.
I think it might be the least talked about, yet most-effective marketing concept I can think of.
The gist: (tl;dr)
(1) People will buy more of your stuff if it’s “scarce”
(2) All companies do this, to some degree
(3) It’s very easy to implement for your business
(1) People will buy more of your stuff if it’s “scarce”
(2) All companies do this, to some degree
(3) It’s very easy to implement for your business
What you need
(1) An *incentive* (discount, upsell, future price increase), and
(2) An *expiration date* (today, tomorrow, this month)
(1) An *incentive* (discount, upsell, future price increase), and
(2) An *expiration date* (today, tomorrow, this month)
Why does it work?
Human psychology. People prefer avoiding losses over acquiring gains, otherwise called *loss aversion*.
So, in other words, your offer makes the buyer feel like they are losing money if they don’t take it.
Crazy, huh?
Human psychology. People prefer avoiding losses over acquiring gains, otherwise called *loss aversion*.
So, in other words, your offer makes the buyer feel like they are losing money if they don’t take it.
Crazy, huh?
This is why every company does Black Friday deals
(1) The incentive: Discounts on gifts you were already going to buy anyway.
(2) The expiration date: 24 hours
And lastly, BF works so well is because of supply scarcity.
If you don’t buy RIGHT NOW, the items will sell out.
(1) The incentive: Discounts on gifts you were already going to buy anyway.
(2) The expiration date: 24 hours
And lastly, BF works so well is because of supply scarcity.
If you don’t buy RIGHT NOW, the items will sell out.
But it’s not just Black Friday
Marketers can and will make up anything they want:
(1) October 13th - National No Bra Day
(2) September 29th - National Coffee Day
(3) August 26th - National Dog Day (Barkbox):
Marketers can and will make up anything they want:
(1) October 13th - National No Bra Day
(2) September 29th - National Coffee Day
(3) August 26th - National Dog Day (Barkbox):
And it doesn’t really matter WHEN you run it
Most smart marketers are running the same deal, all year long.
e.g. The NYT runs their “limited time offers” on an ongoing basis.
They always have a “new” limited-time offer. While in reality, it’s always the same offer:
Most smart marketers are running the same deal, all year long.
e.g. The NYT runs their “limited time offers” on an ongoing basis.
They always have a “new” limited-time offer. While in reality, it’s always the same offer:
This also works well when you promote the actual *scarcity* of your supply of the product.
In other words, inform your customers of your limited quantity.
In other words, inform your customers of your limited quantity.
This is simple economics. The lower the supply, the higher the demand.
It is not relegated to physical products. This is done perfectly by @stephsmithio, who artificially limits the supply of her digital book:
It is not relegated to physical products. This is done perfectly by @stephsmithio, who artificially limits the supply of her digital book:
This isn’t only for discounts. It can also work for an upsell.
@JamesClear does this:
Instead of offering a discount, he sells his normal thing but gives the buyer an incentive to buy it now:
(1) Buy my book today and prove that you did
(2) "You'll get this extra thing"
@JamesClear does this:
Instead of offering a discount, he sells his normal thing but gives the buyer an incentive to buy it now:
(1) Buy my book today and prove that you did
(2) "You'll get this extra thing"
This is probably age-old marketing advice.
This “tactic” of driving urgency is not new, or revolutionary advice. You probably already know this.
However, what I love about this “tactic” is that it’s stood the test of time.
This “tactic” of driving urgency is not new, or revolutionary advice. You probably already know this.
However, what I love about this “tactic” is that it’s stood the test of time.
1888:
“Believed to be the first coupon ever, this ticket for a free glass of Coca-Cola was first distributed to help promote the drink.”
Just a few years later, Coca-Cola was sold and consumed in every territory of the United States
“Believed to be the first coupon ever, this ticket for a free glass of Coca-Cola was first distributed to help promote the drink.”
Just a few years later, Coca-Cola was sold and consumed in every territory of the United States
